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3 years ago

What is the difference between a “Named Insured” and a “Driver”?

1 answer:

7 0

Named insured(s) can drive a car, or anyone else's (including rental car) and get into an accident. An additional driver is a person who resides with the named insured and/or regularly uses a shared vehicle. His or her record is used in underwriting the policy to determine rates, but the person has no policy rights.

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Given the following information for a retail company, what is the total cost of goods purchased for the period? Purchases discou

BigorU [14]

Answer: $298,800

Explanation:

Cost of goods purchased = Gross merchandise cost + Transportation-in (Carriage inwards) - Purchase discount - Purchase returns

= 304,000 + 6,700 - 3,500 - 8,400

= $298,800‬

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3 years ago

A physical count of merchandise inventory on November 30 reveals that there are 96 units on hand. Cost of goods sold (rounded) u

dedylja [7]

Answer: $1,712

Explanation:

If the company uses FIFO it means that they sell their earlier inventory first. If there are 96 units on hand, it means that these 96 units would be the latest inventory.

That means that these 96 units comprise of:

86 units purchased on November 25 at $6.30 each and,
10 units from the November 17 purchase of 58 units at $6.05 each which means 48 units were sold from this purchase.

The units sold were therefore:

= (29 * 5.80) + (115 * 6.20) + (48 * 6.05)

= 168.20 + 713 + 290.40

= $1,171.60

= $1,712

5 0

3 years ago

The federal government currently levies a 15.3 percent payroll tax (7.65 percent on both the employer and employee) on the wages

Lynna [10]

Answer:

c. fall primarily on employees

Explanation:

As the demand for labor is elasticc (if the business is not profitable will close) while the supply of labor more inelastic (worker had to work to sustain their living standards) the burden of taxation while in fact is assumed to be distributed equally what occurs is that labor is decrease to make the total cost (base wage plus taxes) the amount the employeer are willing to pay for the employee

4 0

3 years ago

Read 2 more answers

Recharge corporation makes batteries. Sol is injured when the recharge battery in his phone burst into flames. Sold product liab

IrinaK [193]

Answer:

Sold product liability suit against the maker, alleging a design defect, the court may consider an available alternative design

Explanation:

At the core of the idea of faulty item configuration exemplified in the Restatement (Third) of Torts: Product Liability is the accessibility of a sensible elective plan that could have diminished or kept away from the danger of mischief. In any case, a product might be defective, regardless of whether no sensible elective plan exists, if it neglects to give possible directions or warnings of a predictable danger of damage. An ongoing choice of the Massachusetts Appeals Court represents the use of these standards.

8 0

3 years ago

Read 2 more answers

Willie Cheetum is the CEO of Happy Foods, a distributor of produce to grocery store chains throughout the Midwest. At the end of

Ivan

Answer:

Explanation:

The first part of the question is missing, so I looked for a similar question to fill in the blanks.

Willie Cheetum is the CEO of Happy Foods, a distributor of produce to grocery store chains throughout the Midwest. At the end of the year, the company's accounting manager provides Willie with the following information, before any adjustment.

Accounts receivable $858,000

Estimated percentage uncollectible 10%

Allowance for uncollectible accounts $20,000 (credit)

Operating income $249,000

1. Record the adjustment for uncollectible accounts using the accountant's estimate of 10% of accounts receivable.

Dr Bad debt expense 65,800

Cr Allowance for uncollectible accounts 65,800

($858,000 x 10%) - $20,000 = $65,800

2. After the adjustment is recorded in Requirement 1, what is the revised amount of operating income?

$183,200

3. Willie instructs the accountant to record the adjustment for uncollectible accounts using 7% rather than 10% of accounts receivable. Now will Willie get his salary bonus? Explain.

bad debt expense = ($858,000 x 7%) - $20,000 = $40,060

so adjusted net income = $249,000 - $40,060 = $208,940

Willie will get his bonus.

By how much would total assets and operating income be misstated using the 7% amount?

$65,800 - $40,060 = $25,740

6 0

4 years ago