Do you want to make a double entry? On November 7, 2021, a fire broke out at the store, destroying merchandise worth $12,000. The insurance company has declared that it will only pay out the first $3,000 of the claim under the provisions of the contract. There haven't been any entries made yet to document this.
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Do you want to make a double entry?
On November 7, 2021, a fire broke out at the store, destroying merchandise worth $12,000. The insurance company has declared that it will only pay out the first $3,000 of the claim under the provisions of the contract. There haven't been any entries made yet to document this.
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- The warehouse had a fire on November 7, 2021, which resulted in the destruction of merchandise worth $12,000. The insurance provider has declared that it would only cover the first $3,000 of the claim under the provisions of the insurance contract. There are currently no entries to document this. Create modifying entries.On 7 November 2021 there was a fire in the warehouse, in which inventory valued at $12,000 was destroyed. Under the terms of the insurance contract, the insurance company has stated that it will only pay out the first $3,000 of the claim. No entries have yet been made to record this. Make adjusting entriesUse the following information for questions 6 and 7: On December 31, 2018, Garnel Co. is in financial difficulty and cannot pay a note due that day. It is a $600,000 note with $60,000 actrued interest payable to Fred Co.. Fred agrees to accept from Garnel a building that has a fair value of $590,000, an original cost of $530,000, and accumulated depreciation of $130,000. Garnel should recognize a gain or loss on the disposal of the building of Select one: O a. $0. O b. $70,000 loss. O c. $60,000 gain. O d. $190,000 gain
- On January 12, 2021, a fire at a production facility damaged a number of adjacent buildings owned by other businesses. Pearl Company's insurance policy does not cover damage to property of others. insurance companies for those other businesses have billed Pearl for the estimated cost of P2.4million required to restore the damaged buildings. In the 2021 financial statements of Pearl Company, how much accrued liability should be recognized?Is there any way you can help me do this problem? I'm getting my debit and credit wrong. "On March 1, 2021, Gold Examiner receives $147,000 from a local bank and promises to deliver 100 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink’s, a third-party carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit. The stand-alone price of a gold bar is $1,440 per unit, and Gold Examiner estimates the stand-alone price of the replacement insurance service to be $60 per unit. Brink’s picked up the gold bars from Gold Examiner on March 30, and delivery to the bank occurred on April 1. On March 1, 2021, Gold Examiner receives $147,000 from a local bank and promises to deliver 100 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner…A company has a property insurance policy with an annual premium of $1,360. In recent months, the company has filed four different claims against the policy: a fire, two burglaries, and a vandalism incident. The insurance company has elected to cancel the policy, which has been in effect for 320 days. What is the regular refund due (in $) to the company? (Round your answer to the nearest cent.)
- Beautiful Company is involved in litigation regarding a faulty product sold in a prior year during 2021. The company has consulted with its attorney and determined that it is possible that they may lose the case. The attorneys estimated that there is a 40% chance of losing. If this is the case, their attorney estimated that the amount of any payment would be P500,000.How much is the Provision to be reported at December 31, 2021?On November 1, 2021, a fire totally destroyed the building of ABC Company. The building cost of P2,000,000 and a carrying amount of P1,200,000 as of the date of the fire. A P1,000 claim was filed on November 15, 2021. On January 5, 2022, after due investigation, it was ABC is free of negligence and the insurance company agreed to pay ABC the P1,000,000 in 9. Prepare the entry on November 1, 2021, to record the impairment of the building. 10. Prepare the entry on January 5, 2022, to record the insurance claim.Windsor Inc. is involved in a lawsuit at December 31, 2020. (a) Prepare the December 31 entry assuming it is probable that Windsor will be liable for $877,900 as a result of this suit. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
- On November 10, 2020, Singh Electronics began to buy and resell scanners for $58 each. Singh uses the perpetual system to account for inventories. The scanners are covered under a warranty that requires the company to replace any non-working scanner within 90 days. When a scanner is returned, the company simply throws it away and mails a new one from inventory to the customer. The company’s cost for a new scanner is only $38. Singh estimates warranty costs based on 16% of the number of units sold. The following transactions occurred in 2020 and 2021 (ignore GST and PST): 2020 Nov. 15 Sold 2,500 scanners for $145,000 cash. 30 Recognized warranty expense for November with an adjusting entry. Dec. 8 Replaced 180 scanners that were returned under the warranty. 15 Sold 5,500 scanners. 29 Replaced 46 scanners that were returned under the warranty. 31 Recognized warranty expense for December with an adjusting entry. 2021 Jan. 14 Sold 275 scanners. 20…On November 10, 2020, Singh Electronics began to buy and resell scanners for $58 each. Singh uses the perpetual system to account for inventories. The scanners are covered under a warranty that requires the company to replace any non-working scanner within 90 days. When a scanner is returned, the company simply throws it away and mails a new one from inventory to the customer. The company’s cost for a new scanner is only $38. Singh estimates warranty costs based on 16% of the number of units sold. The following transactions occurred in 2020 and 2021 (ignore GST and PST): 2020 Nov. 15 Sold 2,500 scanners for $145,000 cash. 30 Recognized warranty expense for November with an adjusting entry. Dec. 8 Replaced 180 scanners that were returned under the warranty. 15 Sold 5,500 scanners. 29 Replaced 46 scanners that were returned under the warranty. 31 Recognized warranty expense for December with an adjusting entry. 2021 Jan. 14 Sold 275 scanners. 20…On November 10, 2020, Singh Electronics began to buy and resell scanners for $54 each. Singh uses the perpetual system to account for inventories. The scanners are covered under a warranty that requires the company to replace any non-working scanner within 90 days. When a scanner is returned, the company simply throws it away and mails a new one from inventory to the customer. The company’s cost for a new scanner is only $34. Singh estimates warranty costs based on 15% of the number of units sold. The following transactions occurred in 2020 and 2021 (ignore GST and PST):