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professor190 [17]
3 years ago
8

Amanda owns a home with a $400,000 replacement value. This January, a snowstorm causes $75,000 in damages to the home. Amanda ha

s an insurance policy with 80% coinsurance and a $1,000 deductible. How much will the insurer pay if Amanda carries $300,000 of coverage?
Business
1 answer:
IrinaK [193]3 years ago
7 0

Answer:

Insurer will pay to Amanda $69312.50

Explanation:

As we know that Amanda home replacement value which means the (Property value) is $400,000 and Amanda carries a coverage of amount $300,000 which is her policy limit. Her policy has 80% of coinsurance and snow storm causes a damage of amount $75,000. She has the $1,000 deductible in her policy.

80% of the 400,000 = 320,000

Amanda should have $320,000 but carries the insurance coverage $300,000

So she will get 300,000/320,000= 0.9375

In this scenario as the damage amount is $75,000 she will get $75,000 x 0.9375 which is equal to $70,312.50

Since the deductible amount of her policy is $ 1000 Which will therefore be deducted

Hence   $70312.50 - $1000 = $69312.50

Amanda will get $69312.50

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3 years ago
There are only three stocks in the economy. Stock A has 20 shares outstanding and a price per share of $10. Stock B has 15 share
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Answer:

Market value of stock A = 20 shares x $10 = $200

Market value of stock B = 15 shares x $3   = $45

Market value of stock C = 10 shares x $5   = $50

Total market value                                          $295

Amount to invest in stock A

= $200/$295 x $5,000

= $3,389.83

Explanation:

In this case, we will calculate the market value of each stock by multiplying the number of each stock by their corresponding market prices.

Thereafter, we will divide the market value of stock A by the total market value multiplied by amount available for investment ($5,000).

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3 years ago
Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, t
valentina_108 [34]

Answer: Please see explanation for answers

Explanation:

Age Group            Amount           Estimated Percent     Estimated  Amount

                              Receivable      Uncollectible                 Uncollectible

Not yet due             $ 32,000              4 %                          $1,280

0-30 days past due 10,200                 6 %                          $612  

31–60 days past due 7,200                 12 %                        $864

More than 60 days past due 2,600      30 %                      $780

Total                                  $ 52,000                                    $3536

Calculation

1) Estimated Amount Uncollectible = Amount Receivable x Estimated Percent      Uncollectible    =

4% x 32,000= $1,280

6% x 10,200=$612

12% x 7,200=$864

30% x2600=$780

Total = $3,536

The allowance for uncollectible accounts = $3,536

2) Journal to  Record the December 31, 2021, adjustment for a debit of $400

Estimated Amount Uncollectible =$3,536

Adjusted = $3536 + debit $400=$3,936

Date                   Account                  Debit             Credit

Dec 31, 2021,  Bad debts Expense    $3,936

Allowance for uncollectible accounts                    $3,936

3) Journal to  Record the write-off of $500

Date                   Account                              Debit             Credit

April 3, 2022,  Allowance for uncollectible

                             accounts                             $500

                         Accounts receivable                                     $500

4a)Journal to  reinstate  the account previously wrtten off  On July 17, 2022

Date                   Account                              Debit             Credit

July 17, 2022,   Accounts receivable             $100

Allowance for uncollectible  accounts                             $100

4b)Journal to record collection of cash  

Date                   Account                              Debit             Credit

July 17, 2022,   Cash                                    $100

     Accounts receivable                                                     $100

                                                                                                                   

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2 years ago
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Answer:

see below

Explanation:

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Fixed assets are tangible or physical assets used by businesses in the productions or provision of services. They provide long term financial benefits to a business. Fixed assets have a useful life of more than one year. Land, buildings, motor vehicles, plant, and equipment are examples of fixed assets.

3 0
3 years ago
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