An 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 $7,500
Q: Exercise 11-6 (Algo) Stock issuance for noncash assets LO P1 Sudoku Company issues 30,000 shares of…
A: Issue of common stock in excess of par value will takes place when the total assets received on…
Q: Using the information above: a) Calculate FIVE ratios, for BOTH years, which would assist the audit…
A: 1. Gross margin5.5/13.5 = 40.74%7/16 = 43.75%2. Operating margin0·5/13·5 = 3.70%1·9/16 = 11·88%3.…
Q: Cullumber Industries Inc. manufactures dorm furniture in separate processes. In each process,…
A: The total cost of producing a product, including raw materials and operating costs, is detailed in a…
Q: Assuming the Workmans file a joint tax return, determine their gross income minus expenses on the…
A: 1. Determination of Gross Income when Ryan's files joint return. S.NO PARTICULARS AMOUNT ($)…
Q: On January 1, 2012, Horizon Group sold property carried in inventory at a cost of P1,470,000 for…
A: installment method is method of revenue recognition in which gross profit is deffered until the…
Q: Each of the three independent situations below describes a finance lease in which annual lease…
A: Annual Lease Payment :— It is the annual payment made by lessee to the lessor for using the asset.…
Q: Troy Engines, Limited, manufactures a variety of engines for use in heavy equipment. The company has…
A: Making the decision to manufacture a product internally versus buying it from a third party provider…
Q: The general ledger of Grumpy Corporation as of December 31, 2021, includes the following accounts:…
A: The balance sheet is one of the financial statements of a company, that determines its net worth at…
Q: Say the Fed wants to increase the money supply in the country. Which of the following open market…
A: The Fed can influence the money supply by modifying reserves requirement which generally refers to…
Q: Test Company uses a normal, process costing system to determine product cost. The company uses the…
A: Under Process costing, prior department's costs are considered to be similar to Direct materials…
Q: [The following information applies to the questions displayed below.] Astro Company sold 22,500…
A: In order to determine the contribution margin per unit, the variable cost per unit are required to…
Q: Polaski Company manufactures and sells a single product called a Ret. Operating at capacity, the…
A: Contribution margin per unit=Selling price-Variable cost per unit
Q: 6 7 S (a) BL Kingbird Corporation uses standard costs with its job order cost accounting system. In…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Victory Company uses weighted average process costing. The company has two production processes.…
A: Direct material means the cost which is incurred on the purchase of the direct material that are to…
Q: What is involved in the legal requirements of financial governance? Select an answer: having a…
A: According to the given question, we are required to find out the correct option from the available…
Q: Absorption and Variable Costing Income Statements During the first month of operations ended July…
A: The net income is calculated as difference between sales and total costs incurred. The costs are…
Q: October 1, 2022, the Integrity Main Office established a sales agency in Ortigas. · The main…
A: Net profit is calculated by deducting all related expenses from gross profit. Expenses including…
Q: Rodriguez Company pays $410,670 for real estate with land, land improvements, and a building. Land…
A: Introduction:- The following basic information as follows under:- Land is appraised at $192,000;…
Q: what are 5 legal standards/rules that are related to the extractive industries that can advance…
A: 5 legal standards/rules that are related to the extractive industries that can advance sustainable…
Q: Ace Hardware is adding a new product line that will require an investment of $1,454,000. Managers…
A: Calculation of Accounting rate of return(ARR):- Accounting rate of return(ARR) = 13.15%…
Q: n 1 July 2021 Michael Ltd. issues $1 million in five – year debentures that pay interest each six…
A: Lets understand the basics. When debenture is issued at less than the face value of bond then bond…
Q: How much gain (loss) does Strawberry recognize due to these transactions? $87,500,000 $137,500,000…
A: Internal Revenue code 336a General rule :- Gain or loss Shall be recognised to a liquidating…
Q: The Stake Technology Inc. company has the following purchases and sales during the year ended…
A: Perpetual inventory system is that inventory system under which all transactions related to purchase…
Q: Onslow Company purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid…
A: Fixed asset is required to record at acquisition cost. Acquisition cost of asset include all…
Q: On October 1 of the current year, Molloy Corporation prepared a cash budget for October, November,…
A: In normal business scenario, the collections are not made on the day of sale, they are collected…
Q: [B] Witham tendered successfully for the supply of coal to the Great Northern over a period on one…
A: Witham is free from the tender's obligation on 19th June, i.e. 2 weeks from the date of the receipt…
Q: Marga, David and Anna are partners with capital balances of P784,000, P2,730,000 and P1,190,000…
A: A partnership is a kind of business structure in which two or more people agree to carry out…
Q: Beginning work in process Direct materials used Direct labor Manufacturing overhead Total…
A: Cost sheet is the statement which is prepared by an entity to show the amount of cost incurred on…
Q: The Harris Company is the lessee on a four-year lease with the following payments at the end of each…
A: Leasing is an agreement which is usually written between the lessor and the lessee which allows for…
Q: Becton Labs, Incorporated, produces various chemical compounds for industrial use. One compound,…
A: Formula used: Direct material price variance=Standard price-Actual price×Actual quantity Direct…
Q: Please also help on part 4 and 5.
A: I have answered only part 4 and part 5, i took some required information from previously answered…
Q: Common shares, unlimited shares authorized; 4,400,000 shares issued and outstanding Retained…
A:
Q: Question What are the new balances of the investments after reallocating the total to match the new…
A: The investments are made based on the current market situation which may change at some future point…
Q: Calculate the rental income for 2020. Also, determine the UCC balances on January 1, 2022. Include…
A: The rental income is the rental revenue less the expenses incurred. The UCC balance is the…
Q: 4. PV ratio 5. The number of clients needed to break-even 6. The number of clients needed if Parkway…
A: CVP analysis is a method of management accounting that shows the impact that varying levels of costs…
Q: Power Company manufactures a variety of drill bits. The company's plant is partially automated. The…
A: In order to determine the Machine setup overhead assigned to the order, the activity rate of machine…
Q: Required information Use the following information for the Exercises 8-10 below. (Algo) [The…
A: Specific identification costing method - Specific identification method is the method of valuation…
Q: please help with this budgeted income statement
A: Income Statement The purpose of preparing the income statement is to know the net income which are…
Q: Sales budgets. Budgeted sales units Selling price per unit DIMSDALE SPORTS Sales Budget January…
A: Sales budget can be said to be a budget or a financial plan in which we determine the forecasted…
Q: Vaughn Company’s record of transactions for the month of April was as follows. Purchases Sales…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Dimsdale Sports, a merchandising company, reports the following balance sheet at December 31.…
A: Every business organization's are required t maintain the capital expenditure budget so as to run…
Q: Ray Reyes owns a plumbing business. He went to his tax advisor to figure out what business…
A: Here discuss about the details of way to reduce the tax liability for the tax payer for the…
Q: Pharoah Company issued $500,000 of bonds on January 1, 2020. (a) Prepare the journal entry to record…
A: Introduction: Journal entries serve as the primary building blocks for answering these and other…
Q: Cullumber Company borrowed $760,000 on December 31, 2019, by issuing an $760,000, 8% mortgage note…
A: Introduction: Liabilities are legally binding promises that must be paid to some other person or…
Q: Witham tendered successfully for the supply of coal to the Great Northern over a period on one year.…
A: Witham liability will cease on 28th June i.e. 2 weeks from the date of receipt of the letter to…
Q: What do you understand by Goodwill?
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2022. She is 45 years…
A: Here discuss about the details of calculation of taxable income after making the adjustment from the…
Q: Lighter Incorporated planned and manufactured 410,000 units of its single product in 2022, its first…
A: Introduction: Sales are the number of goods and services sold by a company within a given reporting…
Q: Prepare journal entries on the acquisition of equipment by Whizz Bhd.
A: The Whizz Bhd. has acquired the equipment from the Wonder Bhd. company on the basis of the…
Q: Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price…
A: Depreciation is the reduction in the value of asset due to its use, wear and tear. There are…
Trending now
This is a popular solution!
Step by step
Solved in 2 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 $92,000If 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 $130,000You carry 25/50/25 coverage on your automobile. You are involved in an accident in which you are eventually held responsible for the following damages: other driver, $25,000; passenger 1, $20,000; passenger 2, $9,000; other car, $11,000. How much is left for you to pay after your insurance company has met its obligations under your policy? 0 bodily injury; 0 property damage 0 bodily injury; $4,000 property damage $4,000 bodily injury; 0 property damage $9,000 bodily injury; $4,000 property damage
- A fire destroys M’s computer That has a replacement value $3,500 and Actual cash value of $2000. Under which of the following homeowner policy , the insurer will pay for maximum of $0 $2,000 $2,500 $3,500Oscar owns a building that is destroyed in a hurricane. His adjusted basis in the building before the hurricane is $130,000. His insurance company pays him $140,000 and he immediately invests in a new building at a cost of $142,000. What is the amount of recognized gain or loss on the destruction of Oscar's building? $0 $10,000 gain $8,000 gain $12,000 gain $2,000 lossImagine you are working for an insurance companies. An individual is calming 10,000$ worth of stolen objects on an insurance claim, but you suspect he may only as suffer a loss of 6,000$. You have the ability to offer a settlement. If accepted, the claim is close and the individual receives such payment. If rejected, a court will decide the payment is 6,000$ or 10,000$. If the individual really lost 10,000$, there is 60% chance the court will decide in his favor. If the individual only lost 6,000$, there is 60% chance the court will only grant him that amount. Propose a settlement amount that will allow you to figure out if the individual is lying or not. Between 7600 and 8400
- 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.$103,0005. For each of the following situations, what amount would the insurance company pay? (LO8.2) a. Wind damage of $1,835; the insured has a deductible of $500. b. Theft of a stereo system worth $4,000; the insured has a deductible of $500. c. Vandalism that does $425 of damage to a home; the insured has a deductible of $500.State Farm State Farm Fire and Casualty Company 11350 Johns Creek Parkway Duluth, GA 30098-0001 AT2 Matt & Sarah Justice 123 GetTheW St. Atlanta, GA 30306 YEAR 2007 NAMED INSURED SYMBOLS A DO NOT PAY PREMIUMS SHOWN ON THIS PAGE. IF AN AMOUNT IS DUE, THEN A SEPARATE STATEMENT IS ENCLOSED. YOUR CAR C D G H JINA M R1 U MAKE TOYOTA MODEL CAMRY COVERAGE & LIMITS 11-2097-4 P Liability Coverage Bodily Injury Limits Each Person, Each Accident A $100,000 $300,000 Property Damage Limit Each Accident $100,000 Medical Payments Coverage Limit- Each Person $1.000 BODY STYLE 4DR Comprehensive Coverage - $200 Deductible Collision Coverage - $1,000 Deductible Emergency Road Service Coverage Car Rental and Travel Expenses Coverage Limit- Car Rental Expense Each Day. Each Loss 80% menntunar $1.000 Uninsured Motor Vehicle Coverage (Difference-In-Limits) Bodily Injury Limits Each Person, Each Accident $50,000 $100,000 Property Damage Limit ($250 Deductible) Each Accident $50.000 Total premium for JUL 21…
- Which of the following items would not automatically be covered under an HO-3 form? the insured’s driveaway, if damaged by falling object The insured’s pedigreed collie valued at $6000 or $7000 A lawnmower in the insured’s garage personal property of the insured’s daughter who is away from collegeVirginia has business property that is stolen and partially destroyed by the time it was recovered. She receives an insurance reimbursement of $5,000 on property that had a $14,000 basis and a decrease in market value of $10,000 due to damage caused by the theft. What is the amount of Virginia's casualty loss? a.$4,000 b.$5,000 c.$14,000 d.$10,000 e.None of these choices are correct.Mr. Han has an HO-3 contract with $100,000 dwelling coverage, $50,000 personal property coverage, and a $500 deductible. The dwelling is 50% depreciated. Sewage backs up into the basement and destroys the furnace, which will cost $8,000 to replace. How much of the damage insurer pays to Han? Provide explanation to your answer.