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3 years ago

All of the following insurance placements would be considered controlled business, EXCEPT:_______

Business

1 answer:

sesenic [268]3 years ago

5 0

Answer:

A producer places a property insurance policy on the home of his uncle.

Explanation:

The controlling producer Places insurance only with the controlled insurer, or only with the controlled

insurer and a member or members of the controlled insurer’s holding company system, or the controlled insurer’s parent, affiliate or subsidiary and receives no

compensation based upon the amount of premiums written in connection with such insurance; and accepts insurance placements only from non-affiliated subproducers, and not

directly from insureds; and the controlled insurer, except for insurance business written through a residual market

facility accepts insurance business only from a controlling

producer, a producer controlled by the controlled insurer, or a producer that is a

subsidiary of the controlled insurer.

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Swifty's Market used the perpetual method to record the following events involving a recent purchase of inventory:

butalik [34]

Answer:

Inventory balance will be of 73,318

Explanation:

Inventory 75,400

Account payable 75,400

to record goods received

Account payable 1,300

Inventory 1,300

to record return of goods

Inventory 700

Cash 700

to record payment of freight

Account Payable 74,100

Inventory 1,482

Cash 72,618

to record payment of invoice within discount period

75,400 - 1,300 = 74,100

74,100 x 2% = 1,482

Inventory balance:

DEBIT CREDIT

75,400

1,300

700

1,482

balance:

73,318

8 0

3 years ago

Which of the functions of the Federal Reserve is appropriately matched with its correct institution?

alisha [4.7K]

Answer: C

Explanation: C. Holds reserve balances for depository institutions; The Federal Reserve Bank. The Federal Reserve operates with a sizable balance sheet that includes a large number of distinct assets and liabilities. The Federal Reserve's balance sheet contains a great deal of information about the scale and scope of its operations. For decades, market participants have closely studied the evolution of the Federal Reserve's balance sheet to understand more clearly important details concerning the implementation of monetary policy. Over recent years, the development and implementation of a number of new lending facilities to address the financial crisis have both increased complexity of the Federal Reserve's balance sheet and has led to increased public interest in it.

Each week, the Federal Reserve publishes its balance sheet, typically on Thursday afternoon around 4:30 p.m. The balance sheet is included in the Federal Reserve's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," available on this website. The various tables in the statistical release are described below, an explanation of the important elements in each table is given, and a link to each table in the current release is provided. The Federal Reserve System is composed of several layers. It is governed by the presidentially appointed board of governors or Federal Reserve Board (FRB). Twelve regional Federal Reserve Banks, located in cities throughout the nation, regulate and oversee privately owned commercial banks.[15][16][17] Nationally chartered commercial banks are required to hold stock in, and can elect some of the board members of, the Federal Reserve Bank of their region. The Federal Open Market Committee (FOMC) sets monetary policy. It consists of all seven members of the board of governors and the twelve regional Federal Reserve Bank presidents, though only five bank presidents vote at a time (the president of the New York Fed and four others who rotate through one-year voting terms). There are also various advisory councils. Thus, the Federal Reserve System has both public and private components.

5 0

4 years ago

Four years ago, Ship Express purchased a mailing machine at a cost of $218,000. This equipment is currently valued at $97,400 on

deff fn [24]

Answer:

equity = 45,800

Explanation:

working capital: current assets - current liaiblities = 41,300

net book value of long term assets: 97,400

long term debt 102,800

we will work with the accounting formula to solve for equity:

assets = liaibltiies + equity

we divide assets and liabilities in current and non-current:

current assets + long term assets = current liabilities + long-term debt + equity

we rearrenge the formula in order to sovle for equity:

(currnet asets - current liabilities) + long term assets - long-term debt = equity

41,300 + 97,400 - 92,900 = equity

equity = 45,800

3 0

3 years ago

Read 2 more answers

On September 1, 2021, Triton Entertainment borrowed $24,000,000 cash to fund a new Fun Park. The loan was made by Nevada Bank. T

ryzh [129]

Answer:

September 1, 2021 Cash $24,000,000 Dr

Notes Payable $24,000,000 Cr

December 31, 2021 Interest Expense $960,000 Dr

Interest Payable $960,000 Cr

May 30, 2022 Interest Expense $1,200,000 Dr

Interest Payable $1,200,000 Cr

June 1, 2022 Notes Payable $24,000,000 Dr

Interest Payable $2,160,000 Dr

Cash $26,160,000 Cr

Explanation:

The issuance of note against cash results in a debit to cash and a credit to a liability in account for notes payable.

The adjusting entry will be made in accordance to accrual principle that matches the revenues and expenses relating to a certain period and record them in their respective period. The interest on note for 4 months from September to December belongs to 2021 and will be recorded as an expense and a payable on 31 december.

The interest expense for 4 months is = 24000000 * 0.12 * 4/12 = $960000

The interest for the remaining 5 months will be recorded on the last day of note on May 30.

The interest for 5 months is = 24000000 * 0.12 * 5/12 = $1200000

On June 1, the note and the interest payable on note both will be paid and will be debited to close them from the books and cash will be credited.

8 0

3 years ago

When trying to figure out what your workplace means by business casual, it is best to _____.

Lady_Fox [76]

When trying to figure out what your workplace means by business casual, it is best to be conservative

4 0

3 years ago