Answer:you would make an agreement on what the best thing to do is, which would go for a middle price, and get more money, and then go for thr other half, and if it is too risky then you could do an agreement where you would work the money off by working for them to earn more money, and then you can do the loan
Explanation:
I think the deduct checks outstanding should be deducted from the bank balance and deposit outstanding should be added to the bank balance
Whole-life insurance has a cash value for the insured person if he decides to stop paying premiums and cash the policy in. This statement is a fact (true).
If the insured person gives up his policy he will receive the cash value not the face amount. If he dies, his beneficiaries will receive the face amount.
Answer:
The Journal entry is as follows:
D. Hopkins, Capital A/c Dr. $210,000
To cash A/c $200,000
To M. Hammer's Capital A/c $5,000
To P. Houghton's capital A/c $5,000
(To record the amount of Hopkins Capital balance)
Workings:
Income = D. Hopkins, Capital - Cash payment after his death
= $210,000 - $200,000
= $10,000
$10,000 is divided equally among M. Hammer and P. Houghton.
Answer: $370,000
Explanation:
Based on the information given in the question, the total budgeted cash collections in April would be calculated as the addition of the sales value from February to April and this will be:
February sale = 5% × $700,000 = $35,000
Add: March sale = 25% × $500,000 = $125,000
Add: April Sale = 70% × $300000 = $210000
Total Collection = $370000
