Seaside Interiors paid $24,000 for a 3-year insurance policy on January 1. What amount should be recorded as prepaid insurance at the end of the first year? Would you like solutions for any of these questions?
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- Peg Gasperoni bought a $50,000 life insurance policy for $300 per year. Ryan Life Insurance Company sent her the following billing instructions along with a premium plan example:"Your insurance premium notice will be mailed to you in a few days. You may pay the entire premium in full without a finance charge or you may pay the premium in installments after a down payment and the balance in monthly installments of $75. The finance charge will be added to the unpaid balance. The finance charge is based on an annual percentage rate of 15%." If the totalpolicy premium is: And you put down: The balance subject to finance charge will be: The total number of monthly installments($30 minimum)will be: The monthly installment before adding the finance charge will be: The total finance charge for all installmentswill be: And the total deferred payment price will be: $300 $75.00 $225.00 3 $75.00 $5.94 $305.94 400 95.00 305.00 5 75.00 9.91 409.91 500 120.00 380.00 6 75.00…GodoIf Carissa has a $178,000 home Insured for $120,000, based on the 80 percent coinsurance provision, how much would the Insurance company pay for a claim of $12,000? Note: Do not round intermediate calculations. Round your answer to 2 decimal places.
- Tuition of $2075 will be due when the spring term begins in 6 months. What amount should a student deposit today, at 7.51%, to have enough to pay the tuition? The student should deposit $ (Simplify your answer. Round to the nearest dollar as needed.)If Carissa Dalton has a $410,000 home insured for $320,000, based on the 80 percent coinsurance provision, how much would the Insurance company pay on a claim of $17,500? Assume there is no deductible. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Amount paidDon't copy otherwise will report. A life insurance company will sell a 17-year annuity paying $1,200 at the end of each month for $110,000. What quarterly compounded nominal rate of interest with the annuitant earn?
- Apollo Enterprises has been awarded an insurance settlement of $4,000 at the end of each 6 month period for the next 12 years. (Round your answers to the nearest cent.) (a) As the accountant, calculate how much (in $) the insurance company must set aside now at 6% interest compounded semiannually to pay this obligation to Apollo. (b) How much (in $) would the insurance company have to invest now if the Apollo settlement was changed to $2,000 at the end of each 3 month period for 12 years and the insurance company earned 8% interest compounded quarterly? (c) How much (in $) would the insurance company have to invest now if the Apollo settlement was paid at the beginning of each 3 month period rather than at the end? $Tommy Cook is 19 years old and is interested in purchasing a whole life insurance policy with a face value of $80,000. a. Calculate the annual insurance premium for this policy. Note: Refer to the tables in the text for input data. Face value= Number of $1,000 = Rate per $1,000 = (whole life insurance, male -19) Annual premium = b. Calculate the monthly insurance premiums. Monthly percent Monthly premium = c. How much more will Tommy pay per year if he chooses monthly payments? Total of monthly payments = If paid monthly = More will be paidIn October, a store offers the public a "Buy Now Pay Later" sales plan. With this plan, Mrs. Hernández acquires a hair straightener, which she receives on November 1, and which she must pay in 12 monthly installments of $ 55.5 as of January 1 of the following year. If you consider an interest of 55% annually convertible monthly. What is the cash value of the furniture?
- Find the annual homeowners insurance premium on a masonry home located in zone 1 if the home is insured for $237,000. The owner chooses a $1,500 deductible and has good credit. E Click the icon to see a hypothetical table of Estimated Annual Homeowners Insurance Premium Rates per $100 of Face Value. The annual homeowners insurance premium is $ (Simplify your answer. Type an integer or a decimal.)RPS co-op introduced a loyalty program in 2020. every customer who signed up would receive 3% of their total purchases as a cheque, each February for the previuos year, that could br used in sotre on any merchandise eithin the next nine months. customers could look online during the year and check their balance at any time. Laura signed up for the program in 2020. when she purchased a kayak in July for 1100. later in september she purchased a mountain bike for 2200. in March 2021 she purchased a paddle board for 2100 and used her cheque toward the purchase. A) Record the sale of Kayak and loyalty points. B)Record sale of mountain bike and loyalty points C) Record the sales of paddleboard, use of rewards points, cheque towards its purchase and the rewards points earned on sale. D) In 2020 RPS Co-op had a total pf 497,000 in sales to customers who had signed up with the loyalty program. What is the amount of liability that woudl be created by these sale?If the Prepaid Insurance account had a balance of $12,000, representing one years policy premium, which was paid on July 1, what entry would be needed to adjust the Prepaid Insurance account at the end of December, before preparing the financial statements?
