10. The premium on a $75,000 fire insurance policy from January 1, 2010 to January 1, 2013is $900. On December 30, 2010, there was a fire loss of $50,000, which was subse-quently paid by the insurance company.The balance sheet value of the prepaid insurance on December 31, 2011 isA. $100B. $150C. $200D. $400

Reference: Bory. (2021, May 11). How to record prepaid insurance | Example | - Accountinginside.…

Answered: 10. The premium on a $75,000 fire…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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C3.6
Required information Problem 11-42 (LO 11-3, LO 11-4) (Algo) [The following information applies to the questions displayed below.] On August 1 of year 0, Dirksen purchased a machine for $29,250 to use in its business. On December 4 of year 0, Dirksen sold the machine for $23,750. Use MACRS Table. Note: Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable.. Problem 11-42 Part-b (Algo) b. Dirksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead? Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) $1231 gain or (loss) Amount
P11-1 Journalising liability transactions [30 min] The following transactions of Australian Pharmacy occurred during 2017 and 2018. 2017 Feb 3 Purchased equipment for $20000, signing a six-month, 9% note payable. Recorded the week's sales of $60000, one-third for cash and two-thirds on credit. Borrowed $100 000 on a four-year, 9% loan that calls for annual payments of interest each 30 April. Paid the six-month, 9% note at maturity. Purchased inventory at a cost of $7000, signing a three-month, 6% note payable for that amount. 28 Apr 30 Aug 3 Nov 30 Accrued warranty expense, which is estimated at 3% of sales of $200 000. Accrued interest on all outstanding notes and loans payable. Make a separate interest accrual entry for each amount payable. Dec 31 31 2018 Feb 28 Paid off the 6% inventory note, plus interest, at maturity. Paid the interest for one year on the long-term loan payable. Apr 30 Requirement Record the transactions in the general journal. Explanations aren't required.
NEED FULL STEPS AND EXPLANATIONS PLS. WILL UPVOTE IF DONE PROPERLY
2
Vikram
BE8.9 (LO 3), AN Presented below are data on three promissory notes. Determine the missing amounts. Date of Note Terms Maturity Date Principal Annual Interest Rate Total Interest a. April 1 60 days ? $600,000 9% ? b. July 2 30 days ? 90,000 ? $600 c. March 7 6 months ? 120,000 10% ? BE8.10 (LO 3), AP On January 10, 2022, Masterson Co. sold merchandise on account to Tompkins for $8,000, terms n/30. On February 9, Tompkins gave Masterson Co. a 7% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the accounts receivable. (Omit cost of goods sold entries.)\\n
7. The following table presents the loss experience of an insurer for the last three years. The average severity per claim of the three years is $. (round to the nearest tenth). Year 1 2 3 Number of Exposures Number of Collision Claims Collision Losses 10,000 10,000 10,000 375 430 520 $650,000 $860,000 $900,000
Required information Problem 9-1B Record and analyze installment notes (LO9-2) [The following information applies to the questions displayed below.] On January 1, 2021, Stoops Entertainment purchases a building for $600,000, paying $120,000 down and borrowing the remaining $480,000, signing a 8%, 20-year mortgage. Installment payments of $4,014.91 are due at the end of each month, with the first payment due on January 31, 2021. Problem 9-1B Part 4 4. Total payments over the 20 years are $963,578 ($4,014.91 × 240 monthly payments). How much of this is interest expense and how much is actual payment of the loan? Interest expense Actual payments on the loan
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