You run a stop sign and hit another vehicle. Collisions are the type of that insurance will pay for the repair of your vehicle
This is further explained below.
<h3>What is
collision insurance?</h3>
Generally, Collision insurance is a kind of coverage that may assist pay for the repair or replacement of your vehicle in the event that it is damaged in an accident with another vehicle or object, such as a tree or a fence. When you lease or finance a vehicle, the lender will almost always demand you to have collision coverage on the vehicle.
In conclusion, You blow through a stop sign and collide with another car. Your auto insurance company will pay for the repairs to your car if it was damaged in a collision.
Read more about Collisions insurance
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There is some information missing and I looked up it. If the numbers are not exactly the same, you adjust them to your question.
- The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436.
- The bank collected $26,500 on a $25,000 note, including interest of $1,500.
- A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account.
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Bank service charges for June amounted to $55.
Answer:
June 30, 20Y1
Dr Cash 26,500
Cr Notes receivable 25,000
Cr Interest revenue 1,500
Dr Cash 3,600
Cr Accounts receivable 3,600
Dr Bank fees expense 55
Cr Cash 55
If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash?
$166,436 + $26,500 + $3,600 - $55 = $196,481
Answer:
The correct cost of inventory that Coronado should report is $367300
Explanation:
The goods sent on consignment still belong to the consignor until they are sold off by the consignee. So, the consignor should add the unsold consignment goods in its inventory. Thus we will add the cost of goods sent on consignment to the value of inventory.
Value of inventory = 321000 + 46300 = $367300
The goods purchased by Coronado on 27 December with FOB destination should not be added to the cost of inventory as with FOB destination terms, the goods do not belong to the buyer until they are delivered to their destination by the seller.
Thus, the correct cost of inventory that Coronado should report is $367300
