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Fantom [35]
4 years ago
6

Sensible Insurance Company collected a premium of $18,000 for a 1-year insurance policy on April 1. What amount should Sensible

report as a current liability for Unearned Insurance Revenue at December 31?
Business
1 answer:
salantis [7]4 years ago
6 0

Answer:

Current liability for 3 months will be $4500

Explanation:

We have given that

Sensible insurance company has collected a premium of $18000

We have given time = 1 year = 12 months

So the premium collected per month [tex]=\frac{$1800}{12}=$1500[/tex

Now, the company has collected the revenue on April 1 and now it is December 31

So number of months from April to December = 9

So total premium earned in 9 months = 9× $1500 = $13500

So current liability for 3 months will be = 3×$1500 = $4500

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4 0
3 years ago
Mr. Edwards, a marketing representative of the ACME Insurance Company, scheduled a marketing event and expects about 40 people t
Nimfa-mama [501]

Answer:

Answered

Explanation:

Mr. Edwards, a marketing representative of the ACME Insurance Company, scheduled a marketing event and expects about 40 people to attend. He has hired a magician at a cost of $200 to entertain attendees

He can do this, because the estimated number of attendees is based on the venue size and response rate and the value of the gift does not exceed $15.

8 0
3 years ago
A registered representative is considering prospecting a wealthy family member to see if she will open a brokerage account at hi
Pie

Answer:

B. This prospect can be called by the registered representative.

Explanation:

A  registered representative may be defined as a person working for a client facing financial firm like the brokerage firm and he acts as the representative for the clients who are trading the investment products as well as securities.

In the context, the prospect can be called by the registered representative. But there are three exceptions that are provided for the cold calls to any individual who are on the national Do not call list :

--- Established business relationship exception.

--- Prior express written consent exception

--- Personal relationship with the associated person exception.

Therefore, option (B) is correct.

3 0
3 years ago
Within each of the three larger categories, best practices are categorized by ____ stages of process improvement.
ELEN [110]

Within each of the three larger categories, best practices are categorized by four stages of process improvement.

<h3>What is Process Improvement?</h3>

Process Improvement serves as the proactive task of identifying as well as analyzing existing business processes within an organization.

The four stages of process improvement are;

  • Identify the need for change
  • identify the need for change.
  • Analyzing current process
  • Seek commitment and support.
  • Look for improvement strategy

learn more about Process Improvement at;

brainly.com/question/11837585

3 0
2 years ago
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2013
jolli1 [7]

Answer:

Explanation:

The journal entries are shown below:

1. Purchase A/c Dr $5,400

          To Accounts Payable $5,400

(Being merchandise is purchased on credit)

2. Freight-In A/c Dr $500  

       To Cash A/c       $500

(Being freight charges are paid in cash)

3. Accounts Payable A/c Dr $800  

     To Purchase Returns A/c  $800

(Being return merchandise is recorded)

4. Cash A/c Dr  $5600  

     To Sales revenue A/c $5600

(Being merchandise is sold for cash)

5. No journal entry required

6 0
3 years ago
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