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kow [346]
2 years ago
7

ABC opened for business on January 1, 2018, and paid for two insurance policies effective that date. The liability policy was $5

4,000 for 18 months, and the crop damage policy was $18,000 for a two-year term. What was the balance in ABC's Prepaid Insurance account as of December 31, 2018
Business
1 answer:
Whitepunk [10]2 years ago
4 0

Answer:

The balance in ABC's Prepaid insurance-account as on Dec 31, 2018 is <em>$27,000</em>

Explanation:

Liability policy  = ($54,000 / 18) × 6 months

Liability policy = $18,000

Crop damage policy = ($18,000 x 12 / 24)

Crop damage policy = $9,000

ABC's Prepaid insurance-account balance as on Dec 31, 2018 = $27,000

Thus,

Total Liability insurance period = 18

Now,

Expired period period - 12 months ( Jan 1, 2016 to Dec 31, 2016 )

Unexpired period   = (18 - 12) months = 6 months

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Answer:

Douglas can afford 21697.88 to borrow to purchase a car.

Explanation:

As the formula for calculating present value is given as:

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As the APR is 8.5% which means after dividing by 12 the rate per month = 8.5%/12

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Tristan owns a local flower shop. His customers are already finding him online, but he's curious whether Google My Business can
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