Ordinarily, the automobile insurance includes<u> 4 basic features. </u>
The first one is the body bodily injury coverage - which covers the fee of medical expense, lost wags or pain, etc. which you may have to suffer from when you are injured in accident.
The second one is the property damage coverage. As in some situation, you may cause accident leading to damage of other vehicle or property. This feature of insurance would help you to pay for these expense to compensate.
The third feature is comprehensive coverage. This is optional in your insurance and it would cover the expense on repair in case of fire or natural disaster, theft, etc.
The last one is collision coverage, which support the fee of repair of vehicle due to the crash with other vehicle.
Answer:
b. $103,345
Explanation:
Assets = Liabilities + Owner's Equity
Owner's Equity (Year 1) = $908,100 - $267,845
= $640,255
Owner's Equity (Year 2) = $980,279 - $233,892
= $746,387
increase in Owner's Equity = Owner's Equity (Year 2) - Owner's Equity (Year 1)
= $746,387 - $640,255
= $106,132
Net income during Year 2 = Increase in Owner's Equity - Additional investment + Withdrawals
= $106,132 - $28,658 + $25,871
= $103,345
Therefore, the amount of net income during Year 2 is $103.345.
Answer:
a. LIFO.
Explanation:
The LIFO method refers to an inventory method that means the item which is last purchased should be sold first during the period of time. So in this inventory method the earliest cost in the closing inventory should be recorded
Therefore the given situation, the correct option is a.
And, the other options are wrong
Answer:
$4,392
Explanation:
Sunland Company
Therefore the costs are eliminated if they outsource the manufacturing:
Direct materials $9,576
Direct labor $12,882
Variable overhead $14,364
Total $36,882
Their new cost is ($2.85 X 11,400) $32,490
$36,882 - $32,490 = $4,392
If Sunland accepts the offer the net income increase (decrease) by $4,392
