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- The ledger of Casper Consulting at January 31, 20X5 includes the following selectedaccounts:Prepaid insuranceSuppliesBuildingLandNotes payableUnearned service revenueDebit$3,6001,800100.00060,000Credit$90,0008,000Casper's accountant is inexperienced, and he would like your help in preparing thecompany's January 31, 20X5 financial statements. He has provided you with the following information:1. A one-year insurance policy costing $3,600 was purchased on January 1, 20X5. Atthat time the full amount was debited to prepaid insurance.2. A physical inventory count on January 31,20X5 revealed $800 in supplies were still.remaining.3. Land and building were purchased on January 1, 20X5 at a cost of $160,000. Thebuilding has an expected useful life of 20 years. The purchase was financed by paying$70,000 in cash and the balance on a 2-year, 8% note payable. Interest for the monthof January was $600 and was paid on February 1, 20X5.4. Unearned service revenue related to a client retainer paid on…Match with the best answer. /15 Insurance for Business Property and Earnings You need to protect your assets and earnings in the event that a disaster or emergency destroys part or all of your business premises and assets. This could include: 6. ____ Property insurance F. If you need to shut down your business temporarily due to a fire or other peril, this type of insurance will cover your loss of earnings until you are back in business. 7. ____ Contents insurance G. This will cover the property and buildings owned by your business in the event of destruction or damage due to things like fire and other perils 8. ____ Business interruption insurance H. You will need to insure any vehicles that your business owns. If you use personal vehicles for business purposes, be sure to advise your insurance company. 9. ____ Vehicle insurance I. This covers the business assets that you store at your business…Q2: Reinsurance can be used by an insurer to solve several problems. Assume you are an insurance consultant who is asked to give recommendations concerning the type of reinsurance plan or arrangement to use. For each of the following situations, indicate the type of reinsurance plan or arrangement that the ceding insurer should use, and explain the reasons for your answer. Company A is a primary insurer and your stable client. It starts offering automobile insurance and wants to reinsure 50% of the losses. Company B, currently not your client, is a primary insurance company that introduces a new insurance product covering a risk of loss on yachts. The average value of a transport plane is €300,000. A pool of insurers covering a nuclear power plant property and liability risk wants to reinsure this risk in your company.
- 2. Prepare a December 31 balance sheet in proper form for Surety Insurance using the following accounts and amounts: Commissions Revenue Earned.............$40,000Accounts payable..................3,500Accounts receivable............... 5,000M. Bruno, Capital..................103,500Office equipment...................10,000Advertising expense............. 3,200Cash................................... 7,500Land......................................35,000Note payable.......................... 50,000Office supplies........................500Salaries expense....................12,000Salaries payable.....................1,000Building...............................100,000J. Explanation of Benefits XYZ Insurance Company Explanation of Benefits Walden-Martin Family Medical Clinic 1234 Anystreet Anytown, AK 12345-1234 Patient Treatment CPT Name Dates Code Yan, Tai 01/06/20XX (99205 01/06/20XX 01/06/20XX Totals Gomez, 01/07/20XX Pedro Totals 82947 86580 99212 * Amount Charge Reason Covered Deductible Co-Pay Code Amount Amount Amount Paid At 132.28 03 15.00 11.34 158.62 28.55 28.55 70.92 01/04/20XX 71020 Totals Green, 01/04/20XX 99203 Jana 40.97 111.89 Reason Code: 03 Allowed amount per insurance contract 03 03 125.00 15.00 11.34 151.34 28.55 28.55 69.23 34.95 104.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Copyright © 2020, Elsevier Inc. All Rights Reserved. 80% 80% 80% 0.00 80% 0.00 80% 0.00 80% 01/20/20XX Payment Amount 100.00 12.00 9.07 121.07 22.84 22.84 55.38 27.96 83.34 Check No: 56390 $227.25 Using the explanation above answer the following questions: 1. For Tai Yan's office visit, 99205, there is a difference between the Charge Amount and…Restate the impact of Bayshore Radiology Center’s transactions on their balance sheet using these data: a. Transaction 2: The $200,000 equipment purchase is made with long-term borrowings instead of cash. b. Transaction 3: The $200,000 in supplies are purchased with cash instead of on trade credit. c. Transaction 4: The $50,000 in services provided are immediately paid for by patients instead of billed to third-party payers.
- ALLIED SERVICES COMPANY Cash Voucher No. 350 June 1, 19A Pay to: Insular Insurance Company For: Full payment of fire insurance policy for the pe- riod June 1, 19A to June 1, 19B, P3,600. Account, debited: Insurance Expense Received payment of the above. C. Gan-Insurance AgentA small insurance company is known for providing automobile insurance but also provides homeowner's insurance and life insurance. Jocelyn is one of the agents for the company. She reviews the data for its customers who have automobile insurance and whether they also have homeowner's insurance and life insurance with the company. The results of the data are shown in the accompanying table. Has Life Insurance Does Not Have Life Insurance Total Has Homeowner's Insurance 796796 109109 905905 Does Not Have Homeowner's Insurance 154154 698698 852852 Total 950950 807807 1,757 Jocelyn says that there is no association between whether an automobile insurance customer has homeowner's insurance or life insurance with the company. Determine whether Jocelyn is correct and, if not, correct her statement.a salesperson works for a brokers realty firm. the broker is the sole proprietor with 42 active brokerage engagements. after recieving a prospects call about wanting to make an offer on one of those listed properties, the salesperson learns that the broker has had a severe stroke and has been hospitalized. upon visit in the sales person finds her alert but paralyzed on one side of her body. have the brokerage engagement of the brokers firm come to an end? yes because this firm has over 20 active brokerage engagementS no but if the broker dies, the brokerage engagements of the firm will be terminated yes anytime a broker is hospitalized, all brokerage engagements of the firm terminate no only the bankruptcy of a broker can terminate A firm's brokerage engagement
- Muzna Salim Mob Which of the following should be disclosed as a note to financial. statements as a contingent liability? Damages awarded against a company by court, for wrongful dismissal of an employee A customer's claim for injuries suffered on company premises with 5% chance of success A customer's claim which, according to legal opinion, has a 75% chance of success A customer's claim that is unlikely to succeed finition of rovenue stated hy JERS15 which of the following statements is correct?wG4Dk117HJktSSZOuFUPAdVMUVw_Qlz7Q/formResponse C. renewal notice O D. completion notes 18. A warning on duty to disclose changes affecting the existing policy inspection are sent to insured through proposal form O B. certificate of insurance O C. renewal notice O D. completing notes 19. is the document that acknowledge the insured legally entitled toPrepare a classified balance sheet Be careful as this is a classified financial statement All accounts may not be used Third party revenue $6,100,000.00 Patient receivable $10,350,000.00 Accounts Receivable $1,400,000.00 Cash $50,000,000.00 Insurance expense $3,687,000.00 Mortgage Payable $12,630,000.00 Mortgage Payable- Current $1,100,000.00 Inventory (asset) $7,800,000.00 Wages Payable $3,900,000.00 Wage Expense $2,700,000.00 Inventory expense $4,650,000.00 Plant and Equipment $41,700,000.00 Accounts Payable $18,300,000.00 Supplies Payable $8,175,000.00 Medical Supplies $12,300,000.00 Medical Supply Expense $2,943,000.00 Net Assets without donor restrictions $17,693,000.00 Net assets with donor restrictions ???????????
