Answer: Independent insurance agent
Explanation:
An independent agent is sometimes called an insurance sales agent. An independent insurance agent is an insurance agent who sells insurance policies that are provided by different insurance companies.
An independent insurance agent gets commissions for the insurance policies that are sold. The higher the number of clients they serve, the higher the money they make. Independent insurance agents are not considered to be an employee of a particular insurance company
Answer:
A detailed list of the accounts that make up the five financial statement elements.
Explanation:
The company's chart of accounts is the listing of all the accounts that the company has included as part of the five financial statement elements during a specific period of time.
The five financial statement elements are: assets, liabilities, equity (part of the balance sheet), expenses and revenues (part of the income statement).
Examples of accounts that can be part of a firm's chart of accounts are: land (asset), cash (asset), notes payable (liabilities), outstanding stock (equity), operating expenses (expenses), and sales revenue (revenues).
The chart of accounts can differ greatly from company to company simply because companies engage in vastly different economic activities.
Answer:
(C) $745
Explanation:
The computation is given below:
For computing the bad debt expense, first we have to determine the ending account receivable balance which is shown below:
Ending account receivable balance = Beginning account receivable + credit sales - collections -
written off amount
= $20,000 + $70,000 - $74,700 - $400
= $15,300
So, the bad debt expense is
= Ending account receivable × given percentage
= $15,300 × 5%
= $745
Answer and Explanation:
The journal entry to record the tax provision is given below:
Income tax expenses $48,840,000
Deferred tax assets ($10,900,000 ×0.40) $4,360,000
To Deferred tax liability (($15,900,000 + $1,900,000)×0.40) $7,120,000
To Income tax payable ($129,000,000 ×0.40) $51,600,000
(To record income tax expenses)
Here the income tax expense and deferred tax asset should be debited as it increased the asset and expenses and credited the liability & tax payable as it increased the liability
Answer:
Keep-or-drop decision
Explanation:
Keep-or-drop decision is taken when a manager is in a dilemma whether to continue a product line or segment or shut it down. The manager needs to analyse income statement related to the product line to understand the major issue with product line. If costs are more than revenue, then the product line needs to be shut down. If the reasons for incurring losses can be addressed and that revenue from the product line is more, then it is not dropped.
Therefore, manager takes a keep-or-drop decision.
