You work for a Defense contracting company. The company develops software applications which perform intensive calculations in t

Response: Exchange

Clarification: In marketing, an exchange occurs whenever individuals trade goods or services to fulfill a need or desire by offering something of value in return. Each exchange should create "utility," which signifies that the worth of the item given in trade is less than what is gained from the trade. Thus, the concept of individuals being prepared to sacrifice something valuable or to face costs such as time, money, embarrassment, or the discomfort involved in altering habits to obtain something valued is referred to as exchange.

Answer:

Zenith Travel Service

Owner's Equity Statement for the year concluded on August 31, 20Y4:

Equity as of September 1, 20Y3 = $456,000

Additional investment                           43,200

Retained Earnings                                 (8,400)

Drawings                                              (21,600)

Equity as of August 31, 20Y4        $469,200

Explanation:

a) Data and Calculations:

Additional investment = $43,200

Personal withdrawals = $21,600

Income Statement for the year ending August 31, 20Y4:

Fees earned                                   $899,600

Office expenses             353,800

Miscellaneous expenses 14,400

Wages expenses           539,800     908,000

Net income/Retained earnings      ($8,400)

b) The statement of owner's equity for Zenith illustrates the modifications within the equity area of its balance sheet during the financial year concluding August 31, 20Y4. Essentially, it exhibits the occurrences impacting Megan Cox's equity from September 1, 20Y3 to August 31, 20Y4.

Answer: 1. On March 1, record the insurance purchase in advance. Debit Prepaid Insurance $36,000. Credit Cash $36,000. 2. On December 31, make the adjusting entry. Debit Insurance Expense $30,000. Credit Prepaid Insurance $30,000. Explanation: Mountaineer excavation preemptively acquires one year’s worth of flood insurance on March 1, totaling $36,000 ($3,000 a month). The insurance is documented as prepaid insurance: Debit Prepaid Insurance $36,000, Credit Cash $36,000. By December 31, at the conclusion of the following 10 months, an adjustment is recorded to Credit Prepaid Insurance for $30,000 ($3,000 per month for 10 months) and Debit Insurance Expense for the same amount.

I have this class on apex the correct answer is "C"

I believe it refers to <span>Individuals, Groups and Structures.
I hope this is helpful!

Photon</span>