Answer:
Money is an asset with the characteristics of liquidity
Explanation:
people still choose to hold part of their wealth in the form of money because money has characteristics of liquidity, that is, as an asset money can easily be accessed. And during inflation when prices of commodities have skyrocketed, more money would be required for business transactions. Money can easily be exchanged while doing any form of transaction.
Answer:
guaranteed insurability rider
Explanation:
First of all, a rider is an insurance policy provision that allows customers to purchase insurance options that increase their coverage. Sometimes riders are given for free as a promotional free benefit.
A guaranteed insurability (GI) rider grants a current policy holder the option to purchase additional life insurance with no underwriting.
<span>Answer:
A court is most likely to rule against Flossy and in favor of Garth. Garth provided legally sufficient consideration by losing 100 pounds in weight over the stipulated two-year period. Generally, a waiver of a le- gal right—in this case, the right to eat to obesity—at the request of another party is sufficient consideration to support a promise. The promise in this question was the payment of $10,000. It does not matter whether the performance—the loss of weight—also benefited the Garth.</span>
Answer:
Dr Prepaid insurance 22,000
Cr cash 22,000
Dr Insurance expense 5,500
Cr Prepaid insurance 5,500
Explanation:
Preparation of Journal entries
Based on the information given we were told that Sandhill Company pays the amount of $22,000 to another company which is Cullumber Company for a 2-year insurance contract in which Both the companies have fiscal years that is ending December 31 which means that the Journal entry will be recorded as:
Dr Prepaid insurance 22,000
Cr cash 22,000
Dr Insurance expense 5,500
Cr Prepaid insurance 5,500
[(22,000*6/12)/2]
Answer:
Retained earnings balance on Dec 31 = $2000
Explanation:
Statement showing computations
Particulars Amount
Opening balance in retained earnings $ 5,000.
Add income (Loss) = $3300 - $4100 (-$800.00)
Less Dividends Paid = (2,200.00)
Retained earnings balance on Dec 31 $2000
