A domestic insurance company had the following collections: Health and accident insurance Motor vehicle insurance Life and disability insurance Property Insurance The percentage tax due is O 92,500 414,000 O 272,000 83,800 P 2,340,000 1,250,000 1,850,000 2,840,000
Q: 12. Government assistance is action by government designed to provide an economic benefit specific…
A: Hi, there, Thanks for posting the question. As per our Q&A honour code, we must answer the first…
Q: 2. Consider the following international transactions, which together make up all the transaction of…
A: Balance of Payments (BoP) for an economy = Current A/c Balance (Trade in goods & services, etc.)…
Q: Susan Mills, Company B's chief accountant, has developed an automated costing system that helps…
A: Susan Mills, the chief accountant of Company B, observed that the new Costing system is able to…
Q: payable is Historical Maturity value Discounted cash-flow valuation at current effective rates…
A: The bond payable is considered to be liability for the firm and cooperations because they involve…
Q: Accounting Enjoy Limited is an education center that provides education services to students in Hong…
A: Solution Income statement is also called profit or loss statement that shows company's…
Q: KEW Enterprises began operations in January 20X1 to manufacture a hand sanitizer that promised to be…
A: Preparation of worksheet are as follows
Q: Your audit of Hemsworth Company’s accounts receivable and its related allowance for doubtful…
A: Introduction A provision for doubtful accounts is a response asset since it affects the value of an…
Q: Restoring balance to the nitrogen cycle is one of the challenges facing engineers. Improving the…
A: Concept of Discounted Cash flow:- This is the concept related to discounted cash flow. The…
Q: Olabisi operates a lawn care service in southeastern Missouri. Olabisi incurs $63,000 of expenses…
A: This statement is FALSE.
Q: Check order TOTAL Adjusted Balance 689.45 2043 Adjusted Balance 23.45 848.48 What are the two errors…
A: Bank Reconciliation Statement Statements of bank reconciliation confirm that cash receipts have been…
Q: Question 3. A small hazardous waste treatment plant is considering two processes bellow. The plant…
A: Net present value refers to the capital budgeting method widely used by large companies to determine…
Q: LO.2 Ed, an employee of the Natural Color Company, suffered from a rare disease that was very…
A: Gross income: - Gross income refers to the total income earned by an individual before any deduction…
Q: Account Name Cash M4 Engineering, Inc. Adjusted Trial Balance For the Year Ended December 31, 2020…
A: The financial statements of the business include the income statement and balance sheet. The…
Q: On January 1, 20x1, ABC Co. issued its 8%, ₱2,000,000 bonds. Principal is due on December 31, 20x3…
A: Effective Interest method: It is a method of bond amortization. This method takes into account two…
Q: 14 He rented an office space which was already fully furnished for a monthly rental of P15,000. Gave…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: entory on cost 35, Tems. balance to Crop Company on November 13. (Assume both companies use a…
A: The journal entries are prepared to record the transactions on regular basis. Using perpetual…
Q: Please answer with reason for all why the option is correct and why the other options are incorrect…
A: Independence in Auditing Independent auditors are chartered or certified public accountants who look…
Q: Crown Co. can produce two types of lamps, the Enlightner and Foglighter. The data on the two lamp…
A: In order to determine the Breakeven point in dollars, the fixed cost are required to be divided by…
Q: 1. A partial listing of cost incurred during December at Gwapa Corp. appears below: Factory overhead…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Required information [The following information applies to the questions displayed below.] Diego…
A: Answer : Variable cost = Direct material + Direct labor + Variable manufacturing overhead =…
Q: East Hill Home Healthcare Services was organized five years ago by four friends who each invested…
A: A Sole Proprietorship is a business that is owned or controlled by an individual. A Partnership is…
Q: 1. Accounting estimate are a specific principles, bases, conventions, rules and practices applied by…
A: Hi, as you have posted multiple sub parts, but as per the bartleby policy we only able to solve the…
Q: ts) A tornado recently destroyed all but $1,305,000 of Orr Corp.'s inventory. Beginning inventory…
A: Given, Inventory destroyed by tornado = $1,305,000. Opening inventory = $2,175,000. Inventory…
Q: What are the ways to escape financial fraud? And why is it important to prevent it?
A: Any type of misrepresentation, forgery and mislead which harms the financial health of an…
Q: Calculate the taxable value of the benefit for Jenny's employer for provision of the motor vehicle…
A: According to the given question, we are required to compute the taxable value of the benefit.…
Q: how people use debt, the tax deductions for debt, the loan process, application of debt, 0 %…
A: ANSWER FOR FIRST EXAMPLE:- Debt repayment tenure If a debt is for $100,000 and the tenure is for 20…
Q: Margaret's Maid Service began the year with total assets of $133000 and stockholders' equity of…
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after…
Q: Describe the accounting for intangible assets, such as patents, copyrights, and goodwill.
A: Fixed assets are the resources acquired for earning economical benefits for more than a year. These…
Q: The dividen rate of taxation for a higher tax bracker earler is: a. 12.5% Ob. 32.5% O c. 38.1% Od.…
A: According to the given question, we are required to find out the correct option from the available…
Q: 2. What journal entry must Lowe’s make when a customer purchases and pays for, but does not yet use,…
A: The gift card is one of the incentives to customer for boosting the sales of the…
Q: E3.4 (LO 1), C The following independent situations require professional judgment for determining…
A: A generally accepted accounting principle (GAAP) called revenue recognition specifies the particular…
Q: You are to buy a new machine for building a new type of rockets for Wiley Coyote. You have two…
A: The question is based on the concept of Financial Management. Net present worth is the difference…
Q: QUESTIONS: Based on the above date and result of the audit, compute the following: Dividend revenue…
A: An unrealized gain or loss is paper trading where no stock is actually sold. It is to be done by…
Q: Jayden now has $500. How much would he have after 5 years if he leaves it invested at 6.1% with…
A: calculation of amount after 5 years are as follows
Q: Two Sisters is a partnership that owns and operates a farm. During the current year, the partnership…
A: The amount realized by two sisters from exchange= $30,000 (in terms of young horse value) Cost of…
Q: answer numbers 12-15 with complete solution. incomplete answer will be given down vote
A: 12.Prevention cost: Quality engineering P65000 Quality circles…
Q: Does someone need to start a business from scratch to be called an entrepreneur?Disscuss
A: Yes someone need to start a business from scratch to be called an entrepreneur. Most people envision…
Q: nts) Which of the following accounts should be credited each time a sale on account is made if the…
A: Perpetual inventory system: It is a method of inventory management that records real time…
Q: he budget director of Gourmet Grill Company requests estimates of sales, production, and other…
A: Preparation of sales budget and production budget of Gourmet grill company are as follows Sales…
Q: Quality Cut Steak Company uses a perpetual inventory system. The records of Quality Cut Steak…
A: preparation of single step income statement and multi step income statement and other necessary…
Q: Data concerning a recent period’s activity in the Prep Department, the first processing department…
A: Process costing is used in an organization where a similar kind of product is produced and goods are…
Q: Record the journal entries necessary to correct each of the errors mentioned above. Narrations are…
A: I) Record the journal entries necessary to correct each of the errors mentioned above. Narrations…
Q: Compound Interest Applications Use the TVM Calculator to solve the following compound interest…
A: The question is based on the concept of Financial Management. Using the excel for the required…
Q: B C 1 Cash and book breakeven calculation example 2 A company has $2.1 million of sales today, SG&A…
A:
Q: End of Chapter: Merchandising Options E-F:5-24 Journalizing purchase and sales transactions…
A: Introduction: A transaction is a business event that has a monetary effect on a company's financial…
Q: X-1 Corp's total assets at the end of last year were $450,000 and its EBIT was $55,000. What was its…
A: Introduction: The Basic Earning Power Ratio (BEP) measures how well a firm generates earnings in…
Q: P Ltd owns 55% of the shares of S Ltd. Each share entitles the holder to one vote at the AGM. The…
A: A subsidiary in the business sector is a business that is a part of another business, which is…
Q: Product Costs using Activity Rates Nozama.com Inc. sells consumer electronics over the Internet. Fo…
A: Activity-based costing is a technique where the total cost of manufacturing a product is determined.…
Q: provide the cost of good sold statement of jan 2022 from the beginning balances and journal entries…
A: Statement showing the Cost of goods sold : Direct material used: Material, January 1.…
Q: What is a POS System? A system has 5 main components, what are Who are the primary stakeholders in…
A: We will answer the first three parts of the multi-part question you have here for free. Please…
Step by step
Solved in 2 steps
- Bounce Back Insurance Company carries three major lines of insurance: auto, workers' compensation, and homeowners. The company has prepared the following report: Bounce Back Insurance CompanyProduct Profitability ReportFor the Year Ended December 31 Auto Workers' Compensation Homeowners Premium revenue $5,800,000 $6,250,000 $8,200,000 Estimated claims (4,060,000) (4,375,000) (5,740,000) Underwriting income $1,740,000 $1,875,000 $2,460,000 Underwriting income as a percent of premium revenue 30% 30% 30% Management is concerned that the administrative expenses may make some of the insurance lines unprofitable. However, the administrative expenses have not been allocated to the insurance lines. The controller has suggested that the administrative expenses could be assigned to the insurance lines using activity-based costing. The administrative expenses are comprised of five activities. The activities and their rates are as follows: Activity Activity…Market wages Home production Expenses (net of added income) Debt/funeral costs Spouse A $1,090,655 $870,655 $1,044,786 $348,262 O $428,957.20 80,000/year 12,000/year 50,000/year 220,000 Spouse B 20,000/year 40,000/year 50,000/year 220,000 How much life insurance should be purchased for Spouse B if using the expense approach, assuming 25 years and 3% rate? Please select the number closest to your answerCalculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Amount Amount Medicare Before Current Current Year-to-Date Soc. Sec. Over Max. Subject to Soc. Sec. Tах Тax Weekly Payroll Gross Pay Earnings Maximum Soc. Sec. Soc. Sec. Withheld Withheld $ 21,600 $1,720 $128,400 2$ $ 54,600 4,180 128,400 127,600 3,985 128,400 127,900 4,700 128,400
- The insured has divided the insurance on its building as follows: $200,000 with insurer M and $300,000 with insurer R. The If there is a $100,000 loss, insurer M will pay: OA $40,000 OB. $60,000 C $66,666 $100,000 D.A homeowner’s policy was cancelled by the Illinois insurance guaranty fund due to insolvency of the insurance company the unearned premium was $625.00. What is the premium refund due the insured for the unexpired policy period? A.$0 B.$525 C.$625 D.$1150Required information [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. a. b. C. Gross Pay through August 31 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. $5,000 2,500 131,900 Complete this question by entering your answers in the tabs below. Payroll Taxes Expense Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) Payroll Taxes Expense Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Gross Pay for September $ 2,100 2,600 8,500 General Journal Complete this question…
- A property/casualty insurer sold a one-year insurance policy for $480 on July 1. The insurer incurred $144 in underwriting expenses for the policy. Disregarding losses, what is the insurer's pre-tax net income from this policy in the year the policy was written under statutory accounting rules? A-$144 B $ 96 C $168 D $236Child and Dependent Care Credit (LO 7.3) Calculate the amount of the child and dependent care credit allowed for 2018 in each of the following cases, assuming the taxpayers had no income other than the stated amounts. TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES Adjusted Gross Income Applicable Percentage Over But Not Over $0 – $15,000 35% 15,000 – 17,000 34% 17,000 – 19,000 33% 19,000 – 21,000 32% 21,000 – 23,000 31% 23,000 – 25,000 30% 25,000 – 27,000 29% 27,000 – 29,000 28% 29,000 – 31,000 27% 31,000 – 33,000 26% 33,000 – 35,000 25% 35,000 – 37,000 24% 37,000 – 39,000 23% 39,000 – 41,000 22% 41,000 – 43,000 21% 43,000 – No limit 20% a. William and Carla file a joint tax return. Carla earned $26,000 during the year, while William attended law school full-time for 10 months and earned no income. They paid $3,500 for the care of their 3-year-old child, Carl. $…1. General Motors offers this employee group term life insurance (GTLI) with a face amount of $100,000, General Motors paid $100 per $10,000 of face amount per year (i.e., $1000) for the GTLI. What will be the yearly personal income tax liability for this employee? a. $0 b. $150 c. $300 d. $15,000 e. $30,000 2. General Motors provides long term disability insurance for this employee. The contract states that this employee will earn $3000 per month ($36,000 per year) if they become disabled. General Motors paid the entire premium cost of $1000 per year. If this employee should become disabled, what would be their yearly personal income tax liability? A. $0 B. $300 C. $900 D. $3600 E. $10,800
- Required Information [The following Information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, Its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 pald to its employee. a. b. C. Gross Pay through August 31 $ 6,400 2,000 131,400 Gross Pay for September $ 800 2,100 8,000 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes Expense General Journal Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. Employer Payroll taxes September earnings subject to tax Tax Rate Tax AmountCalculate net earnings. Gross pay $250.00 Fed Tax $17.88 Social Security Tax $10.71 Medicare tax $3.25For each of the following items indicate if the expense is: A. An adjustment for AGI (above the line) B. Deduction from AGI(below the line/itemized deduction) C. Neither 1. Premiums paid on personal life insurance 2. State income taxes paid 3. Loss on sale of personal auto 4. Fees paid for tax return preparation 5. Federal income taxes paid 6. Contributions to Health Savings Account 7. Donations to Charity 8. Health insurance premiums paid by a self-employed individual 9. Interest paid on home mortgage indebtedness of $250,000 10. Union dues not reimbursed by an employer