Solution-Prepare the claim to be submitted to the insurance

Prepare the claim to be submitted to the insurance company

Assignment Help Cost Accounting

Reference no: EM132947960

Question - On 31st May, 2016 a fire damaged the premises of AMX, and the business of the company was disorganized until 31st August, 2016. The firm is insured under a loss of profit policy for USD. 220,000 with six month's period of indemnity. The firm's accounts for the financial year ended 31st March, 2016 showed a turnover of USD 1,450,000 with net profit of USD. 170,000; the standing charges covered under insurance and debited in the accounts amounted to USD. 450,000. The turnover for the twelve months ended 31st May, 2016 was USD. 1,570,000; during the period of dislocation, it was USD. 170,000, whereas during the corresponding period in the preceding year it was USD. 350,000. A sum of USD. 54,800 was spent to reduce the effect of the loss, but there was no saving of standing charges as the result of fire. Prepare the claim to be submitted to the insurance company.

Reference no: EM132947960

Questions Cloud

Calculate the amount of tax you have to pay : Calculate the amount of tax you have to pay, if your monthly salary is RM4200, and the total tax reliefs for the year you can claim is RM15,000.

What the total cost of the units completed and transferred : The costs per equivalent unit were computed to be $1.70 for materials and $3.50 for conversion costs. What the total cost of the units completed and transferred

Summary report about what has happened : The 2 goals you have developed for your new sustainable initiative have not been met and are 5% below expectations a summary report about what has happened

What is quasi-employee-managed firms in japan : What is quasi-employee-managed firms in Japan?

Prepare the claim to be submitted to the insurance company : A sum of USD. 54,800 was spent to reduce the effect of the loss, Prepare the claim to be submitted to the insurance company

Compute current tax expense and total tax expense : Life insurance premiums of P200,000 were recognized each year on key officers for 2020 and 2021. Compute current tax expense and total tax expense

What are the key questions for starbucks managers : Identify the different strengths and weaknesses in resources, capabilities, and core competencies facing Starbucks Corporation.

Identify organisation of choice with strong corporate : Identify an organisation of your choice with a strong corporate social responsibility drive in South Africa.

What is the income tax payable for the year : The tax rate is 32% for all years. There are no deferred taxes at the beginning of 2020. What is the income tax payable for the year 2020

User Account

All Pages

Prepare the claim to be submitted to the insurance company

Reference no: EM132947960

Reference no: EM132947960

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT