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- A property/casualty insurer sold a one-year insurance policy for $480 on July 1. The insurer incurred $144 in underwriting expenses for the policy. Disregarding losses, what is the insurer's pre-tax net income from this policy in the year the policy was written under statutory accounting rules? A-$144 B $ 96 C $168 D $236Following are transactions of Danica Company 13 Accepted a $9,500, 45-day, 81 note in granting Miranda Lee a extension on her past-due account receivable. Prepared an adjusting entry to record accrued interest the Lee note. Complete the table to calculate the Interest amounts at Dexember 31^ \st and use the calculated value to prepare your journal entries. (Do not round your intermediate calculations. Use 360 days a year.)A man applied for a Ps. 20,000 whole life policy and paid the full initial premium to the soliciting agent. The agent issued a binding receipt. Under such a receipt, the insurance company A) Offers permanent insurance coverage effective as of the date of the application B) Promises that the insurance coverage will become effective as of the date the application is approved Guarantees the policy will be issued as applied for Immediately provides interim insurance that remains in effect until the policy is issued or the application is declined
- for the year ended 31 July 2019. Was her net profit for the year understated or overstated as a ments totall ing & heating expense' in Angela's Income Sta result, and by how much? (c) The annual insurance premium for Claire's business premises (covering the period 1 Septemhar vOstly 20% more +han her previous vear's premiumon the president. The policy year and accounting year coincide. Marital Company has a P5,000,000 ordinary life insurance policy The entity provided the following data for the year ended December 31, 2020: Cash surrender value, January 1 Cash surrender value, December 31 Annual advance premium paid-January 1 Dividend received -July 1 245,000 270,000 100,000 15,000 The entity is the beneficiary under the life insurance polie The insured died on January 2, 2021, after the payment of annual premium of P100,000 on January 1, 2021. What is the life insurance expense for 2020?Using the box below, prepare Journal entries for the following transactions: 1 On 9/1/17, AFSPA received an invoice of $36,000 for the annual insurance renewal 2 On 9/15/17, cheek is written for # 1 above 3 10/1/17, the monthly amount is expensed for #1 above 4 On 1/4/18, AFSPA received an invoice from Staples in the amount of S3200 5 On 3/5/18 member pays their quarterly dental insurance premium (this is revenue to AFSPA) in the amount of S300 6 On 3/10/18 the check bounces from # 5 above 7 Record the revenue for April #5 above Date DR Account name Cr Account name Dr Cr GL. description (25 characters)
- On January 1, 2021, Umbrella Insurance Company has collected $24,000 for multiple two-year insurance premiums and recorded the funds in Unearned Revenue. Umbrella records insurance revenue on a monthly basis. How much will be in the Unearned Revenue account on November 30, 2021?Gregorio Corp. purchased a P5,000,000 ordinary life insurance policy on its president. Gregorio is the beneficiary under the policy. The policy year and Gregorio' accounting year coincide. Additional data available for the year ended December 31, 2023 are as follows: Cash surrender value, January 1 Cash surrender value, December 31 Annual advance premium paid January 1 Dividend received on July 1 What amount should be reported as life insurance expense for 2023? P228,000 290,000 120,000 15,000Prepare journal entries to record these transactions (round the answer to two decimal places): Oct. 31 Accepted a $20,000, six-month, 5% note dated today from Client X in granting a time extension on her past- due account receivable. Dec. 31 Adjusted the books for the interest due on Client X’s note. Apr. 30 Client X honored the note and paid it in full.
- Following are transactions for Vitalo Company. November 1 Accepted a $10,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. General Journal Interest Amounts Complete the table to calculate the interest amounts at December 31st and April 30th Total Through Maturity November 1 Through December 31 January 1 Through April 30 Principal Rate (%) Time Total interest Amounts General Journal > ere to search 68°F 40 4. ort se deleteFollowing are transactions for Vitalo Company. November 1 Accepted a $11,000, 180-day, 7 % note from Kelly White in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. General Journal Complete the table to calculate the interest amounts at December 31st and April 30th November 1 Through December 31 Interest Amounts Principal Rate (%) Time Total interest Total Through Maturity January 1 Through April 30Prepare all journal entries and adjusting journal entries necessary to record all of Red Robin's transactions related to the note payable information below: Red Robin borrowed money to purchase a vehicle this year for $47,210. The vehicle loan is an installment loan with a 6-year life and 8% interest due quarterly. The vehicle was purchased on April 1, so the first loan payment is due June 30. See amortization table below: Vehicle Loan Amortization Principal Interest Years Payments/year Payment Date 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 9/30/26 12/31/26 3/31/27 $47,210 8.00% 6 4 2,496 Interest Principal Payment Balance 47,210 45,658 44,075 42,461 944 1,552 913 1,583 882 1,615 849 816 2,496 2,496 2,496 1,647 2,496 1,680 2,496 783 1,713 2,496 748 1,748 2,496 1,783 2,496 1,818 2,496 2,496 713 678 641 1,855 604 1,892 2,496 567 1,930 2,496 323 280 1,968 2,496 2,007 2,496 2,496 2,496 2,496…SEE MORE QUESTIONS
