On December 31, 2016, Avery Corporation paid $15,000 for next year's insurance policy. This transaction should be recorded as follows by Avery: General Journal Debit Credit A. Insurance expense 15,000 Insurance payable 15,000 B. Prepaid insurance 15,000 Insurance payable 15,000 C. Prepaid insurance 15,000 Cash 15,000 D. Insurance expense 15,000 Cash 15,000

Maldonia has a comparative advantage in the production of , while lamponia has a comparative advantage in the production of . suppose that maldonia and lamponia specialize in the production of the goods in which each has a comparative advantage. after specialization, the two countries can produce a total of million pounds of lemons and million pounds of coffee.

Your father offers you a choice of $120,000 in 11 years or $48,500 today. use appendix b as an approximate answer, but calculate your final answer using the formula and financial calculator methods. a-1. if money is discounted at 11 percent, what is the present value of the $120,000?

Costco wholesale corporation operates membership warehouses selling food, appliances, consumer electronics, apparel and other household goods at 471 locations across the u.s. as well as in canada, mexico and puerto rico. as of its fiscal year-end 2005, costco had approximately 21.2 million members. selected fiscal-year information from the company's balance sheets follows. ($ millions). selected balance sheet data 2005 2004 merchandise inventories $4,015 $3,644 deferred membership income (liability) 501 454 (a) during fiscal 2005, costco collected $1,120 cash for membership fees. use the financial statement effectstemplate to record the cash collected for membership fees. (b) in 2005, costco recorded $46,347 million in merchandise costs (that is, cost of goods sold). record thistransaction in the financial statement effects template. (c) determine the value of merchandise that costco purchased during fiscal-year 2005. use the financial statementeffects template to record these merchandise purchases. assume all of costco's purchases are on credit.