Blog

When Castle Corporation pays insurance premiums, the transaction is recorded as a debit to prepaid insurance. Additional information for the year ended December 31 is as follows: Prepaid insurance at January 1 $ 52,500 Insurance expense recognized during the year   218,750 Prepaid insurance at December 31   61,250 What was the total amount of cash paid by Castle for insurance premiums during the year?

___________ markets consist of churches, not-for-profit private schools, and hospitals, civics clubs, fraternities and sororities, and charitable organizations and foundations.

Why are inventories stated at lower-of-cost and net realizable value?

The failure to record a purchase of mer­chandise on account even though the goods are properly included in the physical inven­tory results in:

After reading a newspaper report suggesting that drunken driving might have contributed to a recent auto accident, several people who actually witnessed the accident began to remember the driver involved as traveling more recklessly than was actually the case. This provides an example of

A law enforcement officer observes a driver weaving in and out of traffic, pulls him over, and subsequently smells alcohol on his breath and hears his slurred speech. At this point, the officer can charge him with:

How many witnesses to a treasonous act does the Constitution require for proof?

Yummy Rice Cereal started a program at the beginning of 2021 in which it would provide an all-star bowl in exchange for three proof-of-purchase box tops and $1 in cash. Yummy Rice estimates that 30% of box tops will be redeemed. The bowls cost Yummy Rice $2 each. In 2021, 5,000,000 boxes of cereal were sold. By year-end 900,000 box tops had been redeemed.Required:1. Calculate the coupon/promotion expense that Yummy Rice should recognize for the year ended December 31, 2021 and record the entry. 2. Show the entry Yummy would record when the 900,000 box-tops are redeemed.   3. After the redemption, what is the balance in the liability account related to the coupons?    

When computing the amount of interest cost to be capitalized, the concept of “avoidable interest” refers to (bonus 1/2)

According to the video, Jane Elliot was able to induce in-groups and out-groups on the basis of