User Account

All Pages

What amount should swift corporation recognize as gain

Assignment Help Accounting Basics
Reference no: EM132839630

Swift Corporation has a $5,000,000 ordinary life insurance policy on the president. The policy year and accounting year coincide. The entity provided the following data for the year ended December 31, 2020:

Cash surrender value, January 1 - 245,000
Cash surrender value, December 31 - 270,000
Annual advance premium paid, January 1 - 100,000
Dividend received, July 1 - 15,000

Problem 1: The entity is the beneficiary under the life insurance policy. The insured died on January 2, 2021, after the payment of annual premium of $100,000 on January 1, 2021. What amount should Swift Corporation recognize as gain on insurance settlement?

Reference no: EM132839630

Questions Cloud

Work breakdown structure vs. project schedule : Work Breakdown Structure vs. Project Schedule. Discuss the difference between the work breakdown structure and the project schedule.
Make a business proposal that will convince potential invest : Shelly Mills, who has considerable experience in the home security industry, is planning to launch a firm that will sell a new line of home security
In what ways your perspective differ from other perspectives : It is important to distinguish between your perspective and other perspectives regarding your commentary topic. What are some of the other perspectives you see?
Evaluate corporate strategies : Why is it important to evaluate corporate strategies and what are 4 ways to evaluate corporate strategies?
What amount should swift corporation recognize as gain : What amount should Swift Corporation recognize as gain on insurance settlement? The entity is the beneficiary under the life insurance policy.
Give an example of incrementalism : Give an example of when incrementalism could be beneficial when drafting policy. How could it be harmful when drafting policy?
What tier of instruction would best meet janets needs : Why you think the support team members disagree about what tier of instruction would best meet Janet's needs. Rationalize your answer.
What amount should be recognized as interest expense : The president died on June 30, 2024 and the policy was collected on July 31. For the year 2024, what amount should be recognized as interest expense?
Observation of one own mental and emotional processes : So the assignment shall require reactions, reflections, realisations, thoughts and feelings after you read the material then connect with Business Logic.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Xyz company leased equipment to west corporation under a

xyz company leased equipment to west corporation under a lease agreement that qualifies as a capital lease to west but

  Time inc obtains 100 percent of second companys common

time inc. obtains 100 percent of second companys common stock on january 1 2010 by issuing 9000 shares of 10 par value

  Explain installment and cost-recovery methods of accounting

Explain why the Installment and Cost-Recovery Methods of accounting for installment sales are not permitted under Generally Accepted Accounting Principles.

  How does steps incorporate into 2018''s federal tax payable

How does the 4 steps incorporate into 2018's federal tax payable . Mr. North, during 2018, volunteered 340 hours as a search and rescue volunteer.

  Discuss recommendations you would make to chief financial

Discuss recommendations you would make to chief financial officers (CFOs) of retailers, service providers, and other businesses that lease several locations or have substantial leases of real estate or other assets.

  What is the interest rate implied in the lease

Describe how the asset and liability sections of Mr.Speakers' balance sheet would change if the FASB passed and implemented the exposure draft on lease accounting prior to 1/1/2016 - What is the interest rate implied in the lease and prepare ALL ne..

  What are sas and for what are they used

Why does government often have different auditing and accounting standards? What is a Peer Review and how and when are they performed?

  Evaluate the amount of goodwill

Analyze the accounting requirements for the business combination and discuss challenges in preparing the financial statements for the consolidation of subsidiaries on the date of acquisition.

  What is the return on shareholder equity

Gordon wear has $800000 in assets and $200000 of total debts. It reports the net income from project is $100000. What is the return on shareholder equity

  What would have happened in the european beer market

Explain what kind of market structure give rise to this type of behavior and if they were successful in carrying out their plan

  Prepare entry to record the issuance of bonds and warrants

On May 31, 2013, Core Company issued 1,000, 14%, 10-year $1,000 bonds at 106. Prepare the entry to record the issuance of the bonds and warrants

  Suppose you want to estimate the proportion of cars that

suppose you want to estimate the proportion of cars that are sport utility vehicles suvs being driven in kansas city

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