subject
Business, 19.07.2020 01:01 xgibson123

Mountaineer Excavation operates in a low-lying area that is subject to heavy-rains and flooding. Because of this, Mountaineer purchases one year of flood insurance in advance on March 1, paying $30,000 ($2,500/month). (1) Record the purchase of insurance in advance on March 1.
(2) Record the adjusting entry on December 31.
(3) Calculate the year-end adjusted balances of Prepaid Insurance and Insurance Expense (assuming the balance of Prepaid Insurance at the beginning of the year is $0).

ansver
Answers: 1

Another question on Business

question
Business, 21.06.2019 23:30
Afreelance​ singer-songwriter is planning the restoration of a recently purchased civil​ war-era farmhouse. while he professes an enjoyment​ of, and talent in the construction​ trades, the theory of comparative advantage implies that a. the value of what he imports​ (in this​ case, professional contractor​ services) must equal the value of what he exports​ (songs). b. he should concentrate on the restoration work since his​ out-of-pocket costs will be much lower than if he hires professionals. c. ​self-sufficiency is​ advantageous, hence he should split his time between music and construction. d. the income lost while away from music will likely exceed the savings realized by doing the work​ himself, thus, he should hire professionals to do the restoration work. e. he ought to do as much of the work himself as possible since imports​ (in this​ case, professional contractor​ services) should always be restricted to those things that cannot be done internall
Answers: 2
question
Business, 22.06.2019 00:20
Overspeculation and a decrease in consumer confidence are both leading factors of: ?
Answers: 1
question
Business, 22.06.2019 09:30
Which are the best examples of costs that should be considered when creating a project budget?
Answers: 2
question
Business, 22.06.2019 14:30
You hear your supervisor tell another supervisor that a fire drill will take place later today when the fire alarm sounds that afternoon you should
Answers: 1
You know the right answer?
Mountaineer Excavation operates in a low-lying area that is subject to heavy-rains and flooding. Bec...
Questions