Answer:
An insurance contract, like the ISO policy Harry purchased, has certain additional characteristics other than those of typical valid contracts.
Explanation:
Which one of the following is true for Harry?
Select one
A. An insurance contract, like the ISO policy Harry purchased, has certain additional characteristics other than those of typical valid contracts.
B. Harry understands his policy is modular one, combining various coverage forms and other documents especially tailored to his needs.
C. Harry can rest assured that if his new car is a total loss, he can expect to make a profit while being restored to his pre-loss financial position
D. As the policy is a contract of utmost good faith, both his insurer and his agent are the parties expected to be ethical in their dealings with one another.
Answer:
The markup per unit is $105
Explanation:
The computation of the markup per unit is shown below:
Markup per unit is
= Normal selling price per unit - total cost per unit
= $480 - $375
= $105
We simply deduct the normal selling price per unit from the total cost per unit so the markup per unit could come
Hence, the markup per unit is $105 and the same is to be considered
Answer:
b. Accounts receivables (gross) is reduced
Explanation:
As we know that
The journal entry to record the bad debt expense is
Bad debt expense A/c Dr
To Allowance for doubtful debts
(Being allowance of uncollectible accounts are recorded)
By passing this journal entry, both bad debt expense and the allowance for doubtful debts which result in a decrease in the net income and the balance of account receivable but the gross of account receivable would remain the same.
Answer:
Explanation:
Gunnar Company September 30 Cash balance per books $2,750
Add:
Notes receivable $630
Less:
Deposit in transit. $200
Bank charge. $50
Outstanding Checks. $1,250
NSF Check. $290
Balance as per bank. $1,590
Example of a situation in which a surplus of a product leads to decreased prices is food staples in America.
An example of a situation in which a shortage leads to increased prices is increasing prices of fuel due to a lack of fossil fuel availability.
<h3 /><h3>What is refers as a surplus of any product?</h3>
Surplus of any product refers to a situation when the availability of goods is in more quantity whereas the demands for the products are sufficient which makes it decrease in the prices of products.
Food staples like frozen foods and vegetables along with eggs are considered a surplus product in America.
The prices of fossil fuels are increasing in the world as they are obtained through fossils that are not available in abundance which creates high demands for daily consumption and results in shortage.
Learn more about the shortage, here:
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