Find the Mean of 18, 24, 17, 21, 24, 16, 29, 18

Which of the following terms describes making false statements about the financial condition of any insurer that are intended to

Marysya12 [62]

Answer:

The answer to this question is Defamation

Explanation:

Defamation refers to any statement (Whether written or verbal) that is untrue and injurious to any of the parties involved in the insurance business.

A statement is said to be a Defamatory statement if it is false especially regarding the financial condition of the insurer.

Identifying defamatory statement

Statements must be untrue
it must be capable of causing damage of injury to person or business.

5 0

3 years ago

Ansara Company had the following abbreviated income statement for the year ended December 31, 20Y2:_________.

klemol [59]

Answer:

Ansara Company

a. Ansara Company Variable Costing Income Statement

For the Year Ended December 31, 20Y2 (in millions)

Sales $ 21,920

Variable cost of goods sold:

Beginning inventory $ 1,841

Variable cost of goods manufactured 13,810

Ending inventory 2,149

Total variable cost of goods sold 17,800

Manufacturing margin $4,120

Variable selling and administrative expenses 870

Contribution margin $3,250

Fixed costs:

Fixed manufacturing costs $ 4,820

Fixed selling and administrative expenses 1,100

Total fixed costs 5,920

Income from operations $2,670

b. Explanation of the difference between the amount of income from operations reported under absorption costing and variable costing concepts:

The difference occurs as a result of cost of inventory at the beginning and at the end. Under variable costing concept, the fixed manufacturing costs does not form part of the product costs. They are treated as period costs. But under absorption costing, fixed manufacturing costs form part of the product costs.

Explanation:

a) Data:

Ansara Company Abbreviated Income Statement for the year ended December 31, 20Y2: (in millions):

Sales $21,920

Cost of goods sold $18,630

Gross profit $3,290

Selling, administrative, and

other expenses 1,970

Income from operations $1,320

b) Absorption costing concept is a costing technique that includes the full cost of manufacturing (i.e. cost of direct materials, direct labor, and all fixed production costs or overheads) in the product costs. Under variable costing concept, the full cost of manufacturing is not included in the product costs. Instead, all the variable costs (direct materials, direct labor, and variable overhead, whether factory or not) are included, while fixed manufacturing overheads are treated as period costs and expensed.

5 0

3 years ago

Kathleen Cole Inc. acquired the following assets in January of 2012. Equipment, estimated service life, 5 years; salvage value,

Lunna [17]

Answer:

1. Debit : Equipment Depreciation : $102000

Credit : Equipment Accumulated Depreciation : $102000

2. Debit : Building Depreciation account : $16857

Credit : Building Accumulated Depreciation : $16857

Explanation:

A change in accounting estimate occurs when there is new information that surfaces, affecting the initial situation. It can affect the carrying amount of an asset or liability as well as alter the accounting for existing and future assets or liabilities.

1. The equipment has a cost of $525000 and its depreciation was changed to using the straight line method after 3 years of use. Straight- line depreciation per year:

(Cost of asset - salvage value) / number of useful years.

The cost of asset and the number of useful years left would have to be found since the machine already depreciated using the sum-of-years-digits.

Number of useful years left : 5 - 3 = 2

Accumulated depreciation is required to find what the asset costs at the beginning of 2015.

Depreciation using sum-of-years-digits:

Sum-of-years-digits is an accelerated form of depreciation based on the assumption that an asset’s productivity reduces with time.

(Cost - Salvage value) x (remaining useful life of asset / sum of years digits)

Sum-of-years-digits = 1 + 2 + 3 + 4 + 5 = 15

Depreciation for 2012 :

($525000 - $15000) / (5/15) = $170000

Depreciation for 2013 :

($525000 - $15000) / (4/15) = $136000

Depreciation for 2014 :

($525000 - $15000) / (3/15) = $102000

Total depreciation: $102000 + $136000 + $170000 = $408000

Cost of asset at Jan 2015 = $525000 - $408000 = $117000

Thus, depreciation expense for 2015 = ($117000 - $15000) / 2 = $51000

Debit : Equipment Depreciation : $51000

Credit : Equipment Accumulated Depreciation : $51000

2. The building has a cost of $693000. It is depreciated using the straight-line method of depreciation. Hence, the depreciation expense is the same annually throughout the life of the asset.

Annual depreciation = (Cost of asset - salvage value) / number of useful years

Useful number of years was initially 30 years, later in 2015, it was changed to 40 years.

In order to find the depreciation for 2015, we need to find the cost of asset at the beginning of 2015 and the estimated useful life years left.

Estimated useful life years left : 40 - 3 = 37 years

Cost of asset :

To find this, we require the accumulated depreciation.

Depreciation for one year:

(693000 - 0) / 30 = $23100

$23100 x 3 = $69300 for 3 years

Cost of asset at the beginning of 2015 :

693000 - $69300 = $623700

This would mean that the depreciation expense for 2015 is:

($623700) / 37 = $16857

Debit : Building Depreciation account : $16857

Credit : Building Accumulated Depreciation : $16857

3 0

3 years ago

In 2003, the fraudulent accounting practices at ____________, a Houston-based energy company, was the largest of several busines

oksano4ka [1.4K]

Answer: Enron

Explanation:

Enron scandal was an accounting scandal that involved Enron Corporation, which was an American energy company that was based in Houston, Texas.

Enron hid huge amount of trading losses, which led to its bankruptcy. The company used fraudulent accounting practices in order to inflate the revenue of the company and.hid the debt that the company incurred.

4 0

3 years ago

In the case of a small country, producer surplus Group of answer choices is not changed by tariffs or quotas. increases the same

rusak2 [61]

Answer:

increases the same amount with tariffs and equivalent quotas.

Explanation:

In Economics, a surplus refer to the amount by which the quantity supplied of a good exceeds the quantity demanded of the same good.

A producer surplus is the amount by which a buyer is willing to pay for a particular good minus the cost of producing the same good.

On the other hand, a consumer surplus is the amount by which a buyer is willing to pay for a particular good minus the amount the buyer actually pays for it.

In the case of a small country, a producer surplus increases (raises) the same amount (an amount a buyer is willing to pay for a good minus the cost of producing the good) with tariffs and equivalent quotas.

A tariff can be defined as tax levied by the government of a country on goods and services imported from another country.

Generally, tariffs can reduce both the volume of exports and imports in a country. In order to generate revenues, domestic government make use of tariffs while quotas do not generate any revenue for them.

4 0

3 years ago