User Account

All Pages

Determine gain or loss on settlement

Assignment Help Financial Accounting
Reference no: EM132911600

Question - A Company insured the life of its president for P500,000, the entity being the beneficiary of an ordinary life insurance policy, The annual premium is P50,000 and the policy is dated January 1, 2017.

The cash surrender values are P140,000 and P180,000 as of December 31, 2019 and 2020, respectively. During 2019, a dividend of P1,000 was applied to increase the cash surrender value.

The president died on October 1, 2020 and the policy is settled on December 31, 2020.

Determine gain (loss) on settlement in 2020.

Reference no: EM132911600

Questions Cloud

List three brand slogans : List three brand slogans. Analyze what each slogan communicates and explain why the parent firm would select it.
Striving for optimal post-acquisition integration case : Given the industry environment and Suntory's resources and capabilities, was the acquisition of Beam the right path to enter the global spirit market?
Cultural related conflicts during negotiations : What are steps that HR professionals can take to avoid diversity and cultural related conflicts during negotiations?
Discuss mechanical processes for solid waste : Discuss mechanical processes for solid waste. Does your community take refuse directly to a landfill ?
Determine gain or loss on settlement : The president died on October 1, 2020 and the policy is settled on December 31, 2020. Determine gain (loss) on settlement in 2020
Identifying four relevant papers that suit descriptors : Your task is to explore the discussion and debates about schooling reforms in a review of AT LEAST FOUR reform papers published in the past two decades. You wil
How inventory is valued using first in first out method : Bean is a business that supplies cleaning products. How inventory is valued using first in first out (FIFO) method after each issue and receipt.
Competitive advantage analytics report : Competitive Advantage Analytics Report - A brief summary of the situation in the case study and what you, as a consultant, have been tasked with doing for your
What the depreciation expense recorded : A Company received a government grant to purchase a building. What the depreciation expense recorded in 2020 related to the building

Reviews

Write a Review

Financial Accounting Questions & Answers

  How did the quality payment program come about

What recommendations would you have for a physician who must choose from participating in MIPS or APM? How did the Quality Payment Program come about?

  Project component how to calculate net working capital

Recalling from our second class session and the first project component how to calculate net working capital. Any investment (increase) in net working capital is considered a cash outflow, while any use (decrease) of net working capital is considered..

  Explain the process map and sipoc model

Analyze the process map and SIPOC model to identify possible main root causes of the problems. Next, categorize whether the main root causes of the problem are special causes or common causes.

  What bonus to be credited to mayet in admitting sylvia is

Sylvia to the partnership with a cash investment of P 60,000 for a 25% capital interest. The bonus to be credited to Mayet in admitting Sylvia is?

  How much will face value of the bond that will be investing

At retirement you liquidate your account and use the funds to buy an investment, How much will the face value of the bond that you will be investing?

  What is the geometric average rate of return for time period

A stock had returns of 8%, 11%, -2%, 5%, and 13% over the past 5 years, respectively. What is the geometric average rate of return for this time period?

  What is the total cost for each of the jobs

Job order cost sheets, The company assigns overhead at $1.25 for each direct labor dollar spent. What is the total cost for each of the jobs?

  What amount should hmcc record as compensation expense

What amount should HMCC record as compensation expense for the year ended December 31, 2019, assuming HMCC chooses the option to record forfeitures?

  What impact does growing a business have on working capital

Describe the methods for managing cash disbursements and cash receipts and how those methods impact profitability. What impact does growing a business have

  Compute overhead cost to activity-based costing system

Compute the overhead cost, according to the activity-based costing system, of a job that involves installing 1.8 squares.

  Prepare the pro-forma income statement and balance sheet

The company will purchase fixed assets of $3,600 in 2021, Prepare the 2021 pro-forma income statement and balance sheet for XYZ Corporation

  What total amount should be charged against income

What total amount should be charged against income in 2015, assuming that the asset had a total useful life of 10 years from date of acquisition

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd