Answer:
The Journal entry is as follows:
On December 31st, 2021
Cash surrender value A/c Dr. $3,000
Insurance expense A/c Dr. $17,000
To cash A/c $20,000
(To record the payment of the insurance premium)
Working note:
Increase in cash surrender value of the policy:
= $15,000 - $12,000
= $3,000
Insurance expense:
= Annual premiums - Increase in cash surrender value of the policy
= $20,000 - $3,000
= $17,000
The market segmentation approach that Malcolm most likely is
using is the occasion segmentation. The occasion segmentation is where products
provided or produced are only showed or apt in an event or an occasion in which
it is seen above that the product peaks is only during winter months.
So your down payment would be 70,000 (which is 350,000 X .2)
So you would be financing 280,000
Using the payment function
PV= 280,000
R= .036/12
N = 15*12= 180
Your payment would be: 2,015.45
Answer:
$121,200
Explanation:
Calculation to determine the gross profit that would appear on a multiple-step income statement
First step is to determine the Net sales
Sales $ 250,000
Less Sales Discounts ($1,500)
Less Sales Returns and Allowances ($2,300 )
Net sales $246,200
Now let determine the Gross profit using this formula
Gross profit=Net sales-Cost of Goods Sold
Let plug in the formula
Gross profit=$246,200-$125,000
Gross profit=$121,200
Therefore the gross profit that would appear on a multiple-step income statement is $121,200
it makes trading goods and services more effective i just took the test and got it right
