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Montano1993 [528]
3 years ago
10

In order to lower his monthly auto insurance bill, Henry has decided to change his existing policy by increasing the deductible

for both collision and comprehensive insurance to the highest amount permitted by his insurance company, AA Auto Insurance. His current monthly auto insurance bill, which includes a $250.00 deductible for collision and a $50.00 deductible for comprehensive, is $43.79. How will Henry's monthly auto insurance bill be affected by the change?
Business
2 answers:
Len [333]3 years ago
7 0

<span>Since Henry decided to increase the deductible on his existing insurance policy, his monthly auto insurance premium will be lower. This means that higher deductible means lower premium payments. It also affects the insurance coverage of Henry because this mean that Henry must shoulder a specific amount (or high cash-out) before the claim is paid by the insurance company.</span>

maksim [4K]3 years ago
5 0
The correct answer is $12.48 or a
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Maple Leaf, Inc., a television manufacturer, would like to reduce its inventory. To this end, you are asked by the operations ma
irga5000 [103]

Answer:

Maple Leaf, Inc.

Inventory Turnover:

b. Greater than 2 but less than 3

Explanation:

a) Data and Calculations:

1) Average inventories:

Raw materials     $2,500,000

Work-in-process  $1,000,000

Finished goods      $800,000

Total average inventory   $4,300,000

Cost of goods sold = $12,000,000

Inventory Turnover = Cost of goods sold/Average Inventory

= $12,000,000/$4,300,000

= 2.79 times

2) Inventory turnover is a financial ratio that shows the number of times in a year that inventory has been sold by Maple Leaf, Inc.  When it divides the number of days, say 360 days in a year, the ratio that comes out shows the number of days it takes Maple to sell its inventories.

3 0
3 years ago
Bloom Corporation purchased $1,000,000 of Taylor Company 5% bonds at par with the intent and ability to hold the bonds until the
VashaNatasha [74]

Answer:

1)

Since Bloom plans to sell the bonds, it must record the entire loss as credit loss (loss on sale of bonds)

Dr Other than temporary impairment loss 400,000

    Cr Discount on bond investment - Taylor bonds 400,000

Credits losses must be recognized as a loss in earnings in the income statement.

2)

Journal entry to record credit loss:

Dr Other than temporary impairment loss 250,000

    Cr Discount on bond investment - Taylor bonds 250,000

Journal entry to record non-credit loss:

Dr Other than temporary impairment loss 150,000

    Cr Fair value adjustment - Taylor bonds 150,000

Non-credit losses must be recognized as part of other comprehensive income/loss and must be disclosed separately than credit losses. They must be reported in the balance sheet (they lower retained earnings directly), not the income statement.

3 0
2 years ago
Account Title Debit Credit Cash $ 6,400 Accounts receivable 24,500 Office supplies 7,700 Trucks 186,000 Accumulated depreciation
olga nikolaevna [1]

Answer:

TOTAL CURRENT ASSETS  $38,600

TOTAL ASSETS  $233,284

TOTAL CURRENT LIABILITIES  $23,400

TOTAL LIABILITIES  $69,400

TOTAL EQUITY  $163.884

TOTAL EQUITY & LIABILITIES  $233.284

Explanation:

It's necessary to start by preparing the balance sheets with the information available, as result we have a difference in the accounting equation of $0,586 because it's necessary to prepare the income statement to define how much of the income it's keep as retained earnings.

Balance Sheets.

Assets Dec 31

Cash $6,400

Accounts Receivable $24,500

Supplies $7,700

TOTAL CURRENT ASSETS  $38,600

Property and Equipment $186,000

Accumulated Depreciaiton -$38,316

Land $47,000

TOTAL ASSETS  $233,284

Accounts Payable  $10,400

Interest Payable  $13,000

TOTAL CURRENT LIABILITIES  $23,400

Long Term Notes Payables  $46,000

TOTAL LIABILITIES  $69,400

Common Stock  $25,298

<u>Retained Earnings  ($138,000 + 0,586)=138,586</u>

TOTAL EQUITY  $163,884

TOTAL EQUITY & LIABILITIES  $233,284

Income Statement  

Sales $121,000  

Depreciation -$24,714  

MARGEN BRUTO  $96,286  

Salaries expense -$65,660  

Office supplies expense -$5,000  

Other Income  -$12,040  

Income Statement  $13,586  

Dividends  $13,000  

Retained Earnings = $0,586

4 0
3 years ago
Taylor Entertainment Center has 5 TVs on hand at the balance sheet date that cost $400 each. The net realiz- able value is $350
faltersainse [42]

Answer:

Under the lower-of-cost-or- net realizable value basis of accounting for inventories, the value that Taylor should report for the TVs on the balance sheet is $350 × 5 = $1,750

Explanation:

The lower-of-cost-or- net realizable value basis of accounting for inventories values inventory at the lower of its cost or net realizable value. This basis of accounting gives a <em>faithful representation</em> to the users of the value of assets in inventory that firm holds. This is  also <em>prudent</em> in that profits are not overstated in the Income statement.

4 0
3 years ago
Amanda Jones is a tax practitioner who is representing Sean and Diane Smith before the Wage and Investment Division of the Inter
algol13

Answer:B. Amanda must advise Sean and Dianne promptly of the inaccuracy and the consequences provided by Internal Revenue Code and Regulations.

Explanation:

Sean and Dianne have probably engaged Amanda at the end of the tax year and they are to face implications of the transactions as it relates to tax matters, Amanda is to provide them with legislation in relation to the matter to educate them in future tax transactions.

8 0
3 years ago
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