User Account

All Pages

Ford corporation owns a whole life insurance policy

Assignment Help Accounting Basics
Reference no: EM13996113

Below are two unrelated situations relating to life insurance.Prepare the appropriate journal entry for each situation.

Required:

1. Ford Corporation owns a whole life insurance policy on the life of its president. Ford Corporation is the beneficiary. The insurance premium is $25,000. The cash surrender value increased during the year from $2,500 to $4,600.

2. Petroleum Corporation received a $250,000 life insurance settlement when its CEO died. At that time, the cash surrender value was $16,000.

Reference no: EM13996113

Questions Cloud

Experienced substantial decrease in the amount of garbage : Many cities have experienced a substantial decrease in the amount of garbage being collected after they changed from levying a tax on each household to pay for the pickup to charging a fee for each bag or can picked up. Would this have been the resul..
Would this investment be classified on florists : Would this investment be classified on Florists' balance sheet as held-to-maturity securities, trading securities, available-for-sale securities, significant-influence investments, or other? Explain.
Encourage research and development in competitive industries : If all the assumptions of perfect competition hold, why would firms in such an industry have little incentive to carry out technological change or much research and development? What conditions would encourage research and development in competitive ..
Prepare the appropriate journal entry : Prepare the appropriate 2011 journal entry to record insurance expense and the increase in the investment assuming the cash surrender value of the policy increased according to the contract to $27,000.
Ford corporation owns a whole life insurance policy : Petroleum Corporation received a $250,000 life insurance settlement when its CEO died. At that time, the cash surrender value was $16,000.
About the policies and politics : "There is no difference between demand pull and cost push inflation since either will result in inflation." Do you agree? Why or why not? Be specific and limit your response to one paragraph.
Bloom classifies their investment as htm : Bloom does not plan to sell the Taylor bonds prior to maturity, and does not believe it is more likely than not that it will have to sell the Taylor bonds before the bonds have a chance to recover their fair value. Bloom attributes the entire $400,00..
Illustrate the deadweight loss of the private equilibrium : A firm producing batteries is letting the acid leak into a local river. Each ounce of acid in the river causes $50 of damage to a downstream oyster farm. Graph the market for batteries, with a demand curve of P= −Q + 200 and private supply curve of P..
Define three types of elasticity of demand : Define three types of elasticity of demand. Indicate how you would use information from recent research paid by your company that the own price elasticity of your product is -1.2 and not -0.8 as previously thought

Reviews

Write a Review

Accounting Basics Questions & Answers

  Research project focused on how effective is osmotic

Create a "mini-proposal" which outlines a research project focused on how effective is osmotic communication. Utilize a case study qualitative method.

  Decision making across the organization byp2-4 lisa ortega

decision making across the organization byp2-4 lisa ortega is president of ortega riding academy inc. the academys

  Discuss the basic assumptions of cvp analysis

Discuss the basic assumptions of CVP analysis and how we can use CVP analysis as mangers in making decisions.

  Compute the product margins for the xactive and the

the company is considering replacing its traditional costing system with an activity-based costing system that would

  Identify most sold bread type

Part 1. Identify most sold bread type Part 2. Determine which bread gives you most revenue

  Journal entries-perpetual inventory system

Prepare the journal entries to record the following transactions in Hunt Ltd’s records using the perpetual inventory system. (For multiple debit or credit entries, list accounts in order of magnitude.)

  Which of the following is an merits of corporations

which of the following is an advantage of corporations relative to partnerships and sole proprietorships? reduced legal

  Prepare journal entries that summarize sales of the circuits

Prepare journal entries that summarize sales of the circuits (assume all credit sales) and any aspects of the warranty that should be recorded during 2013.

  Karen austin corporation has capitalized software costs of

karen austin corporation has capitalized software costs of 709500 and sales of this product the first year totaled

  The amos billings and cleaver partnership had two assets 1

the amos billings and cleaver partnership had two assets 1 cash of 40000 and 2 an investment with a book value of

  Direct labor is a variable cost

Direct labor is a variable cost. The special order would have no effect on the company's total fixed manufacturing overhead costs.

  Actual hours actual cost partner 90 15750 associate 280

software associates software associate sa is a computer software consulting firm that specializes in designing and

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