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3 years ago

Name the parties involved in insurance?

Business

1 answer:

sdas [7]3 years ago

4 0

Answer:

Insured.

Policy Owner.

Beneficiary.

Insurance Company.

Agent/Broker.

Underwriter.

Medical Examiner. » Compare: Term life insurance quotes.

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On July 1, 2019, Sunland Company purchased new equipment for $80,000. Its estimated useful life was 5 years with a $10,000 salva

Paraphin [41]

Answer:

On December 31,2019

Depreciation expense Dr $7,000

To Accumulated depreciation $7,000

(Being the depreciation expense is recorded)

Explanation:

The journal entry is shown below;

On December 31,2019

Depreciation expense Dr $7,000

To Accumulated depreciation $7,000

(Being the depreciation expense is recorded)

The computation is shown below:

= ($80,000 - $10,000) ÷ 5 years × 6 months ÷ 12 months

= $7,000

For recording this we debited the depreciation expense as it increased the expenses and decreased the assets so the accumulated depreciation is credited

And, the six months is taken from July 1 to December 31

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3 years ago

If the Ford Focus is the cost object, classify each of the following costs as indirect or direct, respectively: property taxes

SSSSS [86.1K]

Answer: B

Explanation: Engines for the cars is a cost directly related to the Ford cars being produced. The property taxes and the janitors rates are indirect costs because they are general costs needed to run the business but are not directly linked to the production of the ford cars

8 0

3 years ago

Kingston Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 1% of accounts receivable wi

love history [14]

Answer:

Kingston Co.

Adjusting Journal Entry to record bad debt expense for the year:

Account Titles and Explanation Debit Credit

Bad Debts Expense $2,700

Allowance for Doubtful Accounts $2,700

To record bad debt expense for the year and bring the allowance for doubtful accounts to a credit balance of $4,200.

Explanation:

a) Data and Analysis:

Accounts receivable at the end of the year = $420,000

Allowance for doubtful accounts (credit balance) = $1,500

Estimated uncollectible = 1% of account receivable

New credit balance for allowance for doubtful accounts = $4,200

Adjustment to increase the allowance for doubtful accounts to the above new balance = $2,700 ($4,200 - $1,500)

Bad Debts Expense $2,700 Allowance for Doubtful Accounts $2,700

5 0

2 years ago

An investor buys an 8% municipal bond in the secondary market on a 10% basis. The investor does not accrete the bond discount an

adell [148]

Answer: C

Explanation:

This is because although the coupon rate is devoid of federal income tax any market discount is taxed as interest income earned. So so if there is a way that they can be taxed without jeopardizing their basic Federal income tax-free status, why not? The discount can be accreted annually and tax paid, or the tax can be paid at maturity or sale date.

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2 years ago

Read 2 more answers

The allowance for doubtful accounts currently has a debit balance of $200. The company's management estimates that 2.5% of net c

lidiya [134]

Answer:

Bad debt expense (w/o allowance) = $2,875

Bad debt expense ( with allowance) = $2,675.

Explanation:

According to the scenario, the given data are as follows:

Net credit sales = $115,000

Uncollectible percentage = 2.5%

So, we can calculate the bad debt expense without Allowance for doubtful accounts by using following method:

Bad debt expense ( W/o allowance) = $115,000 × 2.5%

= $2,875

After Allowance for doubtful expense

Bad debt expense = $2,875 - $200

= $2,675

4 0

3 years ago