On December 31, 2020, Coolwear, Inc. had a balance in its prepaid insurance account of $55,400. During 2021, $93,000 was paid for insurance. At the end of 2021, after adjusting entries were recorded, the balance in the prepaid insurance account was $45,500. Insurance expense for 2021 was:

Answers

Answer 1

Based on the amount paid for insurance and the prepaid balance, Coolwear Inc. probably had an insurance expense of $102,900.

The insurance expense of the year can be calculated as:

Closing prepaid insurance = Opening prepaid insurance + Amount paid for insurance - Insurance expense

Solving will give:

Insurance expense  = Opening prepaid insurance + Amount paid for insurance - Closing prepaid insurance

= 55,400 + 93,000 - 45,500

= $102,900

In conclusion, insurance expense was $102,900.

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Related Questions

There are 12,000 people living in Toyland. Of these 12,000 people, 1,000 are either too old to work or too young to work. Of the remaining individuals, 5,000 are employed with full-time jobs; 4,000 are employed part time but wish to work full time; 1,000 are currently not working but are looking for work; and the remainder are discouraged workers. The unemployment rate in Toyland is _____, and the percentage of the population that are discouraged workers is _____.

Answers

Answer:

323

Explanation:

because why not just trust me

The unemployment rate in Toyland is 10per cent, and the percentage of the population that are discouraged workers is 23.3per cent. Hence, option D is appropriate.

What is the meaning of Unemployment?

When someone is actively looking for a job while also being able to work, they are said to be unemployed. It is crucial to remember that a person must be actively seeking paid employment in the labor force to be termed unemployed.

The OECD defines unemployment as those over a certain age who are currently available for work but are not currently employed or self-employed. The number of jobless persons as a percentage of the labor force is used to calculate the unemployment rate, which is used to calculate the level of unemployment.

Numerous factors originate from both the supply side, or just the worker, and the demand side, or the employer, that contribute to unemployment. High-interest rates, the world economy being in a recession, and the financial crisis might all affect demand. Frictional unemployment as well as structural employment are major supply-side contributors.

Hence, option D is correct.

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Full Question-

12,000 people are living in Toyland. Of these 12,000 people, 1,000 are either too old to work or too young to work. Of the remaining individuals, 5,000 are employed with full-time jobs; 3,000 are employed part-time but wish to work full-time; 1,000 are underemployed but working full-time jobs; 1,000 are currently not working but are looking for work; and the remainder are discouraged, workers. The unemployment rate in Toyland is _____, and the percentage of the population that are discouraged workers is _____.

a 15 percent; 23.3 percent

b 20 percent; 9.1 percent

c 10 percent; 9.1 percent

d 10 percent; 23.3 percent

In the past, personal selling has garnered a reputation as being too aggressive. You would like to test whether these perceptions have changed after the implementation of ethical principles for the personal selling industry. To start off your research, you would like to ask ten consumers in a group setting a set of questions about their views of personal selling. This is an example of
A) conclusive research.
B) observation.
C) a customer advisory board.
D) experimental research.
E) a focus group.

Answers

D. Experimental research

Coffee Company had a $500 beginning balance in its supplies account. The company purchased $2,000 of supplies during the accounting period. A physical count of supplies determined that $400 of supplies were on hand at the end of the accounting period. The amount of supplies expense to be recognized is ______.

Answers

Answer:

$2,100

Explanation:

Supplies is a asset which is debited to add, credited to remove

We start with $500, and purchase $2,000, leaving us with $2,500 in supplies.

We have $400 left at the end of the accounting period.

$2,500 - $400 = $2,100 (used)

Therefore, we make our adjustment, and debit the Supplies expense account for $2,100

what are some things you can do during the grace period to make sure your loan repayment goes as smoothly as possible?

Answers

The gracing period allows the borrower to get more time on how to sources for fund for repayment of the loan.

Basically, the loan repayment refers to the way at which a borrower will gradually repay back the loan gotten from the lender.

The gracing period in loan repayment refers to the period where repayment payment has lapsed but the borrower is given grace to continue to repay the loan.

Therefore, the things that can be done during the grace period to make sure the loan repayment goes smoothly is by re-strategizing on options to sources for fund for repayment of the loan.

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For his persuasive speech on lowering property tax bills, Sheldon wants to discuss how the various community services such as the school district, library district, and park district are funded with regards to receipt of monies from property taxes. Which visual aid will easily allow Sheldon to show the information as a percentage of the overall income from taxes

Answers

The type of visual aid that will easily allow Sheldon to show the information as a percentage of the overall income from taxes is an Infographics visual aid.

This is because infographics like Microsoft Excel works fine when you need to show complex numerical data.

In most cases, infographics easily help create a percentage of total numbers, draw charts, and show total numbers and fractions needed to understand information.

There are various types of visual aid; some of them include the following:

Physical samples, Models, Handouts, Pictures, Videos, Infographics, etc.

Hence, in this case, it is concluded that the correct answer is Infographics.

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Using at least two terms from the unit, summarize the United States’ connection to the history of bananas, as documented in this TED talk.

Answers

Answer:

There was a U.S corporation called El Pupo that specialized in trafficking bananas. Bananas reached America in the early 1500’s. By the end of the 1800’s, bananas were a big hit in the U.S. Because U.S fruit companies wanted to grow their own bananas, they bribed government officials into giving them access to various lands. Rainforests were cleared, plantations were built, and the business escalated from there. Explanation: For anybody who still needs it. I got a 10/10. Just switch the words around a bit and you should be good.

which two are profit-oriented approaches to setting a price?

Answers

Profit-oriented approaches to setting a price to a good are those concerns or strategies that are used in order to determine what the price of a good would be.

There are three types of Profit-oriented pricing approaches and they include:

Target profit Target return-on-salesTarget return-on-investment pricing.

These are all used to create a balance to the profits made and the cost of a product. However, the return on sales is good because it makes predictions about demand for the product and makes a suitable pricing for the product.

Please note that your question is incomplete and i gave you a general overview which should help you get the correct answer.

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advantage of running your own shop by yourself and disadvantage of running your own shop?​

Answers

Advantages & Disadvantages of Owning Your Own Shop
Advantage: Financial Rewards. ...
Advantage: Lifestyle Independence. ...
Advantage: Personal Satisfaction and Growth. ...
Disadvantage: Financial Risk. ...
Disadvantage: Stress and Health Issues. ...
Disadvantage: Time Commitment.

Answer:

Explanation:

The good is you could make money and get other things you need but the bad is that you need to buy the supplies for the shop. there

what are some examples of fees that can be seen on a bank statement?

Answers

Many fees can be seen on a bank statement. Some of them include "Monthly Service Fees, Debit or ATM fees, etc."

Other types of fees that can be seen on the bank statement include the following:

Point of Sales fees (POS)

Annual fees

Check fees

Insufficient or Overdraft fees

Withdrawal fees

Stop payment fees

Over limit fees

Returned check fees

Third-party ATM fee, among others.

The purpose of a bank statement is to let the account owner knows what goes on in his accounts. It includes both the credit and debit fees.

Hence, in this case, it is concluded that several fees are recorded on the bank statements

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why economic environment is important?

Answers

Answer:

The economic environment consists of external factors in a business market and the broader economy that can influence a business. You can divide the economic environment into the microeconomic environment, which affects business decision making - such as individual actions of firms and consumers - and the macroeconomic environment, which affects an entire economy and all of its participants. Many economic factors act as external constraints on your business, which means that you have little, if any, control over them. 

" i took it from my book, nvm "

Explanation:

brainliest plz

Gordon is over 65 what is his adjusted gross income

Answers

Answer:

huh

Explanation:

hbybibhbil

be possible in the United States?

Answers

Answer:

yes be possible in United to know at all and how to learning .

Explanation:

brainliest me pli

a document certifying ownership of part of a corporation is a

Answers

Answer:

a document certifying ownership of part of a corporation is a stock certificate

the desire and ability to produce and sell a product is

Answers

Answer:

good salesmanship?

Explanation:

describe the following trends in buinesses. Give an example of what you can do to maintain a productive business environment to support each trend.


a. Social responsibility





b. Green business





c. Globalization





d. Technology ​

Answers

Answer:

d

Explanation:

Alot of people today have technology if you had a version of your own and it goes viral you could make 63,903 a year..experienced coders get 85k

activity #1 picture identification as to what type of business

direction identify the following pictures below whether it is a
Service
Merchandising
Manufacturing or a
Hybrid type of business​

Answers

Answer:

1. Manufacturing

2. Service

3. Merchandising

4. Manufacturing

5. Hybrid type of business

Explanation:

I'm not sure about my answers but- they are based on logic if you look closely at each picture

¯\_(ツ)_/¯

the u.s. labor department said american workers set a record in august for taking what action?

Answers

The United States labor department said American workers set a record in August for "quitting their jobs."

The recent statistics released show that about 4.3 million Americans quit their jobs between December 2020 to August 2021.

The statistics show that the 4.3 million Americans that resigned from their jobs formed about 3 percent of the total work population.

According to the U.S Labor Department, this is a record figure in the U.S. labor-related issues.

Hence, in this case, it is concluded that many Americans are quitting their jobs willingly in recent times.

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To help food advertisers produce more effective advertising, the Food Marketing Institute did a study that asked respondents which of four reasons best explained why they wanted to eat more nutritiously: to lose weight, to prevent health problems later in life, to follow their doctor's advice, or to manage an existing medical condition. The answer to this question is an example of ________ research.

Answers

Considering the situation described above, the answer to this question is an example of quantitative research.

This is because quantitative research is a type of research that seeks to measure and interpret numerical data.

It is carried out by gathering, assessing, and decoding numerical data. These data can be responses from people, which are then ranked based on number of respondents on each response.

Thus, in this case, the options that ranked highest in number would be the option the researcher would pick.

Hence, in this case, it is concluded that the correct answer to the question is Quantitative Research.

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what is your name and why?

Answers

Answer:

my name is sonia and it's my parent's choice,so don't know why

Explanation:

brainliest plz

actively finding, hiring, and developing the talents of people from traditionally underrepresented groups is the goal of

Answers

The goal of affirmative action includes actively finding, hiring and developing the talents of people from traditionally underrepresented groups.

The Affirmative action are performed by organization whose focus is on achieving equality of opportunity for worker within its environment.

Affirmative action is a policy that aims at increase workplace or educational opportunities for underrepresented parts of society.

The policy of affirmative action are implemented by the government or businesses and takes into account various segment of applicant's race, sex, religion, location etc.

Learn more about Affirmative action here

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how was each monopoly situation successfully eliminated?

Answers

Answer:

monopoly is fire my guy

dude its so hard not to rage in that game

[tex]\sf What\: is\: a\: press \:release\:?[/tex]

Answers

A press release is an official statement by a business that is given to the press for public knowledge.

go grub’s customer complaints have increased because its drivers often get lost when attempting deliveries, which means that the deliveries arrived late. the drivers have resisted using gps systems, claiming they know their territories, but managers are now encouraging them to look for the best solution to the increased level of customer complaints. go grub is in the ________ stage of lewin’s change model.

Answers

Analyzing the information on the issue, it is clear that Go Grub is in the unfreezing stage of Lewin's change model, which corresponds to the first stage of change where persuasive preparation about the needs of change takes place.

To manage the changes that generate adherence to the use of GPS systems at Go Grub, it is necessary for managers to look for methods to demonstrate the advantages of the changes, such as:

Increased speed at work.Improved communication.Greater customer satisfaction.Cost reduction.

It is also important to train the employee to reduce insecurity and be honest about how the changes will make the job better, and then proceed with the changing and refreezing, according to Lewin's model.

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A new pizza restaurant is opening in town. The owners of this restaurant decide to place an advertisement in the town newspaper announcing the date of their big opening. The owners of the restaurant are using ________. A) mass communications B) a push strategy C) word-of-mouth communications D) public relations

Answers

Answer:

Answer is A

Explanation:

They are trying to get the word out to many people so their business grows. So they are using mass communication to do so.

how to make money online without paying anything 2020

Answers

Answer:

you could sell stuff online for no cost.

Explanation:

What is a “work point”?

Answers

Answer:

A work point is an independent entity whose location is defined in space.

Explanation:

Work points may be placed or projected onto part faces, linear edges, or onto an arc or circle. Work points can be constrained to the center points of arcs, circles, and ellipses.

a financial services company with insurance, investments, mortgages, and banking divisions is best characterized as having a

Answers

The financial services company which includes the insurance, investments, mortgage, banking is best characterized as having a product structure.

The question options includes functional design, product structure, geographic structure and horizontal design.

Product organizational structure refers to an organization framework in which the various divisions therein are divided base on focus on product or service offered within the company.

All financial institution have the distinct product they offered to customers and each department in the institution are formed to serve the product being offered.

Therefore, the answer is B. because the financial services company are best characterized as product organizational structure.

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basheer operates a business that smooths and finishes poured concrete floors, sidewalks, driveways, and pool decks. basheer has been observing and timing each task undertaken by his workers because he would like to increase their efficiency. basheer is engaging in ________ management.

Answers

Basheer is engaging in performance management.

As the manager, Basheer is monitoring and evaluating his employee's work to increase their efficiency. He must create the environment for his employees to bring out their best abilities in performing tasks that satisfy customers with the highest quality.

Performance management is a management tool that enables monitoring and evaluation of the tasks carried out by workers so that efficiency can be increased and management's goals achieved.

Thus, Basheer is engaged in performance management when he observes and times each task by his workers to improve performance efficiency.

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Advertising, sales promotion, public relations, and buzz building activities are all ________. A) channels that should be integrated under the concept of integrated marketing communications B) channels focused more on interactive marketing than traditional marketing C) promotional tools used for push strategies but not pull strategies D) promotional tools used for pull strategies but not push strategies

Answers

Answer:

B

Explanation:

Hope it helped you1

IF YOU CAN HELP ME, I WILL GIVE U BRAINLIEST!!!! HIGHEST POSSIBLE AMOUNT OF POINTS BECAUSE I'M SO STUCK!!!!!
If you could just explain it for me, I would be so grateful!!

Step 1: Read the Scenario
Because of the great work you’ve been doing for your department at running shoe company Runner Rush, your vice president has elected you to join an innovative cross-departmental team in your organization. The company is looking to launch a new shoe that enhances any runner’s speed. Management wants this new team to create an idea within a month. All the members of the team are alleviated of some of their regular job duties in order to join several meetings a week to brainstorm and design the new product.
Step 2: Develop a Month Plan
You have been appointed as the team leader. Develop a month plan that you will present to your teammates at the initial meeting. Focus on developing a strong team dynamic, setting goals, expectations, deadlines, and other elements that will lead the team to success. Make sure that your plan is easy to follow and clearly outlines all the required information.

Answers

I T S W A I T I F O R G O T T H E A N W S E R S O R R Y B U T I F I G E T T H E A N W S E R B A C K U P O N M Y P H O N E I W I L L L E T Y O U K N O W

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