Insurance is a transfer of the risk of economic loss from the insured to the insurance company.

Roley Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts.

Zepler [3.9K]

Answer:Please see answers in explanation column

Explanation:

1A)To record amount payable for purchase of goods

Date Account Title Debit Credit

July 1 Purchase $60,000

Accounts Payable $60,000

Freight in $1,200

Cash $1,200

B)To record amount on damaged goods

Date Account Title Debit Credit

July 3 Accounts Payable $6,000

Return of Purchase $6,000

C)Journal to record payment of goods

Date Account Title Debit Credit

July 10 Accounts Payable $54,000

Purchase Discount $1,080

Cash $52,920

Calculations

Accounts payable Purchased Price - price of returned goods = 60000-6000 = $54,000

Discount on Purchases if paid within 10 days = 2% x $54,000 = $1,080

3 0

3 years ago

Which of the following uses professional email standards?

nikitadnepr [17]

C. would be reasonable

3 0

3 years ago

Suppose that your bank pays you 15% annual interest that is compounded quarterly. What is the effective annual interest rate (ro

Nady [450]

The effective annual rate will be 15.87%.

Suppose that your bank pays you 15% annual interest that is compounded quarterly. What is the effective annual interest rate?

Annual Interest Rate= 〖(1+ r/n)〗^n -1

where:

r=Nominal interest rate

n=Number of periods

=〖(1+0.15/4)〗^4 – 1

= 1.15865 - 1

=0.15865

I = 0.15865 x 100

= 15.865 %

= 15.87%

What is meant by annual interest rate?

The interest rate that is applied throughout a year is referred to as the annual interest rate. Interest rates may be imposed monthly, quarterly, or biannually, among other time frames. However, interest rates are typically annualized.

Which is the definition of an effective annual rate?

The actual return on a deposit after accounting for the number of times interest is paid over the course of a year is known as the effective annual rate. Comparing deposits using the cumulative power of generating interest on interest serves as a benchmark.

Learn more about effective annual rate: brainly.com/question/17088238

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5 0

2 years ago

Johansen Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. The

Klio2033 [76]

Answer:

Predetermined manufacturing overhead rate= $2.5 per direct labor hour

Explanation:

Giving the following information:

Jameson estimates that 20,000 direct labor-hours will be worked during the year.

Rent on factory building......................$15,000

Depreciation on factory equipment......$8,000

Indirect labor.......................................$12,000

Production supervisor's salary.............$15,000

First, we need to calculate the estimated overhead costs:

estimated overhead costs= Rent on factory building + Depreciation on factory equipment + Indirect labor + Production supervisor's salary

estimated overhead costs= 15,000 + 8,000 + 12,000 + 15,000

estimated overhead costs= $50,000

Now, we can determine the predetermined overhead rate:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 50,000 / 20,000

Predetermined manufacturing overhead rate= $2.5 per direct labor hour

6 0

3 years ago

Under rent control, bribery is a potential mechanism to:________

Georgia [21]

Answer:

A). bring the total price of an apartment (including the bribe) closer to the equilibrium price.

Explanation:

Rent control can be regarded as a program set up by the government which control the limit of amount that can be demanded by landlords for leasing out a home as well as renewal of a lease. The law that govern rent control are been enacted by municipalities, and it's a way to make lower-income residents have an affordable living cost. It should be noted that Under rent control, bribery is a potential mechanism to bring the total price of an apartment (including the bribe) closer to the equilibrium price.

7 0

3 years ago