QUESTION 13 Your venture has signed a new consulting contract that will require you to invest in new analytical software and a new computer. The cost of this equipment is $200,000. You will finance this investment by borrowing from the bank. The loan will be for 6 years at a rate of 7%. The loan will be amortized over the three years so that at the end of year 3 your loan balance will be $0. The principal payment at the end of year 3 is $32,010.44 plus or minus $5. True False

Q: To increase Prepaid Insurance a credit entry is needed. Select one: O True False

A: Assets are the resources owned by company. It has debit balance. Example:- Cash, accounts…

Q: The allowance for doubtful accounts is an example of a(n) Group of answer choices expense account…

A: The amount which are expected not to be collected are recorded in the Allowance for doubtful A/c.

Q: The simplest way to account for an uncollectible account is to use the allowance method. False True

A: The bad debt expense can be recorded in the books using two methods:Direct write off methodAllowance…

Q: Nash Corporation borrowed $92,000 on November 1, 2025, by signing a $94,070, 3-month,…

A: Journal entry is a  primary entry that records the financial transactions initially. The…

Q: Which one of the following options is correct for a journal entry creating provision for warranty…

A: SOLUTION- THE COMPANY NEEDS TO MAKE PROVISION OF WARRANTY WHEN IT SELLS THE PRODUCT WITH THE…

Q: Under the direct write-off method, uncollectible accounts are recorded: Multiple Choice O Never. in…

A: The direct write-off method is one of the methods to recognize bad debt expenses. This methods…

Q: 9) Which is not a feature of bill of exchange?

A: A Bill of exchange is a document that contains a written agreement between two parties where one…

Q: A promissory note is"inchoate" until it has been delivered to the____ a. payer or bearer b.payee…

A: Lets start with basic understanding. As per bill of exchange Act 1982, Promissory note is a…

Q: 9. 10. 11. 12. 13. 14. Paid the utility bill for the month, $1,800. Paid Daily Herald the amount due…

A: Lets understand the basics.There are various steps after which statement of financial position gets…

Q: er type of account name for gift card lia

A: Gift card liability refers to the concept that reflects that the company has the obligation to…

Q: Which coverage under the Ontario Auto Policy (OAP 1) applies to the damage to the vehicle in not at…

A: OAP 1 policy- It sets out the detailed rights and obligations of both the insured and their…

Q: Which of the following is not an insurance management tool? Group of answer choices deductibles.…

A: Insurance management: Insurance Management is the administration of all insurance requirements, both…

Q: Research about and in your own words, describe the different EXCLUSIONS FROM GROSS INCOME: Ø…

A: Deduction in respect of life insurance (80C) The provisions of sub-section (2) shall apply only to…

Q: 21. What is the form that filled out by insured if a loss is suffered? *

A: Takaful is a sort of Islamic insurance in which members combine their funds to protect one another…

Q: Deductibles are not used in which of the following type of insurance?

A: Deductibles in insurance: The deductibles is an expense the insured have to pay in before the time…

Q: uge to or loss of a dwelling and personal property of of g protects the beneficiary against the…

A: The objective of the question is to understand the various aspects of insurance and how it works. It…

Q: N/R journal entries affecting the T-accounts for the allowance for doubtful accounts.  Thank you for…

A: Date Description  Amount  Amount 01 Mar Z and Co. A/C                                   .dr…

Q: Define Allowance for Uncollectible Accounts.

A: Allowance for uncollectible accounts: Allowance for uncollectible accounts is a contra-asset…

Q: If any discount is offered for early payment of invoice will be called as a. Cash discount b. Trade…

A: An early payment discount – also known as a prompt payment discount or early settlement discount /…

Q: equest a

A: Manufacturing overhead rates refer to the regulated factory expenses designated for each unit of…

Q: 20. The written insurance document that may include all clauses, exception and conditions is called…

A: The written insurance document that may include all clauses, exception and conditions is called…

Q: Suppose health-care reform Y makes it unlawful for insurance companies to deny insurance to persons…

A: In finance when health care related policies are implemented then a cost benefit analysis is done by…

Q: Question 7: Barring any special circumstances, over what age is an individual eligible to receive…

A: A person, be age 65 or older, must be having qualifying disability to receive medical benefits

Q: (b) What entry would Carla make at December 31, 2020, to record the investments in the Lee and Woods…

A: Solution:- Preparation of journal entries as follows under:- Notes:- 1)Fair Value adjustment of Lee…

Q: 0 Confirmation of a credit may be given by______ A, the beneficiary at the request of the importer…

A: Banks provide credit to customers for doing business and this help to grow business.

Q: Loans are available from term life insurance policies.   a.   True   b.   False

A: Policy loans are not available from term life insurance policies. Because there is no cash value to…

Q: Find the annotations for §165 concerning Casualty in general (look under Annotation for Code Sec.…

A: Section 165 of the U.S. Internal Revenue Code, Title 26, deals with losses. Specifically, Subpart B…

Q: According to the VAT Act Cap 349 explain: (i) Why records must be kept.

A: A person liable for tax under VAT Act shall maintain: original tax invoices, copy tax invoices,…

Q: What are credit memos and debit memos?

A: SOLUTION- INVOICE IS A DOCUMENT SUBMITTED TO A CUSTOMER , IDENTIFYING A TRANSACTION FOR WHICH THE…

Q: When compleling an insurance applicalion, a producer should A. complete as much of the application…

A: The job of the producer is to make sure that the applicant knows all the features of the insurance…

Q: Fee-for-service methods of reimbursement create strong incentives for providers to reduce the volume…

A: Fee-for-service reimbursement is a method of payment for healthcare services in which providers…

Q: Glass insurance ... 1  provides no cover for plate glass shop counters. 2  covers the cost of…

A: insurance: it provides the protection against any loss.

Q: 2) ______________ is a document issued by the seller to the buyer. a. Invoice b. None c. Pay slip…

A: The right answer is option a. Invoice is a document written  by the seller  in the name of  buyer…

Q: 17. The insurer will issue to the insured before completion of policy form. O A. certificate of…

A: An insurer is a party that commits to compensate individuals, businesses, or other organizations for…

Q: What is the minimum limit that an automobile policy must carry for third party liability in Ontario?

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: The journal entry to record uncollectible accounts expense under the allowance method is a.…

A: Journal entries are reported in the books so as to report the transactions primarily and to keep a…

Q: 1  Exclusions to policies cannot be deleted and always apply. 2  Exceptions to a policy can be…

A: The correct answer is option 3  Loss arising from war is a general exclusion to commercial policies.

Q: Define the followings? 1.) Rubber cheque. 2.) Blank endorsement. 3.) Transposition error.

A: Rubber cheque: Rubber cheque is a cheque which does not have enough money to be cashed. It is also…