The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment:
a. The amount of insurance expired during the year is $20,250.
* Insurance expense = $20,250
* Prepaid Insurance = ?
b. The amount of unexpired insurance applicable to future periods is $6,750.
* Insurance expense = ?
* Prepaid Insurance = $20,250
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A life insurance company wants to estimate its annual payouts. Assume that the probability distribution of the lifetimes of the participants is approximately a normal distribution with a mean of 68 years and a standard deviation of 4 years. What proportion of the participants die before they reach the age of 65?
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The Taxability of Oscars Gift Bags, is better to donate it before accepting it or not? how much tax you pay on the gift bag?
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Fill in the blanks. Before considering a product-oriented layout, it is important to be certain that these four things are considered:
_____________________________
_____________________________
_____________________________
_____________________________
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does cohabitation before marriage increase the likelihood of staying together?
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Earnings before depreciation, interest, and taxes $1,600,000
Depreciation expense $100,000
Tax rate 40%
Interest expense $10,000
Common dividends paid $200,000
Number of shares of common stock outstanding $500,000
| a. |
1.79 |
|
| b. |
1.39 |
|
| c. |
3.20 |
|
| d. |
1.20 |
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Why is it important to adjust accounts before completing financial statements?
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