The рroduction deрartment of an insurance comрany reрorted Ρhр 45,121.00 insured рolicy by an insurance agent. What was the commission rate of the agent who receives Ρhр 3,390 as his commission last month.
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The рroduction deрartment of an insurance comрany reрorted Ρhр 45,121.00 insured рolicy by an insurance agent. What was the commission rate of the agent who receives Ρhр 3,390 as his commission last month.
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- 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...............................100,000Find the following: (Round your answer to the nearest cent.) Face Value Age and Sex of Insured Type of Insurance Annual Premium $26,000 37F Straight LifeThe 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…
- Calculate the short-rate premium and refund of the following: (Use Table 20.4.) ****TABLE ATTACHED**** Annual premium Canceled after Short-rate premium Refund $360 4 months by insurance companyUnder ABC Company’s accounting system, all insurance premiums paidare charged to insurance expense. Information for the year endedDECEMBER 31, 2020 is as follows: prepaid insurance, beg. is P150,000;renewal of insurance charged to expense during the year applicable forthe period April 1, 2020 - 2021 is P500,000. What is the insurance expenseusing the accrual basis accounting? A. P275,000B. P500,000C. P525,000D. P650,000E. answer not givenReviewing insurance policies revealed that a single policy was purchased on August 1, for one year’s coverage, in the amount of $6,000. There was no previous balance in the Prepaid Insurance account at that time. Based on the information provided: Make the initial journal entry for the purchase of the single insurance policy: DR a) Cashb) Prepaid Insurancec) Insurance Expensed) Accounts Payable a) $2,500b) $3,500c) $6,000 CR a) Cashb) Prepaid Insurancec) Insurance Expensed) Accounts Payable a) $2,500b) $3,500c) $6,000 Make the December 31 adjusting journal entry to bring the balances to correct: DR a) Insurance Expenseb) Prepaid Insurancec) Cashd) Accounts Payable a) $3,500b) 6,000c) $2,500 CR a) Insurance Expenseb) Prepaid Insurancec) Cashd) Accounts Payable a) $3,500b) 6,000c) $2,500
- ACCRUALS & DEFERRALSAnswer and explain thoroughly EXERCISES For the following items, make a journalentry of the original transaction (ifapplicable) a. Paid $10,800 for 6-months’ insurance premiums. b. The balance in the ledger account Office Suppliesamounted to $32,000. A count of the office supplies onNov. 30 totaled $12,800. c. Received $22,800 on Nov. 1 from a customer forservices to be rendered during the months of November,December, January, and February. d. Acquired Office Equipment costing $352,800 on April 1.the equipment is expected to last 5 years. After which, itwill be worthless. e. Assume that on Nov. 30 is a Friday and that thecompany pays its employees a total of $87,500 onSaturday.7)Neal Insurance Company collected a premium of $15,000 for a 1-year insurance policy on May 1. What amount should Neal report as a current liability for Unearned Insurance Premiums on December 31? a)$10,000. b)$13,500. c)$15,000. d)$5,000Bagwis 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? Group of answer choices 3,600,000 4,800,000 3,400,000 4,000,000
- Hello! thank you for answering. May I ask why on the adjusted trial balance you put 50 in insurance expense?Please answer Requirment 4, 4 & 6 7-5 On September 1, 2021, Amy’s Floral Shop, Inc. paid cash for the following two insurance policies.Insurance Policy #1Type of insurance coverage ................................. Auto and TruckStarting date of the insurance coverage ............... September 1, 2021Period of time coverage is for ............................... 3 monthsTotal cost of coverage paid in advance ................ $525Insurance Policy #2Type of insurance coverage ................................. Business LiabilityStarting date of the insurance coverage ............... September 1, 2021Period of time coverage is for ............................... 4 monthsTotal cost of coverage paid in advance ................ $1,400The company has the accounting policy that all prepaid assets are initially recorded in assetaccounts. The following is a partial list of the accounts in Amy’s General Ledger. These are the only accounts you need for this problem. Cash Prepaid Insurance…Assume prepaid insurance at the beginning of the period amounted to P15,000 and total insurance premium paid during the period amounted to P8,000, what would be the balance of prepaid insurance at the end of the period if insurance expense for the period amounted to P6,000?a. P15,000 c. P13,000b. P1,000 d. P17,000