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1 year ago

What is the term for a person who has been appointed by another person to act on her behalf and in her best interest?.

1 answer:

4 0

An individual who has been appointed by another person to act on their behalf and in their best interest is known as an agent.

In legal terminology, an agent is a person who has been empowered legally to act on the behalf of another person. An agent may be employed to represent a client in dealings and negotiations with third parties. Depending on the situation, the agent may be granted decision-making authority.

The agent is given the authority to take necessary action on someone else's behalf. People usually hire agents to conduct matters that they lack expertise or time to do for themselves.

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Buying the beneficiary position on a life insurance policy of someone who is dying

MaRussiya [10]

Buying the beneficiary position on a life insurance policy of someone who is dying is referred to as Viatical Settlement

Explanation:

Viatical settlement refers to the sale of a life insurance policy by the owner to a third party for a amount which is more than its surrender value but less than its net death benefit.

Viatical settlement provides the policy owner with a lump some amount of money.

The viatical settlement is tax-free as per the Health Insurance Portability and Accountability Act (HIPAA) 1996

6 0

4 years ago

During the first month of operations ended August 31, Kodiak Fridgeration Company manufactured 48,000 mini refrigerators, of whi

Anvisha [2.4K]

Answer:

Part a.

Income statement based on the absorption costing concept.

Sales $8,800,000.00

Less Cost of Sales

Beginning Inventory $0

Add Manufacturing Cost $6,048,000.00

Less Ending Inventory ($504,000.00) ($5,544,000.00)

Gross Profit $3,256,000.00

Less Expenses :

Selling and administrative expenses:

Variable $528,000.00

Fixed $352,000.00 ($880,000.00)

Net Income/(loss) $2,376,000.00

Part b.

Income statement based on the variable costing concept.

Sales $8,800,000.00

Less Cost of Sales

Beginning Inventory $0

Add Manufacturing Cost $5,520,000.00

Less Ending Inventory ($460,000.00) ($5,060,000.00)

Contribution $3,740,000.00

Less Expenses :

Fixed manufacturing cost $528,000.00

Selling and administrative expenses:

Variable $528,000.00

Fixed $352,000.00 ($1,408,000.00)

Net Income/(loss) $2,332,000.00

Part c.

Reason : Fixed Costs deferred in Ending Inventory in Absorption Costing has resulted in a higher Income.

Explanation:

Units in Ending Inventory Calculation :

Production 48,000

Less Sales (44,000)

Ending Inventory 4,000

Absorption Costing Calcs

Variable Manufacturing Costs

Direct materials $3,360,000.00

Direct labor $1,344,000.00

Variable manufacturing cost $816,000.00

Fixed manufacturing cost $528,000.00

Total $6,048,000.00

Ending Inventory = $6,048,000.00 × 4,000 / 48,000

= $504,000

Variable Costing Calcs

Variable Manufacturing Costs

Direct materials $3,360,000.00

Direct labor $1,344,000.00

Variable manufacturing cost $816,000.00

Total $5,520,000.00

Ending Inventory = $5,520,000.00 × 4,000 / 48,000

= $460,000

4 0

3 years ago

Dynamo Corporation manufactures toasters. Each toaster comes with a 5-year assurance-type warranty. The toasters sell for $50 ea

Leno4ka [110]

Answer:

1.Dr Cash 25,000

Cr Sales revenue 25,000

2. Dr Warranty expense 2,500

Cr Warranty liability 2,500

3.Journal entry for actual warranty expense

Dr Warranty liability 500

Cr Cash 500

Explanation:

Preparation of Dynamo's journal entries related to the sales and warranty in Year 1.

1.Dr Cash 25,000

Cr Sales revenue 25,000

(50*500)

2. Dr Warranty expense 2,500

Cr Warranty liability 2,500

3. Dr Warranty liability 500

Cr Cash 500

7 0

3 years ago

True or false most small business owners enjoy being part of a team

Mandarinka [93]

I believe the answer is false

4 0

3 years ago

Suppose that the united states and canada each produce only two products, televisions and food. The united states can produce 10

Alex

Answer: Trade between the two countries is beneficial when United States trade food to Canada and Canada would trade televisions to the United States.

Explanation: In international trade, each country will produce a good in which it has a comparative advantage (lower opportunity cost).

Opportunity cost of food is,

Unites states = $\frac{100}{150} = 0.66$