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enyata [817]
3 years ago
5

Pam always drives under the speed limit to her risk and keep insurance costs down. Even so, she got into an accident and filed a

to cover the expenses of repairing her car. One of the costs of doing so was that her insurance would likely increase in the future.
answers:
1. reduce
2. claim
3. premiums
Business
1 answer:
k0ka [10]3 years ago
5 0

Answer:

1. reduce

2. claim

3. premiums

just realized u already knew the answers lol....

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Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $59,000 cash from the issue of co
faltersainse [42]

Answer:

a & c. See part a & c of the attached excel file for the table. In the attached excel file, Total revenue = $100,000; and Total expenses = $61,900.

b. The amount of net income reported on the 2018 income statement is $38,100.

d. The amount of cash flow from operating activities reported on the 2018 statement of cash flows is $25,000.

e. Before closing balance in service revenue account = $100,000; and After closing balance = $0.

f. The balance of the retained earnings account that appears on the 2018 balance sheet is $32,200.

Explanation:

a. & c. Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity, FA for financing activity, IA for investing activity and NA to indicate the element is not affected by the event.

Note: See part a & c of the attached excel file for the table.

From the attached excel file, we have:

Total revenue = $100,000

Total expenses = $61,900

b. Based on your response to Requirement a, determine the amount of net income reported on the 2018 income statement.

Based on part a & c above, we can determine this as follows:

Net income = Total revenue - Total expenses = $100,000 - $61,900 = $38,100

Therefore, the amount of net income reported on the 2018 income statement is $38,100.

d. Based on your response to Requirement c, determine the amount of cash flow from operating activities reported on the 2018 statement of cash flows.

Note: See part d of the attached excel file for the amount of cash flow from operating activities.

From the attached excel file, we have:

Cash flow from operating activity = $25,000

Therefore, the amount of cash flow from operating activities reported on the 2018 statement of cash flows is $25,000.

e. What is the before- and after-closing balance in the service revenue account?

Before closing balance in service revenue account = Services performed on account + Services performed for cash = $81,000 + $19,000 = $100,000

After closing balance = $0

The "after closing balance" is equal to zero because, at the end of a particular period, the balance of the service revenue account turns to $0 when the firm has to close the balance of the service revenue account in the retained earnings.

f. What is the balance of the retained earnings account that appears on the 2018 balance sheet?

Retained earnings = Net income - Cash dividend paid to the stockholders = $38,100 - $5,900 = $32,200

Therefore, the balance of the retained earnings account that appears on the 2018 balance sheet is $32,200.

Download xlsx
6 0
3 years ago
Why might one doubt that current forms of digital money, such as Bitcoin, will replace more traditional fiat currencies?
NISA [10]

Answer:

The correct answer is (e)

Explanation:

Digital currency, such as bitcoin is out of government’s control. Similarly, the market decides their price and that makes them unpredictable. Likewise, the digital money has various problems that make them different and hard to trust on, such as, they can’t be used as means of payment, the unit of account, store of value and standard value. Because fiat money is equipped with all those advantages, which is why people doubt that current forms of digital will replace traditional money.

7 0
3 years ago
In any collaboration, data ownership is typically determined by:(A) The research team with access to the best lawyers.(B) The ty
Tatiana [17]

Answer: (B)

The type and source of funds used to support the project.

Explanation:

In a research collaboration, the type and source of funding used, determines ownership of the data in most cases.

In situations where the research is quite expensive to conduct, researchers tend to enter into agreements with firms or institutions that fund the data in exchange for ownership rights.

7 0
4 years ago
A year of unusually good rainfall has made it cheaper to irrigate farmlands. However, a popular new diet has persuaded some cons
Ira Lisetskai [31]

Answer:

1)Price has decreased and the effect on quantity cannot be determined

Explanation:

As of good rainfall there is a rise in supply of canola that means the shifting o feh supply curve could be right  also the demanded for the vegetable oil would decline that means the demand is falling so the demand curve would shift to the left

Therefore, the equilibrium would fall but it is unable to figure out whether the quantity would rise or not without considering the elasticities of the demand and the supply curve

Hence, the correct option is 1

3 0
3 years ago
Misty Mountain Shop is considering purchasing a new piece of equipment that would be used for 6 years. The cost savings from the
Allisa [31]

Answer:

NPV = $ 87,592.90

Explanation:

Net present value is calculated by taking the Present Day (discounted) value of all future Net Cash Flow based on the Business Cost of Capital and subtracting the Initial cost of the Investment.

<u>Calculation of Net present value (Financial Calculator)</u>

Period and Cash flow

CF0   = ($900,000)

CF1    =  $200,000

CF2    =  $200,000

CF3    =  $200,000

CF4    =  $200,000

CF5    =  $200,000

CF6    =  $300,000

Cost of Capital = 8%

NPV = $ 87,592.90

8 0
3 years ago
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