User Account

All Pages

What is the amount of insurance expense

Assignment Help Financial Accounting
Reference no: EM132998824

Question - ABC Corporation ensures the life of its Chief Executive Officer for P3,000,000, indicating the corporation as the beneficiary of an ordinary life policy. The annual premium of P100,000 is payable every January 2nd of the year. The policy is dated January 2, 2021, and carries the following cash surrender values:

2021 -

2022 -

2023 60,000

2024 70,000

2025 89,200

2026 110,800

The corporation follows the calendar year as its fiscal period. President dies on September 30, 2026, and policy is collected on December 2, 2026.

Required - Answer the questions:

What is the amount of insurance expense to be shown in the statement of financial position in 2023?

Compute the cash surrender value at September 2026.

Determine the value of insurance expenses in 2026.

In the year 2023, what is the amount to be decreased in retained earnings value?

How much is the gain on life insurance settlement?

Reference no: EM132998824

Questions Cloud

Explain what is an advantage associated with job rotation : Explain what is an advantage associated with job rotation? Florence is hired by a candy manufacturer. The company first teaches her how to wrap.
Calculate the standard costing variances for the materials : Budget Production for the year 1400 units and Direct materials (Quantity 2800 at £4) £11,200. Calculate the standard costing variances for the materials
Identify the gaps of caring for the patient : Identify the gaps of caring for the patient in a culturally sensitive manner and What ethical decisions must the health care providers make concerning
Explain which human resources activity does the scenario : Skills needed as well as advertising the open position on several job websites. Which human resources activity does this scenario describe?
What is the amount of insurance expense : The annual premium of P100,000 is payable every January 2nd of the year. What is the amount of insurance expense
Which of the items is most likely to appear on balance sheet : Which of the items is most likely to appear on a balance sheet? Which a balance sheet is a statement of a company's? Which another name for the income statement
Explain qualitative attributes contribute : Explain how these qualitative attributes contribute to providing information that is useful to relevant stakeholders.
What is booth additional funds needed : Booth's after-tax profit margin is forecasted to be 5 percent, and its payout ratio will be 60 percent. What is Booth's additional funds needed
Which method of accounting requires that a company record : Which method of accounting requires that a company record financial transactions (sales, expenses) when they are incurred, regardless of when cash changes hands

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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