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wlad13 [49]
2 years ago
15

On July 1m 2017, Ling Co. pays $12,400 to Marsh Insurance Co., for a 2-year insurance contract. Both companies have fiscal years

ending December 31.
For Ling Col journalize the entry on July 1 and adjusting entry on December 31,

Date Account Title and Explanation Debit Credit
Business
1 answer:
Ronch [10]2 years ago
6 0

Answer:

Journal entries

Explanation:

The journal entries are as follows

On July 1

Prepaid insurance Dr $12,400

     To Cash $12,400

(Being the payment is recorded)

On December 31

Insurance expense Dr $3,100

    To Prepaid insurance $3,100

(Being the insurance expense is recorded)

It is computed below:

= $12,400 × 6 months ÷ 24 months

= $3,100

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The risk that can be diversified away in a portfolio is referred to as ___________. I) diversifiable risk II) unique risk III) s
VMariaS [17]

Answer:

Option D. I, II, and IV

Explanation:

3 0
2 years ago
Part X requires machining on a milling machine (operations A and B are required).
Inga [223]

Answer:atleast 5 machines

Explanation:

Quantity required (Q) = 3000

Maintainace due = 500 parts

3000 / 500 = 5 = 6 Maintainace

Repair time = 6 × 30 minutes = 300 minutes = 5 hours.

operation time = 5 × 18 × 60 = 5400 minutes

Total operation time = Total operation hours - repair time

5400 - 300 = 5100 hours

For A:

(Standard time × Q) / (reliability × time efficiency × scrap × total working hours)

(3 × 3000) / (. 95×.95×5100)

9000/4602.75 = 1.96

For B:

(Standard time × Q) / (reliability × time efficiency × scrap × total working hours)

(5 × 3000) / (.95×.9×5100)

15000/4360.5 = 3.44

(1.96 + 3.44) = 166.56

=5. 4

5 0
2 years ago
Mace Auto Parts Company sells to retail auto supply stores on credit terms of "net 60". Annual credit sales are $300 million (sp
kotykmax [81]

Answer:

Mace's average collection period is 88 days

Explanation:

Credit terms is "Net 60" which means the customer will naturally pay within 60 days. Further it is given that account average 28 days overdue. This means it takes 28 more days to collect the amount of receivables. Therefore the average collection period comes to

60 + 28 = 88 days.

8 0
2 years ago
Nabisco used a free-standing rack in the shape of a bus to promote its Ritz and other cracker products. The goal of the sales pr
blagie [28]

Answer:

point-of-purchase display              

Explanation:

Point-of-purchase display: The term "point-of-purchase display" is also denoted as "POP display" is described as one of the different marketing materials or advertising that is being placed next to any merchandise that it has been promoting. However, these items are being generally located or present in any checkout area or some other location whereby that specific purchase decision is being made.

In the question above, the given type of sales promotion is referred to as a point-of-purchase display.

8 0
2 years ago
The population of a country Dnalgne is 90 million in 1997 and increasing at a rate of 0.1 million per year. The average annual i
adoni [48]

Answer:

The answer is: 2.514% in percentage term or $56,560 million in absolute term.

Explanation:

The entire population income of Dnalgne in the beggining of 1997 = Total population of Dnalgne in the beginning of 1997 x average annual income of a person in Dnalgne in the beginning of 1997 = 90 million x 25,000 = $2,250,000 million

The poplulation of Dnalgne at the end of 1997 = 90 million + 0.1 million = 90.1 million; The average annual income of a person in Dnalgne at the end of 1997 = 25,000 +600 = $25,600

The entire population income of Dnalgne in the end of 1997 = Total population of Dnalgne at the end of 1997 x average annual income of a person in Dnalgne at the end of 1997 = 90.1 million x 31,000 = $2,306,560 million

Thus. the rise in absolute number is $2,306,560 million - $2,250,000 million = $56,560 million or 56,560/2,250,000 = 2.514% in percentage term.

5 0
2 years ago
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