1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
lbvjy [14]
3 years ago
8

LaBelle Corporation owns a $6 million whole life insurance policy on the life of its CEO, naming LaBelle as beneficiary. The ann

ual premiums are $95,000 and are payable at the beginning of each year. The cash surrender value of the policy was $56,000 at the beginning of 2021. Required: 1. Prepare the appropriate 2021 journal entry to record insurance expense and the increase in the investment, assuming the cash surrender value of the policy increased according to the contract to $70,000. 2. The CEO died at the end of 2021. Prepare the appropriate journal entry.
Business
1 answer:
Karolina [17]3 years ago
3 0

Answer:

1. Dr Cash surrender 14,000

Dr Insurance exp 81,000

Cr Cash 95,000

2. Dr Cash 6,000,000

Cr Cash surrender 70,000

Cr Gain on life 5,930,000

Explanation:

1. Preparation of the appropriate 2021 journal entry to record insurance expense and the increase in the investment

Dr Cash surrender 14,000

(70,000-56,000)

Dr Insurance exp 81,000

(95,000-14,000)

Cr Cash 95,000

2. Preparation of the appropriate journal entry if The CEO died at the end of 2021.

Dr Cash 6,000,000

Cr Cash surrender 70,000

Cr Gain on life 5,930,000

(6,000,000-70,000)

You might be interested in
What activity does marketing begin
inysia [295]

Answer:anywhere you would think

Explanation:

4 0
3 years ago
Estée lauder would not choose to sell to cvs or dollar general because ________.
castortr0y [4]
Estée lauder would not choose to sell to cvs or dollar general because "<span>customer expectations."</span>

Estée Lauder would not choose to sell to CVS or Dollar General since its clients would not expect to shop at those stores for top of the line makeup. Rather, CVS may convey less costly cosmetic brands, as Revlon and Maybelline.

4 0
3 years ago
Rachel is going to the mall to purchase a wedding gift for a coworker. Based on research, which type of product is she likely to
Umnica [9.8K]

Answer:

utilitarian

Explanation:

Utilitarian Motivation is the zeal, drive to acquire products that can be used to get, acquire or accomplish another thing/something.Usually, Utility items are bought/purchased frequently more out of need and are a regular part of the consumer's life, and buyers are price sensitive.

Consumer behavior is the search for value of goods or services and its is the transformation into something of value.

Utilitarian: seeks to helps the consumer solve problems and accomplish tasks.utilitarian value is a means to and end.

Utilitarian products

Utilitarian products usually gives benefits like practicality and functionality as they are compatible with our rational system of thinking.

8 0
3 years ago
Rauch Incorporated leases a piece of equipment to Donahue Corporation on January 1, 2017. The lease agreement called for annual
REY [17]

Answer:

87 because he

Explanation: add then multiply;

6 0
2 years ago
Suppose that in 2011, per-person GDP in Singapore was $53,591, and in Egypt, it was $5,547, as measured in 2005 purchasing power
Lyrx [107]

Answer:

a. There are significant differences in incomes between high- and low-income countries.

Explanation:

Data provided in the question

Per person GDP in Singapore = $53,591

Per person GDP in Egypt = $5,547

Based on the above information

As we can see that the level of income in Singapore is higher than Egypt also when there is an important difference in the high income and low income countries the same is shown accurately

hence, the correct option is a.

5 0
3 years ago
Other questions:
  • The census bureau and the u.s. department of commerce are examples of
    7·1 answer
  • Ivan is attending a union meeting in which the union president is discussing the company's plan to decrease wages in exchange fo
    11·1 answer
  • Which structure would you be most likely to choose if your company wanted to give its sales people a predictable paycheck and al
    15·2 answers
  • Consider the following information for a simultaneous move game: If you charge a low price (LP) and your rival charges a LP, you
    15·1 answer
  • The following transactions occurred last year at Jogger Corporation: Issuance of shares of the company's own common stock $ 110,
    10·1 answer
  • Over the past five years, a stock returned 8.4 percent, 8.7 percent, 3.2 percent, 1.5 percent, and 11.5 percent, respectively. W
    8·1 answer
  • A business that invests in a federal "CD" (certificate of deposit, where they basically loan the government
    8·2 answers
  • All of the following statements characterize the traditional personal selling approach EXCEPT: a. Traditional selling focuses on
    11·1 answer
  • Justin Company's budget includes the following credit sales for the current year: September, $25,000; October, $36,000; November
    11·1 answer
  • The two primary competitive levers that managers can use in order to answer the question of how to compete are.
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!