Most insurance companies will replace a vehicle any time an estimated repair exceeds 80% of the "blue -book" value of the vehicle. Michelle's insurance company paid $8,600 for repairs on her car after an accident. What can be concluded about the blue -book value of the car
Q: follows. 1) The adjusted trial balance columns of the worksheet for Auburn Company are as Account…
A: Income Statement :- It is a part of financial statement of a company in which revenue and expenses…
Q: The payroll of Culver Corp. for September 2020 is as follows. Total payroll was $475,000.…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories.…
A: Calculation of plantwide predetermined overhead rate are as follows
Q: August 2022 data Work-in-process inventory, August 1, 2022 Direct materials inventory, August 1,…
A: The total manufacturing costs are calculated as sum of direct materials, direct labor and…
Q: American Food Services, Inc. leased a packaging machine from Barton and Barton Corporation. Barton…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: ost Flow Methods The following three identical units of Item K113 are purchased during April:…
A: Inventory refers to the stock that the company held for the resell purpose or the inventory that is…
Q: Which of the following are service businesses? Choose all answers that are correct. car dealership…
A: A service business engage with offering intangible items to its customer . they prove the service…
Q: N order to buy a new car, X plans to save half of his annual salary of 100,000 at the end of each…
A: The concept of time value of money will be used here. As per the concept of time value of money the…
Q: On September 1, 2016, Bain Corp. recorded a sale of inventory to a foreign customer for 300,000…
A: Foreign exchange transaction gain=Cash received-Value on the date of sale
Q: This year (2021), Evan graduated from college and took a job as a deliveryman in the city. Evan was…
A: AGI : It stands for Adjusted Gross Income which is calculated after deducting the…
Q: Q3: The following table gives the operation cost, maintenance cost and salvage value at the end of…
A: Present Value - Amounts of money that we will receive in the future are defined as having a present…
Q: A contract has been signed to lease a property at P250,000 per year with an annual increase of…
A: 1. PA is equal to answer b. P1268923.02 2. PG is equal to answer c. P 299199.84 3. Lumpsum paid…
Q: Mr. Y has gross sales of P1,480,800. He adds a 20% mark-up on cost. His operating expense is 30% of…
A: Taxable Income Using Itemized Deductions All ordinary and necessary expenses paid or incurred during…
Q: Clear Water Company reports the following balance sheet accounts as of December 31. Buildings…
A: The balance sheet is a financial statement that the company prepared for a specific period under…
Q: I. MAS involves decision making of practitioner for the management to meet its goals. II. A CPA’…
A: MAS refers to the Management advisory services, it is a broad concept. It involve problem solving…
Q: Activity-Based Costing: Factory Overhead Costs The total factory overhead for Bardot Marine Company…
A: Activity-based costing is used to distribute the unallocated overhead on the basis of activity.…
Q: On August 1st 2019, L&L Incorporated purchased $34,775 in CASH for 30 iPad Tablets for the employees…
A: Elements of fundamental accounting Making records of all transactions that the company conducts is…
Q: 1. The shareholders equity of Saffron Co. showed the following data on December 31, 2021: 12% Share…
A:
Q: In your calculations, round the variable rate per employee hour to the nearest cent. If required,…
A: High low method is one of the method used for cost estimation under which variable costs and fixed…
Q: Jax Incorporated reports the following data for its only product. The company had no beginning…
A: Under absorption costing, fixed manufacturing costs are also allocated to the units produced.…
Q: Sims Company began operations on January 1. Its cost and sales information for this year follow.…
A: Variable costing Income statement: The variable costing income statement is the income statement in…
Q: Alexandra, a cash basis taxpayer who turned 58 in 2022, takes care of her elderly parents and…
A: Taxable Income: - Taxable income refers to the total income of the individual after deduction.…
Q: CCF Incorporated stock is selling for $15.32 per share woth an EPS of 0.58 cents per share. what is…
A: PE ratio means the price earnings ratio. It is the ratio which is determined to know the worth of…
Q: Bid preparation Shipment Support standard items Support nonstandard items Number of bid requests…
A: Customer Profitability Report helps us to analyze the profitability of a customer or segment of…
Q: Second Republic Bank is a lending company that operates in the Southeastern United States. Current…
A: As per Bartleby guidelines if multiple questions are asked then expert need to answer only first…
Q: A sheaf of papers in her hand, your friend and colleague, Chloe, steps into your office and asked…
A: Formula:
Q: ABC Company hired X as an independent contractor, whereby ABC has no power to control X's conduct.…
A: Income Tax Liability: The entire amount of unpaid taxes owing to the government by a person,…
Q: AP6-14A (Current and quick ratios) The following amounts were reported by Liquid Company in its most…
A: Current ratio and Quick ratio are those liquidity ratios which helps in analysing liquidity position…
Q: The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as…
A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…
Q: The custodian was not authorized to handle cash from payroll- or sales-related transactions.…
A: The purpose of a petty cash fund is to provide business units with sufficient cash to cover minor…
Q: Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories.…
A: Calculation of predetermined overhead rate , overhead applied, manufacturing cost and unit cost are…
Q: Required: 1. Compute the weighted-average contribution margin without the new equipment. 2. Assume…
A: Introduction:- Break-even point point means, where no profit or loss At Break-even point point,…
Q: Let: BES= break-even sales, R = revenue per unit, F = fixed costs, V = variable cost per unit, CMR =…
A: Break-even sales shows the amount of sales to generate 0 net income. At this point, total revenue is…
Q: Skip to question [The following information applies to the questions displayed below.]…
A: The plantwide overhead rate is a single overhead rate that a company uses to allocate all of its…
Q: Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net…
A: Ratio analysis helps to analyze the financial statements of the company. The management can take…
Q: John bought a small boat for $17,000. He made $2,500 down payment on it. The bank's loan was for 60…
A: Finance Charge - Finance charge is the additional amount to be paid on the flexibility in payment to…
Q: I. If there is a positive NPV, IRR is higher than the cost of capital. II. If annual net cash…
A: Net present value is the difference between the present value of cash inflows and present value of…
Q: An engineer bought a second-hand service car and later sold it to a client at a profit of 20%. He…
A: Cost accounting is one of the important branch of accounting, which takes into account all costs…
Q: Exercise 4-12 (Algo) Recording purchases, sales, returns, and shipping LO P1, P2 Following are the…
A: Introduction: A journal entry is used to record a business transaction in the company's accounting…
Q: Prepare journal entries to record the following merchandising transacti the gross method. (Hint: It…
A: A Journal Entry is used to record the transactions happening in a business when they happen. It…
Q: Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income…
A: Working Notes:(1) 80% of the materials were direct(2) 70% direct labour; 30% indirect labour(3) 80%…
Q: Marmee bought a Toyota truck for $38,000. Marmee made a down payment of $6,000 and paid $590 a month…
A: Finance Charge - Finance Charge is the amount paid over and above the cost of assets purchased. This…
Q: 4. Average collection period 5. Asset turnover ratio 6. Profit margin on sales + days %
A: Introduction:- Ration analysis is used to identify financial health of company. It is measured from…
Q: The operation of a resource companies oil sands activities result in environmental damage. Well the…
A: The purpose of accounting is report the financial information about the business and…
Q: The Vermillion Inc. wants to raise its working capital. The Company decides to issue 6,000 shares of…
A: A warrant is a type of financial instrument that businesses would offer in return for a cost or…
Q: DISCUSSION QUESTION An invoice for consultancy service provided to Running Track Club for $25,000…
A: Financial statements are an important tool for understanding the performance and condition of a…
Q: (Partial) Income Statement tA $
A: Income statement refers to the financial record which reflect the total revenue generated by ac…
Q: 29 The Home Depot is the largest home improvement retailer in the United States. Home Depot…
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…
Q: R GLO401 (Algo) - Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following…
A: Schedule of Receivables - Schedule of Receivables includes the ledgers of all the receivables.…
A6
Most insurance companies will replace a vehicle any time an estimated repair exceeds 80% of the "blue -book" value of the vehicle. Michelle's insurance company paid $8,600 for repairs on her car after an accident. What can be concluded about the blue -book value of the car?
Step by step
Solved in 2 steps
- You damage your car in an accident that is covered by your collision insurance, which has a $200 deductible. If the damage to your car costs $1,200, the insurance company would pay ___.You 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; $4,000 property damageIf you are at fault in an auto accident and carry an auto-liability-insurance requirement of 10/20/5, what is the total dollar amount of your coverage? Amount of coverage$___ ($25.000 is incorrect) ANSWER IN TYPING
- A3) Finance Assume you have a Personal Automobile Policy with 50/100/10 split limits. You are responsible for an accident which causes property damage to a sidewalk cafe and injures four persons. The injured people successfully sue you for $5,000, $10,000, $30,000 and $80,000 and the café owner successfully sue you for $5,000. Your insurance company will pay: a. $65,000 b. $67,500 c. $127,500 d. $130,000 e. None of the above1. Calculating property loss claim coverage. Most home insurance policies cover jewelry for $1000 and silverware for $2500 unless items are covered with additional insurance. If $3800 worth of jewelry and $2800 worth of silverware were stolen from a family, what amount of the claim would not be covered by insurance? 2. Computing actual cash value coverage. What amount what a person with actual cash value (ACV) Coverage receive for two-year-old furniture destroyed by fire? The furniture would cost $1000 to replace today and had an estimated life of five years. 3. Determining replacement cost. What would it cost an insurance company to replace a family's personal property that originally cost $42,000? The replacement cost for the items have increased 15%. Please show answer, explanation, and formulaHh1. Account Gerry likes driving small cars and buys nearly identical ones whenever the old one needs replacing. Typically, he trades in his old car for a new one costing about $16,000. A new car warranty covers all repair costs above standard maintenance (standard maintenance costs are constant over the life of the car) for the first two years. After that, his records show an average repair expense (over standard maintenance) of $2600 in the third year (at the end of the year). increasing by 50 percent per year thereafter. If a 30 percent declining-balance depreciation rate is used to estimate salvage values and interest is 9 percent, how often should Gerry get a new car?
- You had a car accident and needed another car immediately because you rolled out any other forms of transportation. A car dealer offers you $3,000 for your damaged car "as is" also, your insurance company estimates that there is $3,000 in damage to your car. The insurance company car fix the car right away in a repair shop belonging to this company. Because you have collision insurance with 1,000 deductibility provision, the insurance company mails you a check with only $2,000. The odometer reading on your damaged car is 48,000 KM. What should you do? Use seven-step procedure to analyze your situation. Additional information : -You have $8,000 in savings. - you can buy a newer car for $10,000 with odometer reading of 28,000 КМ. - after repairing the damage car, it can be sold for $5,000 - a discount repair shop charges $1,700 and requires 1 month. - a car rental for one month is $400.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 $130,000Your insured has an O.A.P. 1 Owner's Policy with $1,000,000 Liability, standard Accident Benefits and All Perils coverage. Near Sudbury, Ontario he/she rear-ends another automobile and is found liable for the accident. Your insured's vehicle is a total loss. Your insured is convicted of impaired driving. Which one (1) of these statements is true? Insured's policy will pay - for the damage to the third party vehicle and subrogate against your insured. nothing for the damage to your insured's car because he/she was impaired. Third party damage will be paid by third party's insurer. for the damage to the third party vehicle with no right to for the damage to the third party vehicle with no right to subrogate against your insured. for your insured's collision loss only.
- Bill Converse of Rexburg, Idaho, recently had his truck slide off a gravel road and strike a tree. Bill's vehicle suffered $18,000 in damage. The truck has a book value of $38,000. Bill carried collision insurance with a $400 deductible. How much will Bill be reimbursed by his policy? Round your answer to the nearest dollar. $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 $7,500You 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 $92,000
