Q23 Calculate the net premium , net claims and theoperating expenses from the given information.ParticularsOMRParticularsOMRPremium lessOutstanding5,000reinsurance58,250premiumClaim paid61,500 Claims received 35,000Bonus inClaim o/s12,500reduction of1.1.20203,500premium(not yetadjusted)Legal expenses 1,000Claim o/s11,500on claim31.2.2020Claims on8,500 Rates and taxes 1,500reinsuranceacceptedExpenses of7,500 Printing and7,500managementstationeryNet premiumNet claimsOperating expenses

In Insurance business Net Premiums is the net…

Answered: operating exp

Business

Accounting

operating exp

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable…

A: To increase sales there is need investment in assets and that investment can be managed internally…

Q: explain me how do you find this amount 2.4869

A: In step 2 of the answer provided, fair value is calculated at the beginning of 8th year to conclude…

Q: 71,000X6 x- 100 12

A: First take out, 78000 x 6/100= 4680

Q: On her 45th birthday, Lisa Martin takes out a 20-year endowment policy with a £50,000 death benefit…

A: An endowment policy is an essential type of life insurance policy in which an insured get the full…

Q: What is the cash impact from OWC during Year 2? If the change releases cash use a positive sign, if…

A: To calculate the change in Operating Working Capital (OWC) during Year 2, you need to consider…

Q: Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate…

A: Job cost is a method of ascertaining the total cost of specific job. It can be calculated on the…

Q: d. Calculate the amount of cash Heidi's paid suppliers of retail merchandise, which includes the…

A: Statement of cash flow: It refers to a financial statement that shows all the cash payments and…

Q: Answer no.26 and 27 thank you

A: Cost recovery method: In construction contracts, revenues and expenses are recognized only when the…

Q: Item Classification 1. Sales taxes payable. 2. Pension liability (to be fully paid to retired…

A: Current liabilities are the obligations that are required to be paid of within a year. Whereas, long…

Q: Question 4. Compare the use one of the electronic circuits, as shown in the table below, which…

A: Terminal cash flows are the cash flows which are generated at the end of the project. Terminal cash…

Q: 31.25 25.0

A: EPS=Earnings per share =0.36+0.42+0.39+0.43=1.60 Price Of shares =P P/E=Price/EPS

Q: Question 8

A: When net credit sales is divided with average accounts receivable it results in receivable turnover…

Q: A) The value of A1 is 800 B) The value of A2 is 56.96 C) The Value of the Annuality 800 D)The…

A: The value will be calculated by using the following formula: Value of Annuity =Amount×(+Rate…

Q: groupthink

A: Organization - Management's foundation is organization because, without effective organization, no…

Q: What is the binary representation for 13 in decimal? a. 1110 b. 1111 c. 1100 d. 1101

A: Binary representation is a base 2 number system that uses two numbers 0 and 1 to represent a number.…

Q: Explanation 1031 like-kind exchange

Q: Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases.…

A: The marginal tax rate represents the highest tax rate paid by the entity, and The average tax rate…

Q: Bill of exchange are of types 1 type 3 types 2 types 4 types

A: Bill of exchange means an instrument where the drawer draw the bill and after accepted by acceptor ,…

Q: The following incomplete (columns have missing amounts) pension spreadsheet is for the current year…

A: A company's current financial needs to pay for future pension liabilities are calculated actuarially…

Q: 1(1.25)/1.1+[1(1.25)3/(0.10-0.06)]/1.1 Simply the equation.

A: 1(1.25)/1.1+[1(1.25)3/(0.10-0.06)]/1.1

Q: Solve for i 17,495=299 -1- (1 + i) - 60

A: The present value of annuity depends on the period and interest rate and payment done and these…

Q: Muscat securities exchange is a place where: 1. Equity shares are bought and sold 2. Forward…

A: Muscat securities exchange is the financial market which is established in order to develop the…

Q: actuarial and premium rating, and two operations departments - marketing and sales. The distribution…

Q: Question 5.00€ vd rwob asog abnod to oulay sud zofduob soole to oulsy stylquada wat 576 251 12979ti…

A: Systematic Risk: Systematic risk, also known as market risk, is the portion of an asset's risk that…

Q: PA9. 11.4 For each of the following unrelated situations, calculate the annual amortization expense…

A: Amortization refers to the allocation of the cost of an intangible asset over the useful life of…

Q: 97,004 54,803

A: 97004 minus 54803

Q: Given: Mark-on (MO) = P599 Cost (C) = P1699 Mark-up rate based on cost (MU_c%) = 30% Find the…

A: Selling price included total cost , selling price and mark up on cost.

Q: Environmental protection can best be done by the efforts of: a. All of these b. Business people c.…

A: Environmental protection refers to taking steps by all individuals to protect the environment. Steps…

Q: Customer loyalty awards are accounted for under: O IFRS 9 O IAS 37 O IAS 3 O IFRS 15

A: Customer loyalty awards are the credits granted by the entities to its customers for buying some…

Q: 9.7 a and b2

A: Depreciation expense is an expense which is charged on fixed assets over the useful years, there are…

Q: During its most recent fiscal year, Dover, Incorporated had total sales of $3,200,000. Contribution…

A: Contribution margin: The difference between the sales and the variable costs is called contribution…

Q: sh6 please help me Thankyou Discuss the Sarbanes Oxley Act of 2002. Do you think it was…

A: In response to several high-profile corporate accounting scandals that shook the US financial…

Q: Date Cash Jasmin, Capital Repair Equipment Accounts Payable Shop Supplies Cash Accounts payable Cash…

A: T- Accounts - T-Accounts is the summary of individual ledger accounts. All the journal entries are…

Q: What is the value of (A/P, i, N) if (P/A, i, N) = 7.7721? a. 0.1287 b. 9.7151 c. 6.9949 d: 1.0000,…

A: (P/A,i,N) is the present worth of series of payment. Formula for present worth of series of payment…

Q: M&M 58 Ksl and M&M63 KSl are equal

A: M&M 58 and M&M 63 -M&M refers to Modigliani and Miller and it indicates the capital…

Q: Which of the following statement is/are correct about US treasury securities? 1. All securities…

A: The US treasury securities refer to the fixed-income debt securities that are issued by the US…

Q: The Drogon Company just issued a dividend of $2.81 per share on its common stock. The company is…

A: Dividend = D0 = $2.81growth rate = g = 5%Price = P0 = $50Since growth rate is expected to be 5%,…

Q: Retail Sales and Wholesale Sales are the only divisions of Terra Company. The following information…

A: ROI = Total net income/Total operating assets

Q: Al Fathma LLC manufactures a line of equipinen this year, which also has a one-year quarantee if the…

Q: The number of statutory books maintained by all insurance companies are

A: Insurance is the contract between two parties. Whereby one party agrees to make lose into good of…

Q: 18 eBook References A portfolio analyst has been asked to allocate investment funds among three…

A: Portfolio return is calculated as shown below.Portfolio standard deviation is calculated as shown…

Q: Select the correct listing requirement of the companies in the regular market? 1. Paid-up capital is…

A: Muscat Securities Market is the market which allows trading so securities in the market. The MSM was…

Q: When determining whether a liability exists, the intentions or actions of management do not need to…

A: Liability refers to the legal responsibility or obligation that an individual, association, or…

Q: 4+1?

A: The calculations are done so that the actual result for which the computation has been done can be…

Q: P10.5

A: Accounting equation: Assets = Liabilities + Owners' equity

Q: it say 6224.00 is incorrect

A: The problem is based on present worth analysis. Here, net present value of the investment and…

Q: Handerson Corporation makes a product with the following standard costs: Standard Quantity or Hours…

A: Variable overhead rate variance: Variable Overhead Rate Variance is the difference between what the…

Q: On this question may you please explain how it came to 41880 instead of 41860

Question

Q23

Calculate the net premium , net claims and the
operating expenses from the given information.
Particulars
OMR
Particulars
OMR
Premium less
Outstanding
5,000
reinsurance
58,250
premium
Claim paid
61,500 Claims received 35,000
Bonus in
Claim o/s
12,500
reduction of
1.1.2020
3,500
premium(not yet
adjusted)
Legal expenses 1,000
Claim o/s
11,500
on claim
31.2.2020
Claims on
8,500 Rates and taxes 1,500
reinsurance
accepted
Expenses of
7,500 Printing and
7,500
management
stationery
Net premium
Net claims
Operating expenses

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

ANotes X A Soluti x A Notes x A Soluti x A Tuton X Answ X OTgzNDkyOTcw/a/MJU1MTU2OT94NZAX/details 2. The following trial balance was extracted from the books of Syarikat Wawa at 31 Mac 2020: RM 83,030 1,620 800 145,800 10,000 8,500 232,950 68,000 3,600 8,400 4,300 9,600 3,180 28,400 16,440 Particulars Capital Carriage in Carriage out Purchases Office equipment Motor vehicle Sales Wages and salaries Rent and rates Lighting and heating Vehicles running cost Telephone expenses General office expenses Debtors Creditors Provision for depreciation: Motor vehicle Office equipment Provision for doubtful debts 4,250 4,000 500 13,570 6,200 Drawings Cash at bank Cash in hand Stock as at 1 April 2019 Return inwards Return outwards 300 8,000 3,800 2,900 Additional information as at 31 Mac 2020: Stock on hand was valued at RM8,800 Rent and rates prepaid RM1,200 Wages and salaries RM1,750 iv. i. ii. i. Depreciation is to be provided as follows: a. Motor vehicles b. Office equipment 50 % reducing…
Bumgardner Incorporated has provided the following data concerning one of the products in its standard cost system. Inputs Direct materials Standard Quantity or Hours per Unit of Output 8.0 liters Standard Price or Rate $ 5.00 per liter The company has reported the following actual results for the product for April: Actual output Raw materials purchased 7,400 units 65,400 liters $ 5.70 per liter 59,210 liters Actual price of raw materials Raw materials used in production The raw materials price variance for the month is closest to: (Round your intermediate calculations to 2 decimal places.)
The following information is provided for the first month of operations for Legal Services Inc.: A. The business was started by selling $103,000 worth of common stock. B. Six months' rent was paid in advance, $4,100. C. Provided services in the amount of $1,500. The customer will pay at a later date. D. An office worker was hired. The worker will be paid $277 per week. E. Received $520 in payment from the customer in "C". F. Purchased $300 worth of supplies on credit. G. Received the electricity bill. We will pay the $120 in thirty days. H. Paid the worker hired in "D" for one week's work. I. Received $130 from a customer for services we will provide next week. J. Dividends in the amount of $1,800 were distributed. Prepare the necessary journal entries to record these transactions. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. A. B. 111
Q7
un.3
How to solve:S= 1/1.06[1-1/(1.06)^20]/1-1/1.06
None
Q7 Solve the following problem Louise's taxable income is $87450. Based on the following marginal rate schedule first $45,282 taxed at 15.00%; over $45,282 up to $90,563 taxed at 20.50% How much tax should Louise be submitting to Revenue Canada Answer CLR 3 L5
500,00X 500
37. Choices: a. P7,092,000, P1,110,130, and P756,130 b. P9,616,000, P1,791,610, and P1,437,610 c. P9,616,000, P1,653,370, and P756,130 d. P9,104,000, P1,653,370, and P1,299,370
18 pts Multiple Functions 88 MULTIPLE CHOICE Question 2 ◄ Listen When f(x)=-3x-6 and g(x) = x²-x-6, what is ? A B C f 54 g = 3 fg = -3 x-3x=3 f 51 g = -2x+2; x=1
Kingcade Corporation keeps careful track of the time required to fill orders. Data concerning a particular order appear below: Hours 18.3 Wait time Process time Move time Queue time 1. 1 Inspection time 0.1 2.0 9.1 The manufacturing cycle efficiency (MCE) was closest to: (Round your intermediate calculations to 1 decimal place.)