What type of information is entered for insurance and why is insurance important?
Q: The following data pertaining to the cash transactions and bank account of ABC Company for May 2022 ...
A: Adjustment in cash Balance at Bank Particulars Amount Bank statement, May 31, 2022 - 95,874 ...
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: If a company discovers a mistake in 2021 that was made in 2018, the company records the adjustment i...
A: An accounting error is a mistake in an accounting entry that is unintentional. When an error or mist...
Q: A businessman wishes to borrow an amount of K3 million for a term of 5 years. The agreed rate of int...
A: Annual Repayment- Repayment is proceeding of paying back money earlier borrowed from a lender. Usual...
Q: help solve the question below; Actual goods produced 100,000 units Cost of goods K1000/unit contr...
A: Answer 1 :- Following are three types of productivities that organizations usually analyze:- 1 - P...
Q: Name the Sub-headings under which Shareholder's Funds shall be classified in a Company's Balance She...
A: Shareholders fund shall be classified in Following sub headings
Q: Mama Inc. utilizes the residual dividend model to determine its ordinary dividend payout. This year ...
A: Introduction Under Residual dividend policy the amount of dividends paid to the shareholders amount ...
Q: Uber Corporation manufactures and sells a single product. The company uses units as the measure of a...
A: Given information, Budgeted units =6,800 units Actual units =6,750 units Standard direct labor rat...
Q: ! Required information [The following information applies to the questions displayed below.] Stephan...
A: The amount which a person can reduce from gross income in called deduction. It is mainly used in tax...
Q: Financing Deficit Stevens Textile Corporation's 2019 financial statements are shown below: Balance...
A: Introduction: Investors and financial experts rely on financial data to examine a company's performa...
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: The Harry Corporation purchased a machine on January 1, 2020. The machine cost 46,000, with an estim...
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...
Q: Moede Motors applies overhead based a single plant-wide rate and uses direct labor hours as the basi...
A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...
Q: Suppose at the end of the year before any adjusting entries, a company has a balance in Allowance fo...
A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If yo...
Q: While examining the December 31, 2022 financial statements of Bukidnon Company, a new client, you di...
A: Overstated Opening inventory results in lower net profit. Understated Ending inventory results in lo...
Q: Jim and Mary Jean are married and have two dependent children under the age of 13. Both parents are ...
A: The portion of your total income used to calculate how much tax you owe in a given tax year is known...
Q: 1. Business partners AC, Ian and KR agreed to divide their profit in the ratio 2:4:8. If AC received...
A: As posted multiple independent questions we are answering only first question kindly repost the unan...
Q: Journalize the entries for these
A: Journal entries refers to the official book of a company which is used to record the day to day tran...
Q: eBook Brandtly Industries invests a large sum of money in R&D; as a result, it retains and reinvests...
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a...
Q: Inventory, Inventory Count, del 1st 2nd Зrd December 31 January 1 4 at $ 39 4 at $ 42 4 at $ 45 8 at...
A: periodic inventory system is method of inventory valuation which is common nowadays . This inventory...
Q: Consider the following sales and cost data for Van Buren Company. The total sales and cost informati...
A: Lets understand the basics. Contribution margin is a margin generated from the sales. In other words...
Q: Exercise 6-13 (Algo) Depreciation calculation methods LO 3 Millco Inc., acquired a machine that cost...
A: Straight line depreciation Cost of the asset - residual value / useful life of asse Accumulated dep...
Q: I need the answer as soon as possible
A: Answer: Whenever any amount has been issued to transfer between banks the entry is posted as: Bank o...
Q: ROBL MOVING ON Co. has been undergoing liquidation since January 1. As of March 31, its condensed st...
A: Statement of realization and liquidation is the statement prepared by the entity which is used in wi...
Q: On January 1. 2021, Hum Enterprises Inc. had 74,000 common shares, recorded at $592,000. The company...
A: A dividend is the distribution of some of the corporate profits to a class of its shareholders. Divi...
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: On the statement of financial position, Hernandez Company had retained earnings of USD 650, 000, but...
A: 1. Retained Earnings - Retained earnings is the accumulated balance earned by the company over a per...
Q: The following data pertaining to the cash transactions and bank account of ABC Company for May 2022 ...
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with ...
Q: and 10sses aio. len
A: In this partnership liquidation it is assumed that the realisation ...
Q: Activity 1-ACCHT 221 - RECORDING TRANSACTIONS; POSTING TO LEDGER AND PREPARATION OF TRIAL BALANCI Re...
A: Let's understand the basic For accounting one should know the three golden rules of accountancy Fi...
Q: Hame the Sub-headings under which Shareholder's Funds shall be classified in pany's Balance Sheet,
A: Solution Concept In a balance sheet there are two sides , assets and liabilities and equity In liabi...
Q: %24 Metlock Ridge Corporation was organized on January 1, 2018. During its first year, the corporati...
A: Cumulative and Non Cumulative Preference Shares - Non Cumulative Preference Shareholders gets the di...
Q: Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,600 tires to the...
A: 2/10, n/30 means 2% discount will be given if payment is made with in 10 days and final payment is t...
Q: Which of the following is not tax exempt? A. Amount of any damages received by agreement on account...
A: Income Tax deduction- Individuals and organizations can take advantage of income tax deductions to l...
Q: Merone Company allocates materials handling cost to the company's two products using the below data:...
A: Overheal can be allocated on the basis of traditional base costing or activity-based costing. In act...
Q: 5. On October 1, 2021, Gomez Inc. assigns $1,600,000 of its accounts receivable to Ottawa National b...
A: Finance charge (Interest expense ) = $1,600,000×2% = $32,000
Q: You are auditing Crown Corporation for the year ended 2022, Its reported net income for the year 202...
A: Errors and omissions are common occurrences in the accounting process which are detected during the ...
Q: Current Attempt in Progress Larkspur Corporation has 148,000 shares of $5 par value common stock out...
A: Journal entries shows the recording of transactions during an accounting year and every transaction ...
Q: Using the indirect method, calculate the amount of cash flows from operating activities from the fol...
A: Cash flow from operating activities indicates the cash inflow or outflow transactions related to the...
Q: True or false 12) The brokers' motivation is measured in five levels: Great, Good, Regular, Bad, an...
A: The answer is shown below:
Q: The most recent financial statements for Crosby Incorporated, follow. Sales for 2021 are projected t...
A: Pro forma income statements are projected statements. These kind of statements are used for the purp...
Q: Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that p...
A: We know that profit is divided between partners in the form of Salary, Commission, Interest on Capit...
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: Which of the following is a book reconciling item? a.notes receivable collected by the bank b.cash o...
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with ...
Q: Prepare a journal entry on June 30 for the payment of dividends of $16,000. If an amount box does no...
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: On 20 December 2021, Africa Traders did an electronic funds transfer payment of R300 000 for the mon...
A: When the payment for the salary is done, the following journal entry is passed. As the salaries is p...
Q: 3) A. Umar and Osman manufacture and sell energy drinks. The drinks are sold for RM9.10 a bottle to ...
A: Total Cost = Total Fixed Cost + Average Variable Cost Per Unit * Quantity of Units Produced
Q: Far and Wide Broadband provides Internet connection services to customers living in remote areas. Du...
A: You enter transaction information into your company's books to create a journal entry. Your journal ...
Q: Alain company prepared draft financial statements that showed the income before tax for the year end...
A: The given situation relates to events occurring after the balance sheet date. As per this concept th...
Q: he discount is $48000289 and the final answer to the nearest cent as needed. Round all intermediate ...
A: Price of bond is sum of present value of coupon payment and present value of par value of bond.
What type of information is entered for insurance and why is insurance important?
please answer this on your own words
Step by step
Solved in 2 steps
- What will making a prepayment for insurance have the effect of?describing how the element of "risk" factors into the concept of insurance. cite a specific type of insurance policy and indicate how risk will play into the issuance of the insurance policy.Who are the target customer of insurance companies?
- Which of the following items is required by the Life Insurance and Annuity Replacement Rule? A. A Notice Regarding Replacement of Life Insurance or Annuity B.A Notice Regarding Insurance Producer Compensation Schedule C.A Statement of Ethical Practices D. A Comparative Information formWhat is life insurance company?What are the insurance risk management tools?
- Which of the following is not an insurance management tool? Group of answer choices deductibles. screening of applicants. limits on insurance. restrictive covenants. signalling.Briefly explain the difference between an insurance and an assurancepolicy?How does the Health Insurance Portability and Accountability Act (HIPAA) facilitate electronic transactions?