10 Bagwis Company has the following information:Prepaid insurance – January 11,600,000Prepaid insurance – December800,000Insurance payable decrease by1,200,000Insurance payments4,000,000 How much is the insurance expense under accrual basis?

Under accrual basis, the revenues and expenses are recognized when they are incurred irrespective of…

Answered: Bagwis Company has the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Before purchasing a used car, Cody Lind checked www.kbb.com to learn what he should offer for the used car he wanted to buy. Then he conducted a carfax.com search on the car he found to see if the car had ever been in an accident. The Carfax was clean so he purchased the used car for $14,150. He put $1,500 down and financed the rest with a 48-month, 8.5% loan. What is his monthly car payment by table lookup? (Use Table 14.2) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Monthly payment
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The following information is provided to you by Wacu Wanderi ; 31st December 2019 31st December 2020 Shs. Shs Wages in arrears 60,000 67,000 Insurance paid in advance 21,000 25,500 Rates in arrears 7,500 NIL Rates in advance NIL 9,000 Payments made during 2020 were; Wages Kshs.715,000 Insurance Kshs.43,500 Rates Kshs.46,000 Calculate the amounts he should transfer to the income statement for wages, insurance and rates for the year 2020.
None
Billed charges $100 Contractual adjustment/health plan ( $ 30 ) Bad debt write off ( $ 10 ) Net collections $ 60 The collection ratio is
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TABLE 14.2 Loan amortization table (monthly payment per $1,000 to pay principal and interest on installment loan) Terms in months 6 12 18 24 30 36 42 48 54 60 7.50% $ 170.34 86.76 58.92 45.00 36.66 31.11 27.15 24.18 21.88 20.04 8.00% $ 170.58 86.99 59.15 45.23 36.89 31.34 27.38 24.42 22.12 20.28 8.50% $ 170.83 87.22 59.37 45.46 37.12 31.57 27.62 24.65 22.36 20.52 9.00% $ 171.20 87.46 59.60 45.69 37.35 31.80 27.85 24.77 22.59 20.76 10.00% $ 171.56 87.92 60.06 46.14 37.81 32.27 28.32 25.36 23.07 21.25 10.50% $ 171.81 88.15 60.29 46.38 38.04 32.50 28.55 25.60 23.32 21.49 11.00% $ 172.05 88.38 60.52 46.61 38.28 32.74 28.79 25.85 23.56 21.74 11.50% $ 172.30 88.62 60.75 46.84 38.51 32.98 29.03 26.09 23.81 21.99 12.00% $ 172.55 88.85 60.98 47.07 38.75 33.21 29.28 26.33 24.06 22.24 12.50% $ 172.80 89.08 61.21 47.31 38.98 33.45 29.52 26.58 24.31 22.50 13.00% $ 173.04 89.32 61.45 47.54 39.22 33.69 29.76 26.83 24.56 22.75 13.50% $ 173.29 89.55 61.68 47.78 39.46 33.94 30.01 27.08 24.81 23.01…

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Prepaid insurance – January 1	1,600,000
Prepaid insurance – December	800,000
Insurance payable decrease by	1,200,000
Insurance payments	4,000,000

Bagwis Company has the following information: Prepaid insurance – January 1 1,600,000 Prepaid insurance – December 800,000 Insurance payable decrease by 1,200,000 Insurance payments 4,000,000 How much is the insurance expense under accrual basis?