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nikitadnepr [17]
3 years ago
7

Maggie called her insurance agent after estimating the damages. She had already spent $2,000 on pumping out the water and repair

ing the hot water heater, which had corroded in places.
The agent was polite. He had been getting hundreds of similar calls. . . .
"Ma'am, I'm sorry, but according to our records, you do not have flood insurance protections in your policy."



What is most likely to happen to Maggie? Check all that apply.

A. Her insurance company will eventually pay the damages.

B. She may have to pay thousands of dollars to repair and replace her possessions.

C. She will convince the insurance company that she has flood coverage.

D. She may lose her home.

E. She may go into debt.


ANSWERS: B, D, & E
Business
2 answers:
Sonja [21]3 years ago
6 0

The correct answers are B, E and D

emmasim [6.3K]3 years ago
5 0

B. She may have to pay thousands of dollars to repair and replace her possessions.

D. She may lose her home.  

E. She may go into debt.


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Issued a check for $1,010 to pay the monthly rent. Issued a $1,300 check to pay a creditor on account. Purchased new equipment f
kodGreya [7K]

Answer:

Issued a check for $1,010 to pay the monthly rent

Account                         Debit          Credit

Rent Expense               $1,010

Bank                                                  $1,1010

Issued a $1,300 check to pay a creditor on account.

Account                         Debit          Credit

Creditor                        $1,300

Bank                                                  $1,300

Purchased new equipment for $390 and paid $110 immediately by check with the remainder due in 30 days.

Account                         Debit          Credit

Equipment                    $390

Bank                                                  $110

Accounts Payable                            $280

Provided services on credit in the amount of $860.          

Account                         Debit          Credit

Service Revenue                              $860

Accounts Receivable    $860

Performed services for cash in the amount of $1,320.

Account                         Debit          Credit

Service Revenue                              $1,320

Cash                              $1,320

The owner made an additional investment of $5,600 in cash and $1,050 in equipment.

Account                         Debit          Credit

Cash                              $5,600

Equipment                    $1,050

Capital                                              $6,650    

Purchased $190 worth of supplies on credit.  

Account                         Debit          Credit

Supplies                         $190

Accounts Payable                            $190

Sent a $105 check to the utility company to pay the monthly bill.

Account                         Debit          Credit

Utilities Expense           $105

Bank                                                  $105

Collected $650 from credit customers.

Account                         Debit          Credit

Cash                              $650

Accounts Receivable                       $650                                            

   

7 0
3 years ago
Dvorak Company produced 1,000 units of product that required 3 standard hours per unit. The standard variable overhead cost per
valentina_108 [34]

Answer:

The variance is 4,000 - 4,200 = -200 (favourable variance).

Explanation:

To know the production variance in this exercise, we first need to know the total standard cost, then calculate the difference between the actual cost and the standard one.

Total standard cost = production volume x hour used per one unit produced x overhead cost per hour = 1,000 x 3 x 1.4 = 4,200

So, the variance is 4,000 - 4,200 = -200 (favourable variance).

4 0
2 years ago
ABC, Inc.'s income statement shows Service Revenue of $40,000, Wages Expense of $25,000 and Net Income of $1,000. The other expe
Temka [501]

Answer:

A) $14,000.

Explanation:

In the profit or loss statement, the key elements are sales and expenses and the net of these two gives the net income.

Given

Service Revenue = $40,000,

Wages Expense = $25,000

Net Income = $1,000

Total expense = $40,000 - $1,000 = $39,000

The total expense is made of the wage expense and other expenses.

Therefore, other expenses = $39,000 - $25,000

= $14,000

3 0
3 years ago
In the year 2010, the income per worker in the United States was $82,359 and the income per worker in South Korea was $54,315. T
zhenek [66]

Answer:

The difference in human capital explains $7,863 of the income per worker gap while the difference in physical capital explains $20,181 of the income per worker gap.

Explanation:

Human capital refers to the skills, knowledge, and efforts of the people in producing goods and services. It is also known simply as labor. Physical capital refers to the "man-made" goods that assist in production, including machinery, equipment, and technological items such as computers.

In the given scenario, the income per worker in the United States is $82,359 - $54,315 = $28,044 more than the income per worker in South Korea. This is explained by differences in both the level of technology (i.e. physical capital) and the capability of workers (i.e. human capital).

We are informed that the income per worker in South Korea would be $74,496 if it had the same level of technology as the United States. This means that $74,496 - $54,315 = $20,181 of the income per worker gap between the two countries is explained by differences in physical capital. Hence the remaining difference of $28,044 - $20,181 = $7,863 is explained by differences in human capital between the two countries.

5 0
3 years ago
Winston Corporation owns 25% of the voting stock of Tole Corporation and uses the equity method in recording the investment. Tol
Usimov [2.4K]

Answer:

c. debit to the investment account for $12,500.

Explanation:

The computation is shown below:

= Net loss reported × owning percentage

= $50,000 × 25%

= $12,500

Simply we multiplied the reported net loss and its owning percentage so that the accurate loss amount can come

Since it is a net loss, so it would be debited to the investment account for $12,500

Hence, all other options are wrong except option c.

5 0
3 years ago
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