Policy APolicy BFire/Theft$10,000$15,000A company is considering two insurance plans with coverage andpremiums shown in the table. (For example, this means that $50 buysone unit of plan A, consisting of $10,000 fire and theft insurance and$180,000 of liability insurance.) Answer parts (a) and (b).Liability$180,000$120,000Premium$50$40***(a) The company needs at least $300,000 fire and theft insurance and at least $3,600,000 liability from these plans,How many units should be purchased from each plan to minimize the cost of the premiums? What is the minimumpremium?The company should purchase 12 units of Policy A and 12 units of Policy B, for a premium of $ 1080(b) Suppose the premium for policy A is reduced to $25. Now how many units should be purchased from each plan tominimize the cost of the premiums? What is the minimum premium?The company should purchaseunits of Policy A and units of Policy B, for a premium of $

Answer to (1) Suppose : Units of A need to added = X Units of B need to added = Y From the question…

Answered: Policy A Policy B Fire/Theft A company…

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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3 10 points eBook Print References U.S. Metallurgical Incorporated reported the following balances in its financial statements and disclosure notes at December 31, 2023. Plan assets Projected benefit obligation $ 450,000 300,000 U.S.M.'s actuary determined that 2024 service cost is $65,000. Both the expected and actual rate of return on plan assets are 8%. The interest (discount) rate is 4%. U.S.M. contributed $125,000 to the pension fund at the end of 2024, and retirees were paid $49,000 from plan assets. Required: 1. What is the pension expense at the end of 2024? 2. What is the projected benefit obligation at the end of 2024? 3. What is the plan assets balance at the end of 2024? 4. What is the net pension asset or net pension liability at the end of 2024? 5. Prepare journal entries to record the (a) pension expense, (b) funding of plan assets, and (c) retiree benefit payments. Complete this question by entering your answers in the tabs below. Req 1 to 4 Req 5 1. What is the pension…
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QUESTION 12 George provides you with the following information in respect of the 2022 income year: $ • gross salary and wages • a compensation payment from an insurance company for the loss of one finger 28,000 • interest accrued at 30 June 2022 in respect of a 6-month term deposit invested on 5 January 2022 but not paid to George until 5 July 2022 900 • Navy Reserve pay (for part-time service eight weekends per year) 1,600 71,000 What is George's assessable income for the 2022 income year? $71,000 $71,900 $72,600 O $73,500
B2
tab caps loc esc TABLE 19-1 Annual Life Insurance Premiums (per $1,000 of Face Value) Age 18 19 20 21 22 23 24 25 26 27 28 29 30 Male $2.32 2.38 2.43 2.49 2.55 2.62 2.69 2.77 2.84 2.90 2.98 3.07 3.14 35 40 45 50 9.72 55 16.25 60 24.10 5-Year Term 3.43 4.23 6.12 Term Insurance Female $ 1.90 1.96 2.07 2.15 2.22 2.30 2.37 2.45 2.51 2.58 2.64 2.70 2.78 2.92 3.90 5.18 8.73 12.82 19.43 10-Year Term Male $4.33 4.42 4.49 4.57 4.64 4.70 4.79 4.85 4.92 5.11 5.18 5.23 5.30 6.42 7.14 8.81 14.19 22.03 37.70 Female Male Female $4.01 $13.22 $11.17 4.12 13.60 11.68 14.12 12.09 4.20 B 4.29 4.36 4.42 4.47 4.51 Face of Unlivre Sex-Age Incured Type of Pokey 30,000 female-35 1o your term 4.60 4.69 4.77 4.84 4.93 5.35 6.24 Whole Life 7.40 9.11 13.17 24.82 14.53 14.97 12.53 12.96 15.39 13.41 15.90 13.92 16.38 14.38 16.91 14.77 15.23 17.76 15.66 17.27 18.12 16.18 18.54 16.71 24.19 27.21 33.02 22.52 25.40 29.16 37.94 33.57 45.83 37.02 53.98 42.24 Q QO Semiannual quarterly life insurance Permanent Insurance…
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