Beauty Zone's annual insurance premium is $9,600, paid quarterly in advance starting April 1, 2024. On December 31, 2024, calculate the prepaid insurance amount. a) $8,400 b) $3,200 c) $2,400 d) $4,000
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- Beauty zones annual insurance premium?On June 1, 2023 Stanfield Tileworks accepts a $50,000, five month, 9% note from a customer. On November 1, 2023, Stanfield receives full payment for the note including accrued interest. Please provide the journal entry that results from this paymentOn January 1, 2021, Umbrella Insurance Company has collected $24,000 for multiple two-year insurance premiums and recorded the funds in Unearned Revenue. Umbrella records insurance revenue on a monthly basis. How much will be in the Unearned Revenue account on November 30, 2021?
- KOM pays the following insurance premiums during 2020: Auto accident and liability insurance: Paid 1/1/20 Coverage period 1/1/20—12/31/20 $3,500 Fire, storm, and other casualty insurance: Paid 4/1/20 Coverage period 4/1/20–3/31/22 $5,000 Business liability insurance (a material amount for the company): Paid 5/1/20 Coverage period 5/1/20–4/30/21 $3,000 Complete the statement below. Do not round intermediate calculations. a. If KOM uses the accrual method of accounting, the insurance expense deduction for 2020 is b. If KOM uses the cash method of accounting, the insurance expense deduction for 2020 isA life insurance company issues a 10-year term insurance policyto a life aged 50, with sum insured $100 000. Level premiums are payablemonthly in advance throughout the term. You are given the following premium assumptions. (i) Commission is 20% of each premium payment in the first year (incurredat the premium payment times) and 5% of all premiums after the firstyear. (ii) Additional initial expenses are $100. (iii) Claim expenses are $250. (iv) The sum insured and claim expenses are payable one month after the dateof death. (v) Mortality follows the Standard Select Life Table, with UDD betweeninteger ages.(vi) i = 5%. Calculate the gross monthly premium.On September 1, 2024, Daylight Donuts signed a $186,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2025. Daylight Donuts should report interest payable at December 31, 2024, in the amount of: Multiple Choice $1,860 $5,580 $0 $3,720
- XYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued will be collected after 1 year. At the end of December, which of the following journal entry is required to take up the interest income? Select one: a. Debit Cash $900; Credit Interest Revenue $900 b. Debit Interest Revenue $75; Credit Interest Receivable $75 c. Debit Interest Receivable $900; Credit Unearned Revenue $900 d. Debit Interest Receivable $75; Credit Interest Revenue $75On September 1, 2021, Daylight Donuts signed a $112,000, 9%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2022.Daylight Donuts should report interest payable at December 31, 2021, in the amount of: (Do not round your intermediate calculations.) Multiple Choice $0. $5,040. $3,360. $1,680.Novak Corp. receives $375,600 when it issues a $375,600, 10% mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $62,600 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments.
- Jernigan Co. receives $240,000 when it issues a $240,000, 6%, mortgage note payable to finance the construction of a building at December 31, 2020. The terms provide for annual installment payments of $33,264 on December 31. Instruction: Prepare the journal entries to record the the first and second installment payments.What's the best answe for 7-1, 7-2, and 7-3On September 1, 2019, Donna Equipment signed a one-year, 8% interest bearing note payable for $100,000. Assuming Donna maintains its books on a calendar year basis, the amount of interest expense that should be reported in the 2020 income statement for this note would be (assume 12 months per calendar year): Select one: a. $1,333 b. $4,000 C. $3,000 d. $5,333