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nalin [4]
3 years ago
13

Jim and Susan are both in good health and Jim has a reasonably secure career. Jim currently has an income of $70,000 and has 2 c

hildren. Jim has been married to Susan for 15 years. Under the Easy Method, what is the amount of insurance Jim would need for his family?
Business
1 answer:
klio [65]3 years ago
7 0

Answer:

$343,000

Explanation:

Given:

Annual income of Jim = $70,000

Amount of life insurance using Easy Method

According to the Easy Method of life insurance, a person has to take 70% of his annual income and multiply it with 7 to get a minimum amount of Life insurance for his family.

According to Easy method Jim's Life insurance amount is $343,000

Computation:

(Annual income)(70%)(7)

($70,000)(0.7)(7)

$343,000

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Abigail has an inheritance tax lien placed on all of her property. What kind of a lien is it?
Iteru [2.4K]

Answer:

A general lien is one placed against any and all real and personal property owned by a particular debtor. An example is an inheritance tax lien placed against all property owned by the heir. A specific lien attaches to a single item of real or personal property, and does not affect other property owned by the debtor.

Explanation:

4 0
3 years ago
Which of the following statements accurately describes the economic policy of mercantilism?
labwork [276]

The best answer is letter a.<span> It downplayed the role of government in stimulating economic growth.</span>

>>The main goal of mercantilism was to increase a nation's wealth by imposing government regulation concerning all of the nation's commercial interests.
 It sticks to the belief that the national strength can be maximized by limiting imports<span> via </span>tariffs<span> and maximizing </span>exports.<span>

</span><span>

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5 0
3 years ago
The entry to accrue a contingent liability reduces equity but not income. is made if it is more likely than not that the liabili
Lorico [155]

Answer:

is made if it is more likely than not that the liability has been incurred.

Explanation:

When contingent liability is recorded it is recorded by debiting income statement and creating a liability in balance sheet, also it is not accounted for until the amount of liability is pretty certain as without being clear about its occurrence and the amount involved the liability cannot be recorded.

There is no such loss account, there exists only income statement.

Therefore, with the above we can conclude that contingent liability is recorded only if:

is made if it is more likely than not that the liability has been incurred.

3 0
3 years ago
What will be the resulting change in equilibrium of the chocolate bar market
myrzilka [38]

Equilibrium price will increase and quantity will decrease will be the resulting change in the equilibrium of the chocolate bar market.

The equilibrium charge is the rate at which the amount demanded equals the amount supplied. It's far decided through the intersection of the demand and deliver curves. A surplus exists if the amount of an excellent or carrier provided exceeds the amount demanded on the contemporary charge; it causes downward strain on the charge.

Equilibrium is the nation wherein market supply calls for balance every other, and as a result, costs come to be strong. Typically, an over-supply of goods or services causes expenses to move down, which results in a higher call for—while an underneath-deliver or shortage causes fees to head up resulting in less demand.

Upward shifts inside the supply and demand curves have an effect on the equilibrium rate and amount. If the deliver curve shifts upward, meaning deliver decreases however demand holds constant, the equilibrium rate will increase but the quantity falls.

Learn more about the Equilibrium price here brainly.com/question/26075805

#SPJ4

3 0
2 years ago
ABC Company sells 300 machines for $5000 each in the current year. Each machine carries a one-year warranty. Experience from the
const2013 [10]

Answer:

the journal entry to record warranty expense is:

Dr Warranty expense 30,000

    Cr Warranty liability 30,000

the journal entry to record actual expenses related to product warranties:

Dr Warranty liability 10,000

    Cr Cash (or inventory, or wages payable) 10,000

Depending on what type of costs are incurred by the company, the account credited will vary, e.g. if units are replaced, then inventory must be credited, or if units are repaired and only labor is used, then wages payable or cash should be credited. Since the question doesn't give us a lot of details, I credited cash.

7 0
3 years ago
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