which is equal to or greater than the amount covered by the HO-3 policy.
Q: Gander Publications had the following payroll data for its May 14 pay date: Date May 14 Account…
A: A journal entry is a documentation of a business's financial transactions kept in its accounting…
Q: How much is the excess of par to be used for book value per share
A: Shareholder equity, also known as shareholders' equity or stockholders' equity, is a company's…
Q: During January, a company that uses a perpetual inventory system had beginning inventory, purchases,…
A: Cost of goods sold indicates to the cost of inventory associated with the units being sold during…
Q: You have been appointed as head of newly created internal audit section within the computer…
A: As the recently hired head of the internal audit division in the computer department of a major food…
Q: Preparing a Direct Labor Budget Patrick Inc. makes industrial solvents. Planned production in units…
A: The budget is prepared to estimate the requirements for the future period. The labor budget is…
Q: Comparative balance sheets for 2024 and 2023, a statement of income for 2024, and additional…
A: Cash flow statement is additional information to user of financial statement. This statement…
Q: Warrants exercisable at $20 each to obtain 79000 shares of common stock were outstanding during a…
A: The Earnings per shares refers to the profit earned by each shareholder after paying all the…
Q: The following selected data were taken from the financial statements of The O'Malley Group Inc. for…
A: Return on total assets :— It is calculated by dividing income before interest by average total…
Q: Felix & Company reports the following information. Period 1 2 3 4 5 6 9 10 Units Produced 400 800…
A: The high-low method is an easy and cost efficiency method for managers to estimate cost behaviour.…
Q: Moran owns a building he bought during year 0 for $198,000. He sold the building in year 6. During…
A: Recognized Gain or Loss: It refers to the profit or loss that is earned or incurred by the business…
Q: Suppose LovetoRead sells 2,000 hardcover books per day at an average price of $70. Assume that…
A: Budgeted sales revenue is the sales revenue estimated to be earned during the budgeted period.
Q: ation applies to the questions displayed below.] The fixed budget for 21,700 units of production…
A: A flexible budget is a budget that adjusts to the activity or volume levels of a company.
Q: Hans runs
A: Section 1231 property is real or depreciable business property held for more than one year. A…
Q: Gomez Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal,…
A: Purchase Journal is a table where all the purchases on account are recorded. It is also known as a…
Q: Question 1 Shiashi Ltd is preparing its manufacturing overhead budget for 2024. Relevant data…
A: Annual budgets the financial plans or forecasts that organizations create for a specific fiscal…
Q: Arrasmith Corporation uses customers served as its measure of activity. During February, the company…
A: Flexible budget indicates the budget prepared by considering activities of actual result and rates…
Q: On January 1, 2024, Tableau Company issues $20 million of 7% bonds, due in nine years, with interest…
A: The bonds are the debt instruments that are issued to raise money. The bonds are generally issued…
Q: The selling and administrative expense budget of Garney Corporation is based on the number of units…
A: Lets understand the basics.Management prepares budget in order to estimate future profit and loss…
Q: Factory overhead variance is over absorbed P9,000. The factory overhead rate of P10 per labor hour…
A: The overhead rate is a cost allocated to the production of a product or service. Overhead costs are…
Q: Simply Sweets has provided the following relating to the most recent month (August 31, 2016) of…
A: Segment reporting is the reporting of the operating segments of a company in the disclosures…
Q: Garcia Company sells snowboards. Each snowboard requires direct materials of $114, direct labor of…
A: The markup cost is the added price to the cost price of the product. The selling price is calculated…
Q: Question 3 Halstead had the following transactions during the month of December: December 1 The…
A: Journal entries of Halstead:DateParticularsDebit($)Credit($)December 1Cash A/c35,000Equipment…
Q: 14.Show your calculation. Thirsty Thursday's Drinking Club had the following stockholders' equity…
A: The treasury stock includes the own shares of the company. The treasury stock decreases the total…
Q: B osure of variable overhead cost variances to Cost of Goods before credits. General Journal Debit…
A: Variable Ovehead variance is the difference between standard cost and actual cost on actual…
Q: Oriole Company is evaluating its performance at year-end within its variable costing system. The…
A: COGS represents the direct costs associated with the production or acquisition of goods that are…
Q: A contractor enters into a revenue contract to construct customized equipment for a customer. The…
A: If the likely % is less than 50% then, bonus amount is not considered for computing transaction…
Q: (c) Product d) A B Total Assume that adding Product B results in no increase to Vortex's fixed costs…
A: The Breakeven Point is that level of sales at which there is no profit no loss. In other words at…
Q: Cash Accounts receivable Allowance for doubtful accounts Inventory Prepaid insurance Stock…
A: An income statement is a financial statement that includes revenue earned and expenses incurred…
Q: b. Oscar filed his tax return and paid his $2,700 tax liability seven months late. Late filing and…
A: Late filing means filing of returns after the due date of the Application year.Late payment…
Q: ly, the vice president of operations of the com company's bikes. After a careful evaluation of…
A: Bonds are the entity's obligations. These are the securities that the company has issued to the…
Q: Ruby Krisher Diner is a charity supported by donations that provides free meals to the homeless. The…
A: Activity variance is the difference between flexible budget and planning budget. Flexible budget is…
Q: a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per…
A: Variance analysis is a financial management tool used to evaluate the difference between planned…
Q: Way Corporation disposed of the following tangible personal property assets in the current year.…
A: Instead of distributing the deduction over the asset's useful life through depreciation, businesses…
Q: Sylvestor Systems borrows $183,000 cash on May 15 by signing a 90-day, 6%, $183,000 note. 1. On what…
A: Notes payable are issued to raise the long-term or short-term funds. If the notes payable are to be…
Q: b. Oscar filed his tax return and paid his $4,400 tax liability seven months late. Late filing and…
A: Late filing means filing of returns after the due date of the Application year.Late payment…
Q: Summary information from the financial statements of two companies competing in the same industry…
A: Acid Test Ratio - The acid-test ratio also called the quick ratio compares a company's “quick…
Q: Required information [The following information applies to the questions displayed below.) Income…
A: Financial Ratios: These are defined as the numbers that represent the state or health of the…
Q: Proctor Cleaning Products manufactures a product using a process that allows for substitution…
A: DIRECT MATERIALS COST VARIANCEDirect materials cost variance is the difference between the actual…
Q: Return on Investment and Residual Income Johnson Company has two sources of funds: long-term debt…
A: ROI means return on investments. This is one of profitability ratio being used in business. This…
Q: Budget Excel Project – Bloomfield Co. Bloomfield is an ice cream company, who makes homestyle ice…
A: The schedule of expected collections from clients is prepared for credit sales. This is prepared…
Q: 2. Using the information from Part 1, along with an analysis of the remaining balance sheet…
A: The cash flow statement is prepared at the end of the year to indicate the net change in cash during…
Q: Flight promotion Depreciation of aircraft Fuel for aircraft Liability insurance Salaries, flight…
A: Financial advantage (disadvantage) of discontinuing flight 482 = Saving in flight costs - Loss of…
Q: Gabbe Industries is a division of a major corporation. Last year the division had total sales of…
A: Margin is calculated by dividing net operating income by net sales revenue. Turnover is calculated…
Q: Accepting Business at a Special Price Forever Ready Company expects to operate at 88% of productive…
A: Here in this question, we are require to calculate unit cost below which company should not bid.When…
Q: The following information was taken from the annual manufacturing overhead cost budget of Shamrock…
A: Predetermined Overhead Rate: It implies a rate that is used by the manufacturing businesses in…
Q: Plum Corporation began the month of May with $1,300,000 of current assets, a current ratio of…
A: Current ratio: the current ratio is calculated by dividing the total current assets by the total…
Q: Samtech Manufacturing purchased land and a building for $4 million. In addition to the purchase…
A: Land is the non-current asset that is usually held by the entity for using the same to run its…
Q: On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $121,500 on December…
A: Interest expense is the cost incurred for borrowing the fund. Interest is calculated on the…
Q: Troy (single) purchased a
A: Capital gain refers to the gain that is incurred on the sale of a capital asset. A capital asset can…
Q: A partnership has liquidated all assets but still reports the following account balances: Beck, loan…
A: Partnership: Arrangement between two or more people whereby they agree to manage business operations…
Assume a Homeowners 3 policy insures the dwelling for $600,000. The home has detached structures, personal property and potential loss of use costs, each of which is equal to or greater than the amount covered by the HO-3 policy. The total possible property loss liability (covered amount, ignore deductibles) for this homeowners insurance company is: $600,000 $660,000 $720,000 $900,000 $960,000 $1,140,000
Step by step
Solved in 3 steps
- You have a homeowner's policy with $120,000 coverage, a $1,000 deductible, and required coverage of 80 percent of the replacement cost. Their home recently suffered extensive fire damage in the amount of $92,000. Assuming the replacement value of the home was $160,000, how much will the insurance company pay on this loss? O $73,600 $68,000 $86,250 $85,300 $92,000The insured has divided the insurance on its building as follows: $200,000 with insurer M and $300,000 with insurer R. The If there is a $100,000 loss, insurer M will pay: OA $40,000 OB. $60,000 C $66,666 $100,000 D.If a homeowner's insurance had a replacement cost policy that covered damage to the home and the home was completely destroyed, what amount would the insurance company cover based on the following: - home depreciated value before the damage was $100,000 - home value to rebuild is $150,000 - home mortgage $120,000 - value of neighbour's home $130,000
- You have an HO policy with the following limits: A $75,000 (dwelling) B-$ 7,500 (other structures) C-$25,000 (personal property). A tornado strikes your property. You lose your house, which is worth $65,000 at the time of the loss. You also lose an unattached shed worth $8,000, and personal property worth $30,000. You will collect? (assume $0 deductible, ignore the ACV calculation and assume there is no fraud or other unusual circumstances surrounding the loss.) OA$107,500 OB. $97,500 OC.$103,000An earthquake does $5,000 in damage to a property covered under a dwelling policy. In addition to the initial earthquake damage, the tremors cause a gas main explosion, causing an additional $2,500 in damage to the insured property. How much will the insurer pay? AO Nothing BO $2,500 CO $5,000 DO $7,500H1. profile-image Carlos owns a property which he has rented. During 2021, the property generated $24,000 in rental income. Carlos incurred the following expenses related to rental operations: • Depreciation $5,000 • Real estate tax 2,000 Utilities (water and electricity) Maintenance 3,000 • Boat expenses which Carlos uses to 1,500 meet clients and sign contracts 5,500 Determine the net income from rental operations that Carlos will include in his individual income tax return. Submit your computations.
- Calculate the amount the insurance company will pay: $ Value of Property Amount of Insurance Policy Actual Fire Loss Amount Insurance Company will pay 70,000 $ 40,000 80% Co-Ins $ 11,200 90,000 $ 50,000 80% Co-Ins $ 36,000Ms. Jannat has insured her house and furniture for Tk. 50000 contract to Green Delta Insurance Co. and only for house to Eastland Insurance co. for tk. 30000. The loss occurred due to fire and actual loss calculated for house Tk. 20000 and for furniture Tk. 5000. How much the insured has recovered from each insurer?Sally Mander purchased a $270,000 home putting $26,000 down. Sally's level of PMI coverage would be: $20,000 $26,000 $28,000 $30,000
- Last year, Thea and Rory Brown bought a home with a dwelling replacement value of $350,000 and insured it (via an HO-5 policy) for $310,000. The policy reimburses for actual cash value and has a $500 deductible, standard limits for coverage C items, and no scheduled property. Recently, burglars broke into the house and stole a two-year-old television set with a current replacement value of $600 and an estimated useful life of eight years. They also took jewelry valued at $1,850 and silver flatware valued at $3,000. If the Browns’ policy has an 80 percent co-insurance clause, do they have enough insurance? Assuming a 50 percent coverage C limit, calculate how much the Brown family would receive if they filed a claim for the stolen items. What advice would you give the Brown family about their homeowner’s coverage?A taxpayer places a $50,000 5-year recovery period asset (not an auto) in service in 2021. This is the only asset placed in service in 2021. Assuming half-year convention, bonus depreciation, and taxable income before cost recovery of $5,000, what is the amount of cost recovery in 2021? a.$5,000 b.$25,000 c.$30,000 d.$0 e.$50,000At the beginning of 2020, Emma owned two residential rental properties. During 2020 she sold Building 1 and purchased a new building (Building 3). Details related to the properties are as follows: Total rent received 20,000 Total expenses paid to earn rental income, excluding CCA 12,000 Building #1 opening UCC 72,000 Building #2 opening UCC 180,000 Proceeds of disposition on building #1 on April 30, 2020 120,000 Original cost of building #1 80,000 Cost of new rental building purchased on May 1, 2020 (land excluded) 250,000 Required: Compute the minimum rental income for Emma in 2020. Show your work!
