dicuss undertaking in insurance
Q: 1. What is the correct net income for the year 2021? 2. What is the correct net income for the year ...
A: 1. As it is stated that year end inventory of the year 2022 is understated by 25000, correcting this...
Q: Zing Cell Phone Company entered into the following transactions involving current liabilities during...
A: Notes Payable - Notes Payable is the amount borrowed by the borrower with an obligation to pay it in...
Q: Prepare a journal entry on June 30 for the payment of dividends of $16,000. If an amount box does no...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: Q-4: Al Hamd associate manufactures two types of product X & Y and applies manufacturing overhead to...
A: Lets understand the basics. There are two methods for allocating the overheads which are, (1) Tradit...
Q: Which of the following statements is correct?
A: Answer: Checks are those document that are issued to give or receive any amount. a.Outstanding che...
Q: Required: a-1. Would you be willing to pay more than $200,000 for the restaurant near the campus? ...
A: Goodwill is an intangible asset of the company which have no physical existence but will increase th...
Q: %24 %24 Question 16 of 20 Splish Brothers Company reported the following balances at December 31, 20...
A: The amount of assets remaining after all liabilities have been paid is referred to as stockholders' ...
Q: Waling-waling Company had 6,400 units of work-in-process inventory in department A on October 1, 202...
A: Under average costing it is assumed that whole of opening inventory is completed during the period, ...
Q: ABC Company established a petty cash fund for small expenses of the offices of the main building whi...
A: Petty Cash refers to the cash that is kept aside for day-to-day expenses and has a small amount.
Q: The capital accounts of Lorraine Grecco and Carrie Rosenfeld have balances of $64,000 and $99,000, r...
A: We know that, all the incomes and expenses accounts have to be closed to the income statement. But...
Q: The following information is given for Gator Company, who uses the FIFO method. Item Quantity Cost ...
A: FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sold ou...
Q: While examining the December 31, 2022 financial statements of Lark Company, a new client, you discov...
A: Journal entries means the book of prime entry including debit and credit item. Adjusting entry means...
Q: Debit Credit $ 3,200 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Unearne...
A:
Q: If you received 8% annual interest rates on the above loans and each of your projects was late B mon...
A: Solution Given Loan amounts are A $5 million B $2.8 million C $350000 Interest...
Q: Sharp Company received P 80,000 of inventory items on the last day of its fiscal year, May 31, 2022....
A: 1. Items Alpha were included in inventory at May 31, 2022, but the purchase was not recorded until J...
Q: Which of the following is false?
A: Mrs. Y, wife of a deceased employee, received financial benefits voluntarily voted upon by the Board...
Q: Spates, Inc., manufactures and sells two products: Product H2 and Product EO. Data concerning the ex...
A:
Q: The journal entry to record the purchase of Agnes Co. would include a Group of answer choices credi...
A: Goodwill is an intangible asset of the company which have no physical existence but will increase th...
Q: The following data pertain to ABC Corporation on December 31, 2022 Current account at China Bank - P...
A: Balance sheet: It is a financial statement that states the value of assets, liabilities, and equit...
Q: preferred shares, both payable on 30 October 20X5, to shareholders of record on 10 October 20X5. (Re...
A: Journal Entry The purpose of preparing the journal entry which kept the recording of the transaction...
Q: Holiday Company produces dog food. All direct materials are entered at the beginning of process. Som...
A: Process costing is used where there are many processes in the same line of business for manufacturin...
Q: Which of the following is supported with a debit memorandum? a.proceeds of bank loan b.collections a...
A: Debit memorandum:- Bank issue Debit memorandum to notify depositors for deductions from Depositors a...
Q: Show Me How Interest Payments and Interest Expense for Bonds (Straight Line) Swiss Inc. sold 20-yea...
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...
Q: PROBLEM: Tagaytay Company's summary of cash records show the following for the year 2022, its first ...
A: Cash basis accounting is the method of accounting in which net income is obtained by subtracting cas...
Q: What is the total amount that was disclosed as compensation to key management personnel for the pare...
A: Answer :- compensation is $188,806. Correct Option is:- $ 188,806.
Q: Max Coco's December 31, 2020 financial information is presented below: ASSETS PHP LIABILITIES PHP Ca...
A: Gross profit margin = Gross profitNet sales ×100
Q: Mandarin Manufacturing Company uses a process cost system with FIFO method of costing to account for...
A: in process costing , the product are manufacture by passing through different process . the labour c...
Q: Harrington Manufacturing Inc. began operation 5 years ago producing the probos, a new type of instru...
A: explanation of above requirement are are as follows.
Q: Mar. 1 Purchased 6,000 shares at $9 per share. June 1 Sold 1,500 shares at $13 per share. Sept. 1 So...
A: GIIVEN Mar. 1 Purchased 6,000 shares at $9 per share.June 1 Sold 1,500 shares at $13 per share.S...
Q: On January 1, 2021, Amahan Co. acquired all of the assets and assumed all of the liabilities of Anak...
A: Transaction cost is the acquisition related cost which is incurred for the purpose for business comb...
Q: A proprietorship registered as BMBE reported gross income from sales of P400,000. It also reported d...
A: BMBE means as per Republic Act 9178 "Barangay Micro Business Enterpr...
Q: Black Light Environment Everyday (otherwise known as BLEE Corporation) has sales of $681,000 and Cos...
A: Traditional income statement format is separated into cost of goods sold and selling and administrat...
Q: What are the benefits of investing in a company that Rocket Internet has launched?
A: Rocket Internet provides services to the business entity which ensures more qualitative performance ...
Q: Mahmood establishing his photography studio December 1, 2021. During the first month of operations, ...
A: Introduction: Ledgers: First all the transactions are to be recoded in Journals and then all the jou...
Q: The partnership of Angel Investor Associates began operations o Dennis Overton $180,000 Ben Testerma...
A: The meaning of partnership business is two or more persons bringing the capital to form the business...
Q: Designer Architects had the following additional information at its November 30, 2020, year-end: ...
A:
Q: Assets Liabilities + Net Worth Required R$ 1000.00 Demand Deposits 4,000 Excess Reserves: 2,000.00 S...
A: Reserve Ratio can be determined by using the formula given below Reserve Ratio = (Reserve Required t...
Q: Required: Identify the depreciation method used for each of the following comparative balance sheet...
A: Solution Given Cost 495000 Useful life 4 year Salvage value 86000 Capacity of ...
Q: Waling-waling Company had 6,400 units of work-in-process inventory in department A on October 1, 202...
A: The equivalent units are calculated on the basis of percentage of the work completed during the peri...
Q: son Company adds materials, 50% at the start of the process and 50% at the end of the process in Dep...
A: At first, Equivalent units of product will need to be computed based on their completion percentage....
Q: E7-12 (Algo) Using FIFO for Multiproduct Inventory Transactions (Chapters 6 and 7) [LO 6-3, LO 6-4, ...
A: Gross profit = Sales revenue - Cost of goods sold Gross profit percentage = Gross profit * 100 / Sal...
Q: Clear Water Bay Inc. has provided the following data from its activity-based costing system: Activit...
A: The overhead rate is calculated as estimated overhead cost divided by estimated base activity. The ...
Q: What is the gross margin ratio of Company B? How much purchases did Company A have for 2021? What is...
A: For company to generate profit operating margin it need to consider all the factors which are necess...
Q: The information below pertains to Pierpont Corp. for 202 Net income, $1,200,000. Common Stock, $10 p...
A: The formula for calculating basic EPS involves dividing net income by the number of common shares ou...
Q: On March 13, Folder purchased 100 shares of Straddle Co. stock for $57 per share. On April 5, Folder...
A: Internal Revenue Service- The Internal Revenue Service (IRS) of the United States collects taxes and...
Q: bank is generally valued at face amount b.Cash in foreign currency is valued at Philippine peso usin...
A: A bank statement refers to the statement which reflects the transactions that are not being reflecte...
Q: Patel has a capital balance of $310,000 after adjusting assets to fair market value. Killingsworth c...
A: Patel’s Capital = $310,000 Killingsworth Contribute = $490,000 Interest = 60% Total Capital after ad...
Q: International Standard on Auditing 200 states that “independence enhances the auditor’s ability to a...
A: Introduction:- Professional skepticism includes a questioning mindset, being on the lookout for even...
Q: he following shareholders’ equity accounts are included in the statement of financial position of CO...
A: Retained earnings are the cumulative amount of net income that the corporation has earned since it i...
Q: Dove Company uses FIFO method of process costing. The company’s cost accountant has provided you wi...
A: Solution: Dove Company Finishing Department Computation of Equivalent unit (FIFO) Particula...
dicuss undertaking in insurance
Step by step
Solved in 2 steps
- An insurance refers to a signed agreement between the insured and the insurer. O a. Certificate O b. Premium O c. Security O d. PolicyIs recover compensation within? compensation Income option from insurance operations transfer expenses Option of sources of insurance operationsHow tools are used in insurance risk management?
- Which of the following sections of a commercial general liability policy contains information about limits of insurance and premiums? Declaration Exclusion Condition Insuring agreementWhat will making a prepayment for insurance have the effect of?Briefly explain the difference between an insurance and an assurancepolicy?
