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3 years ago

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You are an underwriter for ABC Insurance. You receive a life insurance proposal for medical insurance with premium payment. The

prospect disclosed that he had underwent a surgery to correct a cataract. As an underwriter what would be your decision with respect to this case?

1 answer:

Stella [2.4K]3 years ago

3 0

do you want money i will give you

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On November 7, Mura Company borrows $370,000 cash by signing a 90-day, 8%, $370,000 note payable. 1. Compute the accrued interes

Hatshy [7]

Answer:

At 31 December, the Interest for 54 days accrues as follows :

Interest expense $17,740 (debit)

Note Payable $17,740 (credit)

On payment February 5, the Interest expense will be capitalized in the Note Payable as follows :

Note Payable $407,473 (debit)

Cash $407,473 (credit)

Explanation:

AT, November 7, When Mura Company borrows the money :

Cash $370,000 (debit)

Note Payable $370,000 (credit)

At 31 December, the Interest for 54 days accrues as follows :

Interest expense $17,740 (debit)

Note Payable $17,740 (credit)

Interest expense calculation = $370,000 × 8% × 54/90

= $17,740

At February 5, the interest for 60 days accrues as follows :

Interest expense $19,733 (debit)

Note Payable $19,733 (credit)

Interest expense calculation = $370,000 × 8% × 60/90

= $19,733

On payment February 5, the Interest expense will be capitalized in the Note Payable as follows :

Note Payable $407,473 (debit)

Cash $407,473 (credit)

Note Payable Calculation = $370,000 + $19,733 + $17,740

$407,473

3 0

3 years ago

Some clouds do not rain and others do because the clouds that do not rain do not have enough water in them

Alekssandra [29.7K]

That’s wise i like it

6 0

2 years ago

Mr. Renaldo purchased 30 acres of undeveloped ranch land 10 years ago for $935,000. He is considering subdividing the land into

Setler79 [48]

Answer is in the photo. I can only upload it to a file hosting service. link below!

tinyurl.com/wtjfavyw

4 0

2 years ago

When asking questions during criticism, it is best to be _______. A. Understated b. Defensive c. Open minded d. Annoyed.

4vir4ik [10]

Criticism is the construction or the indication of the displeasure of a reasonable and thorough analysis established on the perceived shortcomings or mistakes.

Open-mindedness is the correct blank for the statement.

<h3>What are the factors of the Criticism?</h3>

During a reproval or denunciation of any topic or person, one should be open-minded to take the discussion seriously but in a positive manner.

If the person asking the questions during the criticism is understated that is denying the clear emphasis and tries to always defend the allegations and facts results in negative criticism.

An annoyed interviewer who does not positively take the criticism and always gets agitated cannot be a healthy way to discuss the topic for.

Therefore, option c. is correct.

Learn more about criticism here:

brainly.com/question/21364615

5 0

2 years ago

Read 2 more answers

During the period, Sanchez Company sold some excess equipment at a loss. The following information was collected from the compan

Mice21 [21]

Answer:

Part 1

Cost of Equipment Sold = $9300

Accumulated Depreciation of Equipment Sold = $ 1100

Cash received from Sale = $5300

Part 2

<em>Net Cash Flows from Operating Activities</em>

Add Back (Positive) to Operating Profit for the year : Loss on sale of equipment $ 2900

Part 3

<em>Net Cash flows from Investing Activities</em>

Add (Positive) Proceeds from Sale of Equipment $ 5300

Explanation:

Part 1

<em>Cost of Equipment Sold:</em>

The figure is obtained from Equipment At Cost Account.

Open the Account as follows:

Beginning Balance $ 20300 (debit), Ending Equipment $ 11000, Balancing figure $ 9300 (20300-11000) is the cost of equipment sold.

<em>Accumulated Depreciation of Equipment Sold</em>

The figure is obtained from Accumulated Depreciation.

Open the Account as follows:

Beginning Balance $ 1980 (credit), Profit and loss - Depreciation $ 870 (credit), Ending Balance $ 1750 (debit), Balancing figure $ 1100 (1980+870-1750) is the Accumulated Depreciation on Equipment Sold

<em>Cash Received on Sale</em>

This figure is figure is obtained from Equipment Disposal Account.

Open the Account as follows:

Cost of Equipment Sold $ 9300 (debit), Accumulated depreciation on equipment sold $1100(credit),Loss on Sale of Equipment $2900(credit),the Balancing figure $5300 (9300-1100-2900)

Part 2

Loss on sale of Equipment is the only Income Statement Item affecting the Operating Activity of the Cash Flow Statement.

Add back to Operating profit since this is a non-cash item and was initially deducted in the calculation of Operating Profit.

Part 3

Sale of Equipment results in Cash Inflow and affects the Cash Flows from Investing Activities Section of Cash Flow Statement.

Hence a positive amount should be added to reflect this inflow.

4 0

3 years ago