Answer:
$494,000
Explanation:
Days Amount Estimated % Estimated amount
outstanding Uncollectible uncollectible
0-30 $420,000 2% $8,400
31-60 $140,000 5% $7,000
61-120 $100,000 10% $10,000
120+ $120,000 20% <u>$24,000</u>
Total <u>$494,000</u>
Thus, Jacobsen should report $494,000 as the amount of allowance for uncollectible accounts at December 31, 2021
Answer:
sharing risk means that the premiums and losses of each member of a group of policyholders are allocated within the group based on a predetermined formula
Explanation:
insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. most entity transfer the risk of the company taking up an insurance.
Answer:
$34,050
Explanation:
The total job cost consist of the direct and indirect cost (also known as overheads). The direct cost includes the cost of direct materials, direct labour, direct machine hours etc.
While the manufacturing overheads consist of indirect labour cost, depreciation, etc.
Total Direct costs = $10,000 + $13,000
= $23,000
If the allocate manufacturing overhead at 85% of direct labor cost
Manufacturing overheads = 85% × $13,000
= $11,050
The total cost of Job No. 110
= $23,000 + $11,050
= $34,050
Answer:
Cruz Company
Indicating whether to (a) record a liability, (b) disclose in notes, or (c) have no disclosure.
Transaction Remark
1. Guarantee of supplier's debt (c) have no disclosure
2. Damages for disgruntled employee (b) disclose in notes
Explanation:
When it is not probable that the supplier whose debt is guaranteed by Cruz will default on the debt, there is no need to make a disclosure since probable liability is not accruing to Cruz. But with the legal case of a disgruntled employee, Cruz should disclose the information in a note. It can only be recorded as a liability when the amount of the damages can be reasonably estimated.
When society produces the combination of goods and services on the PPF that it values the most highly, society has Allocative efficiency. PPF is defined as the public provident fund, and Allocative efficiency<span> is the point in which the preference of the product consumption is balanced in production levels in an economy. This is specifically related to the benefit of a product or service being equivocal to the cost of making it, directly reflective of consumer preferences.
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