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charle [14.2K]
3 years ago
14

Larry Simmons has​ split-limit 150​/225​/110 automobile liability insurance. Several months ago Larry was in an accident in whic

h he was found to be at fault. Four passengers were seriously injured in the accident and were awarded ​$243,000 each because of​ Larry's negligence. How much of this judgment will​ Larry's insurance policy​ cover? What amount will Larry have to pay out of​ pocket?
Business
1 answer:
goblinko [34]3 years ago
3 0

Answer:

Larry's insurance policy​ cover = $729,000

Amount pay by Larry = $243,000

Explanation:

Given:

Number of insurance = 3

Each injured person awarded = $243,000

Find:

Larry's insurance policy​ cover

Amount pay by Larry

Computation:

Larry's insurance policy​ cover = Number of insurance × Each injured person awarded

Larry's insurance policy​ cover = $243,000 × 3

Larry's insurance policy​ cover = $729,000

Amount pay by Larry = $243,000 (For fourth person)

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The changes in account balances for Elder Company for 2018 are as follows: Assets $ 680,000 debit Common stock 350,000 credit Li
hammer [34]

Answer:

Net income will be $160000

So option (c) will be the correct answer

Explanation:

We have given debt common stock = $680000

Credit liabilities = 350000

Credit paid in capital = 190000

And excess of par 30,000 credit Assuming the only changes in retained earnings

So 680000 = 350000+190000+30000+ retained earning

So retained earning = $110000

Dividend paid = $50000

So net income = dividend paid + retained earning = $110000+$50000 = $160000

So option (c) will be the correct answer

4 0
3 years ago
Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2021 are as follows:
Lynna [10]

Answer:

Ending inventory : $868

Explanation:

FIFO (First-In-First-Out) is a method of inventory valuation where the inventory that is received first is sold first. In other words, the earliest inventory is used first. This is common for perishable inventory such as fruits and vegetables which if not used fast, will be wasted.

01/01/21 : Beginning Inventory : 200 units x $5 = $1000

01/15/21 : Purchases : 100 units x $5.3 = $530

01/28/21 : Purchases : 100 units x $5.5 = $550

Total units = 200 + 100 + 100 = 400 units

Units sold = Total inventory available for sale - ending inventory

= 400 - 160 = 240 units.

COGS:

Beginning Inventory : 200 units x $5 = $1000

Purchases : 40 units x $5.3 = $212

Cost of goods sold : $1000 + $212 = $1212

Ending inventory:

Purchases : (100 - 40) units x $5.3 = $318

Purchases : 100 units x $5.5 = $550

Ending inventory : $318 + $550 = $868

6 0
2 years ago
Use your knowledge of the roles people assume on teams to complete the sentence.
kakasveta [241]

Answer:

d. socioemotional role

Explanation:

As the team works together, Carol plays a <u>socioemotional role</u>, diffusing conflicts and helping everyone feel welcome to contribute ideas.

8 0
3 years ago
Read 2 more answers
Alpaca Corporation had revenues of $300000 in its first year of operations. The company has not collected on $19900 of its sales
lyudmila [28]

Answer:

$238,148

Explanation:

Total expenses:

= Inventory purchased + Salaries expense + Interest expenses + Insurance expense

= $85,000 + $15,000 + $3,300 + $3,900

= $107,200

Net income:

= Total revenue - Total expenses

= $300,000 - $107,200

= $192,800

Net income after tax:

= Net income - Taxes

= $192,800 - ($192,800 × 9%)

= $192,800 - $17,352

= $175,448

Cash balance:

= Net income after tax - Amount not collected on accounts receivable + Amount not paid on purchases - Prepaid insurance + Money invested by owners + Money borrowed

= $175,448 - $19,900 + $26,500 - $3,900 + $30,000 + $30,000

= $238,148

6 0
3 years ago
As a sales clerk for a national chain that sells outdoor gear, Joanna is at the lowest level in the organizational hierarchy. Ne
Allisa [31]

Answer: Decentralized structure

         

Explanation: In simple words, it refers to the organisational structure in which most of the decisions regarding the operations are made by the managers working on mid and lower level. The top managers in such a structure takes only those decisions which are of highest priority to the organisation.

In the given case, Joanna is the lower level managers but still contributes frequently in decision making.

Hence we can conclude that her organisation has decentralized structure.

4 0
3 years ago
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