Monthly financial statements

Assignment Help Accounting Basics
Reference no: EM13146889

On January 2, 2010, National Credit and Cash purchased a general liability insurance policy for $2,400 for coverage for the calendar year. The entire $2,400 was charged to Insurance Expense on January 2, 2010. If the firm prepares monthly financial statements, the proper adjusting entry on January 31, 2010, will be:

Reference no: EM13146889

Questions Cloud

Compute the concentration of tris : For each of the following, calculate the concentration of Tris, Tris-H+ and the pH of the solution in each of the following solutions.
Problem related to compounded annually interest : In addition, your grandfather just gave you a $25,000 graduation gift which you will deposit immediately (t=0). If the account earns 9% compounded annually, how much will you have when you start your business 12 years from now?
Estimate the normal boiling point of this compound : The vapor pressure of an unknown compound at 25 degrees C is 94.6 Torr and its enthalpy of vaporization is 30811 J/mol. Estimate the normal boiling point of this compound. assume the enthalpy of vaporization is independent of temperature.
Discuss the different forms of fossilization : Discuss the different forms of fossilization including permineralization, recrystalization, replacement, molds, casts, carbonization, and steinkerns?
Monthly financial statements : National Credit and Cash purchased a general liability insurance policy for $2,400 for coverage for the calendar year. The entire $2,400 was charged to Insurance Expense on January 2, 2010. If the firm prepares monthly financial statements, the pr..
Define electron acceptor for denitrification : Match each item in Column A with the corresponding item in Column B regarding the processes of nitrification and denitrification: Column A Column B a. NH4+ i. Electron acceptor for denitrification
Which of the following must be true : Both members of a couple are carriers for a recessive disease allele. If the couple has four children, which of the following must be true?
Difference between an antiform and an anticline : What is the difference between an antiform and an anticline? What is an antiformal syncline? How would you tell the difference between an antiformal syncline and anticline in the field?
Basic cash budget for the month : Management wishes to maintain a minimum cash balance of $8,000. Complete the basic cash budget for the month of January.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  What was the cost of goods sold for the current year

Assume cash paid to suppliers for the current year is $350,000, merchandise inventory increased by $5,000 during the year, and accounts payable decreased by $10,000 during the year. What was the cost of goods sold for the current year?

  Amount of cash payments to stockholders

What was the amount of cash payments to stockholders during the year?

  Difference between actual and planned results

Policies regarding when a difference between actual and planned results should be investigated are generally more restrictive for non controllable items than for controllable items.

  Upstream or downstream sale

Many times the sale of inventory is referred to as upstream and downstream. However, how is it treated if it is from one sub to another? Is the sale of inventory from one sub to another treated in the same manner as an upstream or downstream sale?

  Stockholders of both preferred and common stock

Shea Company has 20,000 shares of 5 percent, $40 par value, cumulative preferred stock. In 2008, no dividends were declared on preferred stock. In 2009, Shea had a profitable year and decided to pay dividends to stockholders of both preferred and ..

  Compute the company residual income for the year

Midlands Design Ltd. of Manchester, England, is a company specializing in providing design services to residential developers. Last year the company had net operating income of £400,000 on sales of £2,000,000.

  Lower of cost or market concept

If the cost of an item is $75, the currrent replacement cost is $64, and the selling price is $95, the amoount included in inventory according to the lower of cost or market concept is ??

  Discuss the tax aspects

Beige Company has approximately $400,000 in net income in 2008 before deducting any compensation or other payment to its sole owner, Janet (who is single). Assume that Janet is in the 35% marginal tax bracket. Discuss the tax aspects of each of th..

  Composition of the risky portfolio

Now add a set of indifference curves and illustrate how an investor's optimal portfolio is some combination of the risky portfolio and the risk-free asset. What is the composition of the risky portfolio?

  Question on private business competition

Choose an article on Private Business Competition from a professional, economic, or management journal published in the last ten years such as The Freeman: Ideas On Liberty, The Economist, Forbes, The Cato Journal, Harvard Business Review, or Sloa..

  Contribution margin in the campus store

The contribution margin in the campus store is $110,000. Direct fixed costs are $90,000 in the downtown store and $93,000 in the campus location. How much are total variable costs?

  Governmental changes in fund balances

The reconciliation from governmental changes in fund balances to governmental activities changes in net assets would reflect a(an):

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd