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Scorpion4ik [409]
3 years ago
13

Andrea and Phillip have been married for two years when they walk into the local State Farm agent's office. They see a banner (w

ith lots of fine print at the bottom) advertising a new life insurance policy for only $0.98 per thousand. Upon reading the fine print, they discover that the value of this policy is $350,000. If they qualified for this special life insurance promotion, what would their annual premium cost?
Business
1 answer:
Amanda [17]3 years ago
5 0

Answer:

$343

Explanation:

Andrea and Phillip's annual premium cost can be calculated using the cost per thousand formula:

cost per thousand = annual premium / thousands of coverage

  • cost per thousand = $0.98
  • thousands of coverage = $350,000 / $1,000 = 350

$0.98 = annual premium / 350

annual premium = $0.98 x 350 = $343

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shusha [124]
WE need School to be smart, if without school, no one would be able to become great people, look at the actors, famous people, where did they start off at??
Of course, school!!
another thing:
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7 0
3 years ago
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A structure that organizes worldwide operations primarily based on function and secondarily on product is called: a global area
Tatiana [17]

Answer:

a global functional division.

Explanation:

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So as per the given situation, the above should be the answer

8 0
2 years ago
How does the internet help consumers make well-informed decisions?
Rasek [7]

Because the internet make it so much easier for consumers to do research before making decision.

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3 0
2 years ago
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The following data were selected from the records of Sykes Company for the year ended December 31, Current Year.
ololo11 [35]

Answer:

Journal Entry

A) Debit Bank 235000, Credit sales 235000

B) Debit Accounts receivable 11500 Credit sales 11500

C) Debit Accounts receivables 26500 credit sales 26500

D) Debit Sales allowance  500, Credit account receivable 500

E) Debit Accounts Receivables 24000, credit Sales 24000

F) Debit Bank 10780, Debit Sales discount 220,Credit Accounts receivable 11000

G) Debit Bank 98000, debit sales discount 2000, credit Accounts receivables 100000

H) Debit Bank 25970  Debit sales discount 530 Credit Accounts receivables 26500

I) Debit Accounts receivables 19000, Credit Sales 19000

J) Debit Sales allowance 3500 , Credit bank 3430, Credit sales discount 70

K) Debit Bank 6000, Credit Accounts receivables 6000

L) Debit Bad debts 3000, Credit Accounts receivables 3000

M) no entry, just estimate

ACCOUNTS RECEIVABLE balance at year end

opening balance                                 120000

B)   SALES                                            11500

C) sales                                                 26500

D) sales allowance                              (500)

E) sales                                                 24000

F) Bank                                              ( 10780)

   discount                                             (  220)

G) Bank                                                 (98000)

    discount                                           ( 2000)

H) bank                                                 (25970)

   discount                                               (530)

I) SALES                                                  19000

K) Bank                                                  (6000)

L) Bad debt                                           (3000)

closing balance                                    <u>54000</u>

allowance for bad debt                         (4733)

net closing balance                              <u>49267</u>                                

Allowance for doubtful debt    

1 jan                                  8000

closing                             4733

adjustment                      3267  recorded in income statement as income    

Explanation:

closing balance for provision of doubtful debts net sales * 1.5%

6 0
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iogann1982 [59]

Answer:

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5 0
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