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sweet-ann [11.9K]
3 years ago
6

Most home insurance policies cover jewelry for $1,000 and silverware for $2,500 unless items are covered with additional insuran

ce. If $4,700 worth of jewelry and $6,000 worth of silverware were stolen from a family, what amount of the claim would not be covered by insurance?
Business
1 answer:
rjkz [21]3 years ago
8 0

Answer: $7200

Explanation:

From the question, we are informed that most home insurance policies cover jewelry for $1,000 and silverware for $2,500 unless items are covered with additional insurance. If $4,700 worth of jewelry and $6,000 worth of silverware were stolen from a family.

The amount of claim that would not be covered by the insurance will be:

= ($4,700 - 1,000) + ($6,000 - 2,500)

= $3,700 + $3,500

= $7,200

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Assume that Firm ABC has revenues of $120,000 for both 2017 and 2018. It also has operating expenses of $40,000 for each of thes
ivolga24 [154]

Answer:

1) deferred tax asset = 4000

2) deffered tax Liability  = 4000

Explanation:

1) Journalizing entry at 12/31/2017

deferred tax asset = tax ( per income tax) - tax ( per book tax )

                              = 32000 - 28000 = 4000

 J<u>ournal Entry made for Income tax and deferred tax asset) </u>

       Account                           Debit Credit

Income Tax Expense                28000  

Deffered Tax Asset                4000  

Income Tax Payable                                     32000

2) Journalizing entry at 12/31/2018

Deffered tax Liability = Tax (per book)  - Tax ( Income tax  )

deffered tax Liability = 32000 - 28000  = 4000

    <u>Journal Entry made for Income tax and deffered tax liability</u>

          Account                        Debit Credit

Income Tax Expense              32000  

To Deffered Tax Liability                    4000

To Income Tax Payable                                    28000

3 0
3 years ago
Other names for manufacturing overhead include ______.
JulijaS [17]

Other names for manufacturing overhead include:

a. factory burden

b. indirect manufacturing costs

c. factory overhead

<h3>What is manufacture overhead?</h3>

A company's manufacturing activities include any expenses that are incurred that are not directly related to the cost of direct supplies and labor. Manufacturing overhead is referred to as an indirect cost because of this.

Costs, however, that are incurred outside of the manufacturing facilities are not costs for the products and cannot be inventoried. These expenses, which comprise selling, general, and administrative charges such corporate salaries, audit, and legal fees, are only reported as expenses and are included in the income statement for the accounting period in which they take place.

Learn more about Manufacturing overhead

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6 0
2 years ago
On january 1, george paid the $2,345 in taxes for the current year. if he sold the property on june 23 of that same year, how mu
m_a_m_a [10]
<span>June 23 is the 174th day of a non-leap year. 174 is 48.3% of 360, therefore George should pay 48.3% of $2,345 to the Government. The government thus owes George, and should credit him 51.7% of $2345, which amounts to $1212.37</span>
3 0
3 years ago
True or False: Market segmentation is the process of dividing the market into groups of customers based on their needs, wants, a
nalin [4]

Answer:

true

Explanation:

Market segmentation is the process of dividing prospective consumers into different groups depending on factors like demographics, behavior and various characteristics.

3 0
2 years ago
If a company adds 60 new workstations at a cost of $100,000 each and also spends $20 million for addition in its camera/drone as
vredina [299]

Answer:

$1,300,000

Explanation:

Given:

Number of workstation = 60

Cost of each workstation = $100,000

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Computation of total cost:

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= ($100,000 x 60) + $20,000,000

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= $26,000,000

Assume Depreciation rate = 5%

Deprecation = Total Cost x Depreciation rate

= $26,000,000 x 5%

= $1,300,000

5 0
3 years ago
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