On March 1, a business paid $3,840 for a twelve-month liability insurance policy. On April 1, the business entered into a two-year rental contract for equipment at a total cost of $23,160. A) Determine the insurance expense for the month of March.
B) Determine the balance in prepaid insurance as of March 31.
C) Determine the equipment rent expense for the month of April.
D) Determine the balance in prepaid equipment rental as of April 30.

a. Insurance expense for the month of march

= ($3,840 / 12 months) * 1 month

= $320 per month

b. Balance in prepaid insurance as of March 31

= ($3,840 / 12 months) *11 months remaining

= $3,520

c. Equipment rent expense for the month of April

= ($23,160 / 24 months) * 1 month

= $965

d. Balance in prepaid equipment rental as of April 30

= Nil ($0) as it is not mentioned that payment has been made, it is only mentioned that two year rental contract has been entered into.

the most important factor in the

work process or industry is to retain the interest of the employee. and to

retain them, their salary or profit must be adjusted to the best value. unless

the employee does not do his job properly, employees must receive bonuses or

benefits to ensure them to stay in the company. it will actually make them stay

longer, make them feel important and reduce costs for hiring new employees.

explanation:

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