True or false:

Insurance is the way a person or business is protected from :

nevsk [136]

Answer:

losing money

Explanation:

Helps save you from the out of pocket expense if something bad were to happen.

For example if your roof was damaged by a natural disaster it could cost thousnads of dollars out of a persons pocket.

Insurance will pay the cost to repair it allowing you to be protected from losing money.

3 0

3 years ago

Using the following information: 12/31/17 Accounts receivable $526000 Allowance (35700 ) Cash realizable value $490300 During 20

yawa3891 [41]

Answer:

The change in the cash realizable value from the balance 12/31/17 to 12/31/18 was $37,840 increase.

Explanation:

Cash realizable value of accounts receivable is simply the amount that is deemed recoverable after factoring the portion that is uncollectible.

The effects of the transactions during the year are as follows:

Sales on account:

Debit Accounts receivable $145,400

Credit Sales revenue $145,400

(To recognize the sales on account)

Collections on account:

Debit Cash $100,000

Credit Accounts receivable $100,000

(To recognize collections on account)

Write-off:

Debit Allowance for doubtful accounts $3,960

Credit Accounts receivable $3,960

(To recognize write-off of outstanding accounts receivable)

Therefore, the effects of the foregoing journals on Accounts receivable are: $526,000 + $145,400 - $100,000 - $3,960 = $567,440.

As at 12/31/18, cash realizable value would be $567,440 - $39,300 = $528,140. The change in the cash realizable value from the balance at 12/31/17 to 12/31/18 was therefore $528,140 - $490,300 = $37,840 (increase).

7 0

3 years ago

In 2019, Teller Company sold 3,000 units at $600 each. Variable expenses were $420 per unit, and fixed expenses were $270,000. T

Yuliya22 [10]

Answer:

Break-even point in units= 1,500

Explanation:

Giving the following information:

Selling price= $600

Unitary variable cost= $420

Fixed cost= $270,000

To calculate the break-even point in units, we need to use the following formula:

Break-even point in units= fixed costs/ contribution margin per unit

Break-even point in units= 270,000 / (600 - 420)

Break-even point in units= 1,500

8 0

3 years ago

A market might have an upward-sloping long-run supply curve if A. firms have different costs. B. consumers exercise market power

____ [38]

Answer:

Option A is correct

Firms have different costs.

Explanation:

Option A is correct

Long run supply curve is upward sloping or constant horizontal line depends on the industry whether it is variable cost industry (increasing production cost) or a constant cost industry respectively. Option A is correct because if firms have different production cost and it is increasing as the output is increasing then it is upward Sloping long-run supply curve.

4 0

4 years ago

Foster Manufacturing uses a job order cost accounting system. On April 1, the company has Work in Process Inventory of $7,600 an

Andrej [43]

Answer:

Foster Manufacturing 

Journal Entries

Sr. No Particulars Debit Credit

1 Work in Process Job No. 221 1200

Work in Process Job No. 222 1700

Work in Process Job No. 223 2400

Work in Process Job No. 224 2600

Factory Overhead Indirect Materials 600

Materials Inventory 8500

Materials Requisitioned to specific jobs work in process inventory.

2. Direct Labor Work in Process Job No. 221 1600

Direct Labor Work in Process Job No. 222 2200

Direct Labor Work in Process Job No. 223 2900

Direct Labor Work in Process Job No. 224 2800

Indirect Labor 400

Payroll 9500

Factory OverheadControl 400

Direct Labor used for specific jobs.

3. Work in Process Job No. 221 1120

Work in Process Job No. 222 1540

Work in Process Job No. 223 2030

Work in Process Job No. 224 1960

Manufacturing Overheads 6930

Manufacturing Overheads applied to specific jobs at the rate of 70%.

4. Finished Goods Inventory $ 7940

Opening Work in Process Job No. 221 3600

Work in Process Job No. 221 Materials 1200

Work in Process Job No. 221 Direct Labor 1600

Work in Process Job No. 221 MOH 1540

Job 221 completed and transferred to finished goods.

3 0

3 years ago