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How would I complete the following as a journal entry?
a. write the journal entry to record the payment of a one-year insurance premium of $6,000 on March 1, 2016.
b. write the adjusting entry that will be made at the end of every month to show the amount of insurance premium “used” that month.
c. Calculate the amount of prepaid insurance that should be reported on the December 31, 2016, balance sheet with respect to this policy.
d. If the premium had been $12,000 for a two-year period, how should the prepaid amount at December 31, 2016, be reported on the balance sheet?
e. Why are prepaid expenses reflected as an asset instead of being recorded as an expense in the accounting period in which the item is paid?
computation of various ratios from the given financial statements.the condensed financial statements of westward
Franklin Co. borrowed $40,000 from a bank on September 30, 2007 and agreed to pay it back in eight months at an interest rate of 15% per year. Calculate the amount of interest expense related to this loan reported in Franklin Co.'s 2008 income statem..
Vision, Inc.'s comparative income statements follow. Compute the amount and percentage changes for the income statements, and comment on the changes from 2013 to 2014.
Evaluate tire city's financial health,how well is the company performing
question 1nbsp mcnally inc. has sales of 1000000 per year all on credit terms calling for payment within 30 days and
Grant invests $80,000 in the partnership for an 18 percent capital interest. Goodwill is to be recognized. What are the capital accounts thereafter?
Which of the following would be a step in an internal control program?
Based on the information in RE4 2 and RE4 3, calculate Dorothy Corporation's working capital.
For 2016, Apple Corporation (a calendar year integrated oil company) had the following transactions: Taxable income $3,600,000 Regular tax depreciation on realty in excess of ADS (placed in service in 1989) 1,530,000 Excess intangible drilling costs ..
Compute the materials and labor variances. Prepare journal entries to record the transactions involving these variances. Compute the two materials variances.
create a short article about a company making a decision like one just covered on incremental analysis. seek
Delete Accounts, change, edit and add accounts, enter beginning balance. - Make deposit and write checks. -Enter $10 service and reconcile.
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