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creativ13 [48]
3 years ago
5

Jay Miller insured his pizza shop for $200,000 for fire insurance at an annual rate per $100 of $.49. At the end of 10 months, J

ay canceled the policy since his pizza shop went out of business. Using the tables in the Business Math Handbook that accompanies the course textbook, determine the refund to Jay.
A. $127.40
B. $980
C. $186.20
D. $852.60
Business
2 answers:
Kruka [31]3 years ago
8 0

Answer:

<u><em>The answer is</em></u>: <u>B. $ 980.</u>

<u />

Explanation:

<u>Jay Miller assured his pizzeria for a total of $ 200,000 that would be $ 100 of $ 0.49 annually</u>,

We divide the $ 200,000 by the $ 100 annually and he gives us: $ 2000,

which multiplied by $ 0.49 is equal to: 2000 x 0 , 49 = $ 980.

<u><em>The answer is</em></u>: <u>B. $ 980.</u>

emmainna [20.7K]3 years ago
5 0
First, we need to determine how much per month Jay was spending:


200,000 / 100 = 2000

(2000)(.49)= 980$ a month


Then, mutiply by the 10 months:

9800$ dollars
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Given no monthly adjustments were made during the year, the December 31 year-end adjusting entry to record the interest on a $10
beks73 [17]

Answer:

Dr Interest Expense account 10,000

Cr Cash account 10,000

Explanation:

We have to calculate how much interest did the company paid = $100,000 x 10/12 x 12% = $10,000

Then we must record the journal entries

  • Dr Interest Expense account 10,000
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Since cash is an asset and it decreases, then it should be credited.

Since interest is an expense and it increases, it should be debited.

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3 years ago
Presented below is information for Concord Corporation for the month of March 2020.
Zigmanuir [339]

Answer:

(a) Multiple-step income statement.

Sales revenue                                          $388,710

Less Sales returns and allowances        ($12,620)

Net Sales                                                 $376,090

Less Cost of Goods Sold                      ($215,090)

Gross Profit                                              $161,000

Less Operating Expenses :

<em>Selling and Distribution Expenses :</em>

Freight-out                                 $6,220

Sales discounts                          $7,240  ($13,460)

<em>Administration Expenses :</em>

Rent expense                           $31,270

Salaries and wages expense  $56,180  ($87,450)

Operating Income / (Loss)                        $60,090

Explanation:

A multiple-step income statement, shows separately Income derived from Primary Activities of the Company (Operating Income) and the Income that includes Secondary Activities of the Company (Net Income).

Operating Expenses are further categorized under <em>Selling and Distribution Expenses </em>and<em> Administration Expenses.</em>

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3 years ago
The idea that only the government can organize economic activity in a way that promotes economic well-being fora country as a wh
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Answer:

The correct option is b

amounts to a denial of one of the basic principles regarding interactions among people.

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That will greatly affect the economy if Government only organise economic activities, it will denial the basic principles regarding the interaction among the people. Therefore option b is the right option.

4 0
3 years ago
Portraits. Belinda, a famous portrait painter, agreed to paint Harry's portrait for $5,000. She also agreed to paint the portrai
nasty-shy [4]

The most likely result if Fred sues Harry for the $12,000 payment is D. Fred will win because the right to receive payment could be validly assigned.

It should be noted that every contract creates its own rights and duties. Based on the information given, the obligee is Belinda.

The obligee in this case transfers the right to receive payments to a third-party who is Fred. Also, from the information, Belinda gave Fred the right to receive the payment from Harry.

Therefore, based on the above information, Fred has the right to receive payment. Therefore, if Fred sues Harry for the $12,000<em> payment</em>, he'll win.

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7 0
2 years ago
George operates a business that generated revenues of $51 million and allocable taxable income of $1.26 million. Included in the
sammy [17]

Answer:

Maximum business interest deduction that George will be eligible to claim this year will be $525,300

Explanation:

Maximum business interest deduction is 30% of Adjusted Taxable income (ATI)

Adjusted Taxable income (ATI) = 1260000+240500+250500= $1,751,000

Maximum business interest deduction = 1751000*30%= $525300

8 0
3 years ago
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