On June 1, 2022, Superior Insurance Company collected $470,000 for a 2-year insurance policy beginning on the same date. The company has a December 31 year end. How much Insurance Revenue will be recognized in 2022? (Do not round any intermediary calculations. Round your final answer to the nearest dollar.) Group of answer choices $235,000 $332,917 $97,917 $137,083

HANDOUT PROBLEM for CURRENT LIABILITIES I. Prepare journal entries for the following transactions which took place in 2021. Sold various products for $180,000 on account. The products cost $85,000. Sales a. tax in your area is 8%. Your company uses a periodic inventory system. Your sales in part "a" included an offer for cash rebates of 2% of the $180,000 total sales price if the customer answers a short five-question internet survey. b. с. On November 1, 2021, your company collected $12,000 of rent on your extra office. The rent covers the six-month period from November 1, 2021 through April 30, 2022. Recorded $62,000 of wages earned by employees including $9,000 of d. withholding taxes, $4,000 of FICA taxes, and $2,800 of health insurance benefits. There were no other deductions from the employees' paychecks. e. Recorded EMPLOYER taxes on the wages in "a." Unemployment is a total of 3% of the gross earnings. f. On December 1, 2021, your company received notice that you were being…

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Sales made in 2021 for $3,000,000 includes a 2-year warranty coverage, included in the price.  The estimated cost for warranty is expected to be 2% for the first year and 5% for the second year.  How much warranty expense should be recorded in 2021? Question 4 options:   $60,000   $150,000   $100,500   $210,000

At Dec. 31, 2019. H&M Co. had gift certificates outstanding, which had been sold to customers during 2019 for P 100 each H& M operates on a gross margin of 60% of its sales. What amount of revenue pertaining to the 10,000 outstanding gift certificates should be deferred at Dec. 31, 2019. *   A.N one B.400,000 C.600,000 D.1,000,000

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Question 1 Today is 22th March 2020. Jane just purchased a 180-day $100,000 bank bill at a simple interest rate. The purchase price is $98,500. She sold this bank bill on 24th May 2020 at 3.98% p.a. simple interest rate. a)       What is the implied per annual simple interest rate for her purchasing (expressed as a percentage and rounded to three decimal places)?   Select one: a. 0.076 b. 0.032 c. 0.031 d. 0.088   Question 2   Today is 22th March 2020. Jane just purchased a 180-day $100,000 bank bill at a simple interest rate. The purchase price is $98,500. She sold this bank bill on 24th May 2020 at 3.98% p.a. simple interest rate. b)      What is her selling price (rounded to four decimal places)?   Select one: a. 98740.2903 b. 98634.0935 c. 98846.7161 d. 99317.7280   Question 3   Today is 22th March 2020. Jane just purchased a 180-day $100,000 bank bill at a simple interest rate. The purchase price is $98,500. She sold this bank bill on 24th May 2020 at 3.98% p.a. simple interest…

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