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3 years ago

What is an Umbrella Policy? How does it work?

Business

1 answer:

s2008m [1.1K]3 years ago

3 0

Answer:

An umbrella policy is the type of insurance that is made to additionally secure personal liability and it is necessary to have if the person is responsible for some damage made.

Explanation:

Umbrella policy not only covers the policyholder, but it also covers the members of his family. If you are responsible for the car accident, and your car is covered with the umbrella policy, they will be responsible for covering the medical expenses in case of someone getting hurt.

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Family Furniture Corporation incurred the following costs. Identify the costs as variable, fixed, or mixed. 1. Wood used in the

Paraphin [41]

Answer:

Explanation:

1. Wood used in the production of furniture is a variable cost

2. Fuel used in delivery trucks is variable cost

3. Straight Line depreciation on factory building is a Fixed cost

4. Screws used in production is a Variable cost

5. Sales staff Salaries is a Fixed cost

6.Sales commissions Variable

7.Property taxes Fixed

8. Insurance on buildings Fixed

9. Hourly wages of Furniture is Variable

10. Salaries of factory supervisrors is Fixed cost

11. Utillities is Mixed cost

12. Telephone bill is a Mixed cost

8 0

3 years ago

Bricker Enterprises purchased a machine for $100,000 on October 1, 2018. The estimated service life is ten years with a $10,000

lutik1710 [3]

Answer:

$2,250

Explanation:

Given;

Cost of machine = $100,000

Residual value = $10,000

Useful life = 10 years

Annual depreciation = (Cost - Residual value ) ÷ useful life

= ($100,000 - $10,000 ) ÷ 10

= $90,000 ÷ 10

= $9,000 per year

Duration from October 1, 2018 to December 31, 2018 in year = $\frac{3}{12}$ years

= 0.25 year

therefore,

Depreciation expense for the year ended December 31, 2018

= Annual depreciation × Duration

= $9,000 × 0.25

= $2,250

3 0

3 years ago

Assume a certain firm regards the number of workers it employs as variable but regards the size of its factory as fixed. This as

Wittaler [7]

Answer: a. in the short run but not in the long run

Explanation:

The Short Run is usually considered in Economics/ Business as a point in time where at least ONE factor of production is FIXED. This factor is usually the Factory because it is hard to change the capacity of a Factory in the Short run. For instance a wing might need to be constructed. Labour on the other hand is considered variable in the Short run though because more people can be hired and the people already hired can put in more overtime.

The Long Run is classified as a point where EVERY factor of production is Variable. There is enough time to even change the capacity of a Factory. So here even Factory is Variable.

5 0

3 years ago

During March, the production department of a process manufacturing system completed a number of units of a product and transferr

ANEK [815]

Answer:

Direct Materials EU = 165,000

Direct Labour EU = 144,000

Explanation:

Equivalent Units (Weighted Average Method) = Beginning Goods In process + Units Completed + Ending Goods x % of completion

Direct Materials: 25,000 + 110,000 + 30,000 x 100% = 165,000

Direct Labor: 25,000 + 110,000 + 30,000 x 30% = 144,000

Remember: In the weighted average cost system the units in process at the beginning are count as a full equivalent unit of production.

8 0

3 years ago

Amazon Company uses predetermined departmental overhead rates based on direct labor cost to apply manufacturing overhead to jobs

Rom4ik [11]

Answer:

a. $270,000

Explanation:

Department A:

Manufacturing overhead=200% of direct labor

80000 = 200% of direct labor

So, direct labor = 80000/200%=$40,000

Department B:

Manufacturing overhead=50% of direct labor

So, Manufacturing overhead = 50%*60000=$30,000

Total manufacturing cost = Material cost + Labor cost + Manufacturing overhead

- Material cost = 50000+10000=$60,000

- Direct labor cost = 40000+60000=$100,000

- Manufacturing overhead = 80000+30000=$110,000

Total manufacturing cost = $60,000 + $100,000 + $110,000

Total manufacturing cost = $270,000

4 0

3 years ago