Josh Edwards was judged at fault in an automobile accident. Three others were awarded damages of $200,000, $100,000, and $100,000. Josh has 100/400 bodily injury liability coverage. What amount, if any, would not be covered by his insurance?
Q: Moreno Company operates a branch in Rizal. There are shipments in transit from the home office to…
A:
Q: Question 2. Using terms of 2/10 and n/30, Granite Company spent $133,000 on a machine. The equipment…
A: INTRODUCTION:
Q: Desmond Co. is considering the following alternative financing plans: Plan 1 Plan 2 Issue 10%…
A: Earning per share on common stock is Earning available for equity share holder/ number of equity…
Q: Question: A company purchased equipment valued at $238,000. It traded in old equipment for a…
A: When fixed assets are being purchased for the business, it can be for cash or by exchanging some old…
Q: If Ana chose to be taxed at an 8 percent rate, how much is her overall income tax? (based on the…
A: SOLUTION- COMPUTATION OF TAX DUE - GROSS SALES 2800000 LESS- TAX EXEMPT INCOME (250000)…
Q: Who is not one of the common players that engages in due diligence Projects? A. Private equity…
A: Due diligence is conducted in order to cheak the future worth and financials of the acquiree company…
Q: 1. A company is in dire need of a fund and is planning to invest by issuing new ordinary stocks…
A: CAPM refers to the capital asset pricing model which is used to calculate the cost of equity. Here…
Q: 1 KPT Enterprises 2 COMPARITIVE INCOME STATEMENT 3 for years ended 31 December 4 5 Revenues and…
A: Net income is the amount earned by an entity after deducting the expenses from the revenues.
Q: Totals 339,000 339,000 These six documents must be processed to bring the accounting records up to…
A: Here discuss about the details of preparation of income statement and balance sheet for a specific…
Q: Please answer this question Required - prepare trading account and profits and loss account
A: Financial statements are statement which are prepared at the end of the period. Trading and profit…
Q: Comparative information taken from the Friction Company's financial statements is shown below: (a)…
A: >Horizontal analysis is done on Income Statement and Balance Sheet accounts. >It shows how…
Q: What kind of option can be used to incentive CEOs? Discuss the difference between stock option…
A: CEO play and major role in achieving the goal of company and help the company and achieve its…
Q: Question 2 of 34 While examining the accounts of Grandma Company on December 31, 2015, the following…
A: Introduction: Net income (NI), often known as net profits, is determined as sales minus the cost of…
Q: (a) (b) EQUIRED: (c) Compute for Daniel's pre-tax accounting profit for the years 2020, 2021, 2022…
A: 2020 2021 2022 2023 Income Before Deducting Dep. 800000 890000 1200000 1500000 Less:…
Q: Cumberland Co. sells $919 of inventory to Hancock Co. for cash. Cumberland paid $673 for the…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Save-the-Earth Co. reports the following income statement accounts for the year ended December 31.…
A: Multi-step income statement is the one which is prepared in a step by step format. It is prepared…
Q: PROBLEM 5-4. RECONCILIATION OF HO AND BRANCH ACCOUNTS On December 31, 2019, the Home Office Equity…
A:
Q: a. Determine the amount of deffered tax liability at December 31, 2020b. Compute the total amont of…
A: Lets understand the basics. Deferred tax arise due to taxable temporary difference arise due to book…
Q: Use this information for Train Corporation to answer the question that follow. The following…
A: The income from operations is determined by deducting the operating expenses from the operating…
Q: On June 1, 2020, LM company purchased debt investment at amortized cost, 8,000 of P1,000 face value…
A: Investment in bonds: Investment in bonds is the scenario where the company acquires bonds either at…
Q: While examining the accounts of Grandma Company on December 31, 2015, the following errors were…
A: The question requires us to calculate the net effect of the error in the 2015 Net Income. The…
Q: Question: Obtaining an understanding of an entity's internal control is more likely to be performed…
A: Introduction: Internal controls are a system of preventative measures set up to make sure that no…
Q: Twisted Pretzel, Inc. had beginning Work-in-Process Inventory (WIP) of $10,000 and makes only one…
A: Cost of goods manufactured in case of work in process = Opening work in process + Conversion costs -…
Q: Bonita Company's budgeted sales and direct materials purchases follow. January was the first month…
A: The expected cash collection indicates the estimated collection for a given period, the expected…
Q: Question 13 of 34 Records showed that as of December 31, 2014, accrued salaries payable of P21,000…
A: Accrued Expense is an expense which is incurred but not paid yet. It is treated as liability.
Q: Question 5 of 34 In the blank to the left of each question, fill in the letter from the following…
A: Change in estimates is the situation where the condition or estimation of specific aspects related…
Q: #29 Complete the statement: For book value per share purposes, non-participating preference share…
A: Preference shares are the shares in which dividend is pre fixed at a particular rate on face value…
Q: “Credit card” (with an outstanding balance) would be which type of account? a.Proprietary…
A: Introduction: Credit card is a source of short term financing which is unsecured in nature. As these…
Q: The ledger of Novak Corp. on July 31, 2017, includes the selected accounts below before adjusting…
A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…
Q: Balance sheet and income statement data indicate the following: Company A Company B $1,200,000…
A: The bond and the income data of two companies is given to us. Based on the data, we are required to…
Q: Torino Company has 2,700 shares of $10 par value, 6.0% cumulative preferred stock and 27,000 shares…
A: Solution We are given with the following information Number of shares = $ 2,700 Par value of share =…
Q: The following balances are found in the general ledger of GHI Sales after recording he necessary…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: Stockholders are of the business. of a corporation. Common stockholders have the right to vote on…
A: Company needs various type of sources in order to raise finance for the business. Issue of shares is…
Q: Long-term liabilities are significant to users for all of the following reasons, except it has an…
A: Long term liabilities are those liabilities which have a term of more than one accounting year i;e…
Q: The chief executive officer earns $21,000 per month. As of May 31, her gross pay was $105,000. The…
A: Federal Insurance Contribution Act is a payroll tax that is deducted from the paycheck of the…
Q: Why are owners interested in the income statement?
A: An income statement is a document that outlines a firm's revenue and expenses. It also displays if a…
Q: A schedule of machinery owned by Micco Co. is presented below: Estimated Estimated Salvage Value…
A: Introduction: The application of a totally straight depreciation rate as well as average usable life…
Q: The following balances are found in the general ledger of GHI Sales after recording the necessary…
A: Closing Entries - Closing Entries are the entries which is required to close the temporary accounts.…
Q: Even though Firm A's current ratio exceeds that of Firm B, Firm B's quick ratio might exceed that of…
A: Lets understand the basics. Current ratio compare the current asset with current liability. In other…
Q: 4 12 22 opening inventory balance. Enter the fansactions Cost of goods sold Unit Cost Purchases Unit…
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: On a classified balance sheet, merchandise inventory is classified as O a. a long-term investment. O…
A: Classified balance sheet is one of the important financial statement of the business which is…
Q: Xavier Davis is preparing the statement of cash flows using the indirect method for the National…
A: In the context of the given question, we need to find the right option from the available options.…
Q: Question 4. A Company purchases a machine at the beginning of the year at a cost of $78,000. The…
A: INTRODUCTION: One of the most often used techniques of depreciation is the straight-line…
Q: Elliot & Hesse Inc. Manufactures ergonomic devices for computer users. Some of its more popular…
A: The cost plays an important role in the performance evaluation. the greater the cost the lower the…
Q: What is the goal of a tax audit? A. To make sure you paying your imposed fines B. To make sure…
A: Tax audit means audit of the information provided in tax returns like income and expenditure are…
Q: On January 1, 2021 the national government provided a grant to Brgy ACYFA2 amounting to 24,000,000…
A: Depreciation: It is the reduction in the value of assets due to its continuous use of assets or its…
Q: Shepherd Nonprofit had the following information related to its investment balances during the…
A: The question is related to the Cash Flow Statement. Cash Flow Statement is summary of cash receipts…
Q: What is the difference between a specialized industry like banking and airlines to other industries…
A: Specialized industries are those industries that have specific financial and accounting standards…
Q: Dotty, age 40, incurred and paid for the following items this year: Doctor visits for allergy…
A: As per IRS, expenses paid during the year less reimbursed portion by employer or insurance company…
Q: artners A, B and C decided to liquidate their partnership. A summary of the partnership's state…
A: Partnership- A partnership is a type of business where two or more persons jointly own and are…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Gussie Fring has 100/300/50 automobile insurance coverage, and was involved in a very serious accident. One person sustained $200,000 in medical claims, and two other people are awarded a total of $135,000 each for injuries in an auto accident in which Gussie was judged at fault. How much, if any, of this judgment would the insurance not cover?Becky has 25/60/10 automobile insurance coverage. If two other people are awarded $32,000 each for injuries in an auto accident in which Becky was judged at fault, how much of this judgment would the insurance cover?Kurt has 50/100/15 auto insurance coverage. One evening he lost control of his vehicle hitting a parked car and damaging a store front along the street. Damage to the parked car was 5,400 and damage to the store was 12,650. What amount will the insurance company pay for the damages? What amount will Kurt have to pay?
- Becky Fenton has 75/150/85 automobile insurance coverage. If two other people are awarded $120,000 each for injuries in an auto accident in which Becky was judged at fault, how much of this judgment would the insurance cover? Insurance paymentKurt has 25/50/25 auto insurance coverage. One evening he lost control of his vehicle, hitting a parked car and damaging a storefront along the street. The damage to the parked car was $10,700, and the damage to the store was $18,500. What amount will the insurance company pay for the damage? What amount will Kurt have to pay?A) Nathaniel was severely injured while at work, he lost a portion of right arm. Nathaniel received compensatory and punitive damages for his loss. He received $20,000 in compensatory damages for his medical expenses, $5,000,000 for lost income, $400,000 for pain and suffering, and $800,000 in punitive damages. How much of the damages should Nathaniel include in gross income? B) Tamara and Shane entered into a divorce decree on May 2, 2019. Shane is required to pay his former spouse $3,000 a month. Tamara has custody of their only child, Nicole. When Nicole turns 18 on August 31, 2019, the payments change to $2,500 per month. The remaining $2,500 is to be paid to Tamara as long as she lives or until she remarries. How much of the payments from Shane should be included in Tamara’s 2019 gross income.
- Marika Katz bought a new Blazer and insured it with only compulsory insurance 10/20/5. Driving up to her summer home one evening, Marika hit a parked car and injured the couple inside. Marika’s car had damage of $9,600, and the car she struck had damage of $7,900. After a lengthy court suit, the couple struck were awarded personal injury judgments of $15,900 and $6,900, respectively. What will the insurance company pay for this accident? What is Marika’s responsibility?Oswald, while walking down the street, is hit by a reckless driver. Oswald sues the driver and recovers the following damages: $20,000 to reimburse Johnny for medical expenses previously incurred (but not previously deducted), $10,000 for pain and suffering, $5,000 for emotional distress stemming from the accident, and $2,500 in punitive damages How much of Oswald's recovery is included in gross income?Robert had an accident and injured a driver and her car. He has auto insurance with the minimum coverage for Illinois. He also has medical payments coverage of $1,000 and a $250 deductible on his collision coverage. The driver's injuries cost $5,000 and damages to her car cost $3,000. Robert's car had damages costing $4,000. How much will the Insurance company pay for these claims? $12,000 $11,250 $11,750 $3,750
- Kurt has 25/50/10 auto insurance coverage. One evening he lost control of his vehicle, hitting a parked car and damaging a storefront along the street. Damage to the parked car was $13,000, and damage to the store was $7,500. (a) What amount will the insurance company pay for the damages? Amount paid (b) What amount will Kurt have to pay? Amount paidAndre has an unendorsed HO-3 policy. His roof is torn off by a tornado. His limit on Coverage A is $100,000. RC of the roof is $25,000, and ACV of the roof is $22,000. RC of the covered contents damaged is $65,000, and ACV of the contents is $55,000. Ignoring the effect of any deductible, how much will his insurer pay for this loss? Please show your work.Marika Katz bought a new Blazer and insured it with only compulsory insurance 10/20/5. Driving up to her summer home one evening, Marika hit a parked car and injured the couple inside. Marika's car had damage of $7,500, and the car she struck had damage of $5,800. After a lengthy court suit, the couple struck were awarded personal injury judgments of $18,000 and $9,000, respectively. a. What will the insurance company pay for this accident? Amount paid b. What is Marika's responsibility? Amount paid
