A rate-making method designed to adjust a premium to reflect the actual loss experience of an insured during the policy period is known as:_______.
a. retrospective rating,
b. experience rating,
c. premium discount,
d. all of the above

Answers

Answer 1

Answer:

a. retrospective rating

Explanation:

Retrospective Rating can be regarded as a rating plan which is able to give

adjustments to it's premium, this rating can be subjected to a certain minimum as well as maximum, the rating is able to reflect or state the current loss experience of the insured. This rating give combination of actual losses as well as graded expenses so that produce a premium that reflects the current experience of the insured accurately can be produced. It should be noted that retrospective rating is a rate-making method designed to adjust a premium to reflect the actual loss experience of an insured during the policy period


Related Questions

type of power based on manager's ability to influence employees with something of value to them.​

Answers

Answer:

incentive or reward

Explanation:

incentive pay, time and a half pay for overtime are examples

Arndt, Inc. reported the following for 2021 and 2022 ($ in millions):
2021 2022
Revenues 888 980
Expenses 760 800
Pretax accounting income (income statement) 128 180
Taxable income (tax return) 116 200
Tax rate: 25%
a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2021 for $60 million. The cost is tax deductible in 2021.
b. Expenses include $2 million insurance premiums each year for life insurance on key executives.
c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2021 and 2022 were $33 million and $35 million, respectively. Subscriptions included in 2021 and 2022 financial reporting revenues were $25 million ($10 million collected in 2020 but not recognized as revenue until 2021) and $33 million, respectively. Hint. View this as two temporary differences-one reversing in 2021; one originating in 2021.
d. 2021 expenses included a $14 million unrealized loss from reducing investments (classified as trading securities) to fair value. The investments were sold and the loss realized in 2022.
e. During 2020, accounting income included an estimated loss of $6 million from having accrued a loss contingency. The loss was paid in 2021, at which time it is tax deductible.
f. At January 1, 2021, Arndt had a deferred tax asset of $4 million and no deferred tax liability.
Required:
1. Which of the five differences described in items a-e are temporary and which are permanent differences?
2. Prepare a schedule that reconciles the difference between pretax accounting income and taxable income. Using the schedule, prepare the necessary journal entry to record income taxes for 2022.
3. Prepare a schedule that reconciles the difference between pretax accounting income and taxable income. (Amounts to be deducted should be indicated with a minus sign.

Answers

iequie   nswer:q

Explanation:

traduce soloo se me tosquiero pun

During year 1 meriwerher construction company started a construction job with a contract price 3,000,000 the job was completed in year 2

Answers

Answer Correct Answer = Option ‘C’ $ 350,000= Gross Profit for Year 2 Working for above answer Working Year 1 end Year 2 End A Contract Price $ 3,000,000

HOPE SO IT HELPS YOU

ecember 31 of each year. Rupar accounts for the bonds as a held-to-maturity investment, and uses the effective interest method. In Rupar's December 31, 2021, journal entry to record the second period of interest, Rupar would record a credit to interest revenue of:

Answers

Answer:

$3,372.60

Explanation:

Full question "On January 1, 2021, Rupar Retailers purchased $100,000 of Anand Company bonds at a discount of $4,000. The Anand bonds pay 6% interest but were purchased when the market interest rate was 7% for bonds of similar risk and maturity. The bonds pay interest semiannually on June 30 and December 31 of each year. Rupar accounts for the bonds as a held-to-maturity investment, and uses the effective interest method. In Rupar's December 31, 2021, journal entry to record the second period of interest, Rupar would record a credit to interest revenue of:"

FV of the bond = $100,000

Coupon rate = 6% = 6%/2 = 3%

Effective rate = 7% = 7%/2 = 3.5%

Purchase Price of the Bond = $100,000 - $4,000

Purchase Price of the Bond = 96,000

First interest

Cash interest = 100,000*3% = $3,000

interest Revenue = 96,000*3.5% = $3,360

Discount Amortized = interest Revenue - Cash interest = $3360 - $3,000 = $360

Carrying Value of the Bond = Purchase Price of the Bond + Discount Amortized = $96,000 + $360 = $96,360

Second interest

Interest Revenue = Carrying Value * Effective interest Rate

Interest Revenue = $96,360 * 3.5%

Interest Revenue = $3,372.60

So, for the second period of interest, Rupar would record a credit to interest revenue of $3,372.60

Jack is a married male, while John is single. Your company has an assignment in a branch in Mexico that would last a couple of years. Management feels that John would be better for this assignment because he is single and is free to move. Is this decision fair?

Answers

yes, however we aren’t given a lot of details on the circumstance. For example, John might have another job and/or children. While Jack had no kids and wife doesn’t have a job

No, It is an unfair decision by an employer to discriminate based on an applicant's marital status or perceived marital status. Although in contradict to this situation there is evidence that employers prefer and promote men who are married with children, especially compared to their childless male peers and to mothers as married men are often seen as more responsible and dedicated workers.

What is a marital status?

Civil status, or marital status, are the distinct options that describe a person's relationship with a significant other. Married, single, divorced, and widowed are examples of civil status. Whether or not marital status discrimination is illegal depends on the laws of your state. Federal law doesn't prohibit discrimination on the basis of an employee's or applicant's marital status. However, almost half of the states and the District of Columbia have outlawed this type of discrimination Employers in California are prohibited from asking certain types of questions during a job interview. This includes questions about an applicant's race, religion, or marital status.

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Retained earnings, December 31, 2013 $342,700
Cost of buildings purchased during 2014 44,100
Net income for the year ended December 31, 2014 56,200
Dividends declared and paid in 2014 32,800
Increase in cash balance from January 1, 2014, to December 31, 2014 22,700
Increase in long-term debt in 2014 45,300
Required:
Calculate the Retained Earnings balance as of December 31, 2014.

Answers

Answer:

the  ending retained earning balance is $366,100

Explanation:

The computation of the ending retained earning balance is given below:

= Opening balance of retained earnings + net income - dividend paid

= $342,700 + $56,200 - $32,800

= $366,100

Hence, the  ending retained earning balance is $366,100

The same should be considered and relevant

Bugaboo Co. manufactures three types of cookies: Fluffs, Crinkles, and Snaps. The production process is relatively simple, and factory overhead costs are allocated to products using a single plantwide factory rate based on direct labor hours. Information for the month of May, Bugaboo's first month of operations, follows:
Budgeted Unit Volume Direct Labor Hours per unit
Fluffs 80,000 boxes 0.10
Crinkles 60,000 boxes 0.20
Snaps 20,000 boxes 0.50
Bugaboo has budgeted direct labor costs for May at $8.50 per hour. Budgeted direct materials costs for May are: Fluffs, $0.75/unit; Crinkles $0.40/unit; and Snaps $0.30/unit.
Bugaboo's budgeted overhead costs for May are:
Indirect Labor $280,000
Utilities $65,000
Supplies $45,000
Depreciation $30,000
Total $420,000
Assume that Bugaboo sells all the boxes it produces in May. Round your answers to two decimal places, if necessary.
a. Compute Bugaboo's plantwide factory overhead rate for May.
$_______per direct labor hour
b. Compute May's product cost for each type of cookie.
Cost per box Fluffs Crinkles Snaps
Total manufacturing cost $____ $____ $ ____

Answers

Answer:

Bugaboo Co.

a. Bugaboo's plantwide factory overhead rate for May.

$14 per direct labor hour

b. May's product cost for each type of cookie.

                                                 Fluffs      Crinkles       Snaps

Cost per box                            $3.00       $4.90         $11.55    

Total manufacturing cost   $240,000  $294,000   $231,000

Explanation:

a) Data and Calculations:

Budgeted Unit Volume      Direct Labor Hours   Total DLH

                                                      per unit

Fluffs            80,000 boxes             0.10                   8,000

Crinkles       60,000 boxes            0.20                  12,000

Snaps          20,000 boxes            0.50                  10,000

Total direct labor hours for the three products = 30,000

Budgeted overhead costs for May are:

Indirect Labor      $280,000

Utilities                  $65,000

Supplies                $45,000

Depreciation        $30,000

Total                   $420,000

Overhead rate per direct labor hour = $14 ($420,000/30,000)

                                              Fluffs           Crinkles          Snaps

Direct labor hours                 8,000            12,000         10,000

Direct materials per unit       $0.75             $0.40          $0.30

Direct materials                $60,000        $24,000        $6,000

Direct labor costs               68,000         102,000        85,000

Overhead allocated          112,000          168,000      140,000

Total production costs $240,000       $294,000   $231,000

Cost per box                       $3.00              $4.90         $11.55    

Which 3 types of customer statements can QuickBooks Online generate?

Answers

Answer:

There are three types of customer statements in QuickBooks Online.

- Balance Forward: A list of invoices and payments with balance for date range selected.

- Open Item: A list of open, unpaid invoices from the last 365 days.

- Transaction Statement: A list of transactions between the selected dates.

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trình bày các vai trò của đạo đức kinh doanh trong phát triển doanh nghiệp

Answers

Answer:

Explanation:

Trung thực: Tính trung thực trong đạo đức kinh doanh thể hiện ở chỗ không buôn bán, sản xuất những mặt hàng nhà nước cấm, không dùng các chiêu trò dối trá để đạt được lợi ích của mình, không trốn thuế, làm ăn phi pháp; không tham ô, hối lộ; trung thành chấp hành đúng quy định của pháp luật…

Tôn trọng con người: Tôn trọng con người bao gồm tôn trọng nhân viên, đối tác khách hàng, đối thủ cũng như tất cả những người làm việc cùng với mình

Đạo đức kinh doanh gắn liền lợi ích của công ty doanh nghiệp với lợi ích chung của khách hàng và trách nhiệm đối với xã hội

Wages of 8,000 are earned by workers but not paid as of december 31

Answers

Answer:

huh i dont understand that question no choosing letter

Cosmo Company reported credit sales of $345,000 for the calendar year in its first year of operations. At December 31, customers buying on credit owed $35,000 to the company. Based on the experience of similar businesses, management estimates that $3,500 of its accounts receivable will be uncollectible.

Required:
Prepare the necessary December 31 adjusting entry by selecting the correct account names and dollar amounts

Answers

Answer and Explanation:

The journal entry is given below:

Bad debt expense  $3,500

         To Allowance for doubtful debts $3,500

(Being bad debt expense is recorded)

Here bad debt expense is debited as it increased the expense and credited the allowance as it decreased the assets

Suppose during 2014, Cypress Semiconductor Corporation reported net cash provided by operating activities of $89,063,000, cash used in investing of $43,133,000, and cash used in financing of $7,359,000. In addition, cash spent for fixed assets during the period was $25,900,000. Average current liabilities were $257,933,000, and average total liabilities were $280,651,000. No dividends were paid.
Free cash flow equals?

Answers

what’s the question?

Which of the following is the most common way to search any website or search engine?
A. Topic search
B. Keyword search
C. Boolean logic
D. Plain language search

Answers

Answer:

D. Plain language search

Answer:

b

Explanation:

type the web address and the website you want to find

Lewis Company's standard labor cost of producing one unit of Product DD is 3.3 hours at the rate of $12.4 per hour. During August, 43,900 hours of labor are incurred at a cost of $12.60 per hour to produce 13,100 units of Product DD.
1. Compute the total labor variance.
2. Compute the labor price and quantity variances.
3. Compute the labor price and quantity variances, assuming the standard is 3.7 hours of direct labor at $12.70 per hour.

Answers

Answer:

Compute the total labor variance.

Explanation:

Yesterday, the dollar was trading in the foreign exchange market at 1.10 euros per dollar.​ Today, the dollar is trading at 1.20 euros per dollar. The dollar has​ ________ and a possible reason for the change is​ ________ in the expected future exchange rate.

Answers

Answer: appreciated; an increase.

Explanation:

Since there's an increase in the dollar rate at the foreign exchange market at 1.10 euros per dollar to 1.20 euros per dollar, this implies that the dollar has appreciated.

The appreciation of the dollar simply means that there's an increase in the value of the dollar when it's compared to.anitgee currency. Tge reason for the change is​ the increase in the expected future exchange rate.

Bolka Corporation, a merchandising company, reported the following results for October: Sales $ 407,000 Cost of goods sold (all variable) $ 173,400 Total variable selling expense $ 20,400 Total fixed selling expense $ 22,200 Total variable administrative expense $ 14,800 Total fixed administrative expense $ 39,700 The contribution margin for October is: Multiple Choice $198,400 $233,600 $136,500 $345,100

Answers

Answer:

the   contribution margin for October is $198,400

Explanation:

The computation of the  contribution margin for October is given below:

= Sales - Cost of goods sold (all variable) -  Total variable selling expense - Total variable administrative expense

= $407,000 - $173,400 - $20,400 - $14,800

= $198,400

Hence, the   contribution margin for October is $198,400

Therefore the first option is correct

And, the same should be considered

Suddeth Corporation has entered into a 6 year lease for a building it will use as a warehouse. The annual payment under the lease will be $2,468. The first payment will be at the end of the current year and all subsequent payments will be made at year-ends. If the discount rate is 5%, the present value of the lease payments is closest to :___________

Answers

Answer:

$12,528

Explanation:

The computation of the present value of the lease payment is given below:

= annual payment × PVIFA factor for 6 years at 5%

= $2,468 × 5.0757

= $12,528

We simply multiply the annual payment with the pVIFA factor so that the  present value of the lease payment could come

Zhang Industries is preparing a cash budget for June. The company has $25,000 cash at the beginning of June and anticipates $95,000 in cash receipts and $111,290 in cash disbursements during June. The company has no loans outstanding on June 1. Compute the amount the company must borrow, if any, to maintain a $20,000 cash balance. Multiple Choice $11,290. $28,710. $12,290. $6,290. $16,290.

Answers

Answer:

$11,290

Explanation:

The computation of the amount that should be borrowed is given below:

Opening cash balance         $25,000.00

Add Cash Receipts             95,000.00

Less Cash Disbursements        (111,290.00)

Balance before adjustment 8,710.00

Desired ending cash balance  20,000.00

Amount to be borrowed  11,290.00

Hence, the first option is correct

Suppose that you have generated the estimates listed below from a pro forma analysis for a company that had requested a three year loan. The loan is a $1.5 million term loan with the equal annual payments of principals. The P&I payments are due at the end of each year with the annual interest rate = Prime rate + 2%.
Yr.1 Yr. 2 Yr. 3
Capital expenditure 250,000 125,000 75,000
Cash dividends 140,000 140,000 140,000
Cash flow from operations before
interest expense 750,000 780,000 800,000
Assuming the Prime rate = 8% each year. What will be the interest payment at year 2?
a. 25,000.
b. 50,000.
c. 100,000.
d. 150,000.
e. 200,000.

Answers

The answer is "Option c" and its calculation can be defined as follows:

Calculation:

Year                To be paid in principal       Paid Interest             Paid Principal [tex]1\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$1,500,000\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$150,000\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$500,000\\\\2\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$1,000,000\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$100,000\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$500,000\\\\3\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$500,000\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$50,000\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$500,000[/tex]

That's why "Option c" is the only correct choice.

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Joyce Murphy runs a courier service in downtown Seattle. She charges clients $0.50 per mile driven. Joyce has determined that if she drives 3,300 miles in a month, her total operating cost is $875. If she drives 4,400 miles in a month, her total operating cost is $1,095. Joyce has used the high-low method to determine that her monthly cost equation is: total monthly cost = $215 + $0.20 per mile driven.
1. Determine how many miles Joyce needs to drive to break even.
2. Calculate Joyce's degree of operating leverage if she drives 4, 200 miles.
3. Suppose Joyce took a week off and her sales for the month decreased by 25 percent. Using the degree of operating leverage, calculate the effect this will have on her profit for that month.

Answers

Answer and Explanation:

The computation is given below:

1.

Given that

Charges per mile = $0.50

Variable Cost per mile driven = $0.20

Fixed Cost = $215

So,  

Contribution Margin per mile = Charges per mile - Variable Cost per mile driven

$0.50 - $0.20

= $0.30

Break-even units (in miles) = Fixed Cost ÷ Contribution Margin per mile

= $215 ÷ $0.30

= 717 miles

2.

Revenue for 4,200 miles is

= $0.50 × 4,200

= $2,100

And,

Variable Cost = $0.20 × 4,200

= $840

Now

Contribution Margin = Revenue - Variable Cost

= $2,100 - $840

= $1,260

And,

Fixed Cost = $215

So,

Net Income = Revenue - Variable Cost - Fixed Cost

= $2,100 - $840 - $215

= $1,045

So,  

Degree of Operating Leverage = Contribution Margin ÷ Net Income

= $1,260 ÷ $1,045

= 1.2057

3.

Degree of Operating Leverage = % Change in Net Income ÷ % Change in Sales

1.2057 = % Change in Net Income ÷ -25%

1.2057 = % Change in Net Income ÷ -0.25

% Change in Net Income = -0.301425

= -30.1425%

A job description should be?


A. Considered a guide.

B. Followed to the letter.

C. Created in the interview.

Answers

Explanation:

C. Created in the interview.

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Estimated inventory (units), May 1 19,800 Desired inventory (units), May 31 19,400 Expected sales volume (units): Area W 6,600 Area X 10,000 Area Y 7,500 Unit sales price $13.00 The number of units expected to be sold in May is a.24,100 b.28,920 c.21,690 d.14,100

Answers

Answer:

a.24,100

Explanation:

The computation of the no of units expected to be sold is given below:

= expected sales volume units

= 6,600 units + 10,000 units + 7,500 units

= 24,100 units

Hence, the no of units expected to be sold is 24,100 units

hence, the correct option is a.

As part of a strategic planning process, Midwest Power's senior executives determined positive findings from their SWOT analysis: (1) New regulations will
provide tax credits for renewable ("green") power sources. (2) Their customers will pay higher prices for green power. (3) A competing power utility that
owns renewable power sources is struggling and might be a target to be acquired by Midwest Power. (4) As compared to their competitors, Midwest
Power's management team is one of the best in the industry. A strength of Midwest Power, per the SWOT analysis, is that

Answers

Answer:

4) As compared to their competitors, Midwest  Power's management team is one of the best in the industry.

Explanation:

The strategic planning process is a documentation that establishes a direction for the small business by assenting where you are asserts the mission and mission along with the long term goals.

The budgeted income statement presented below is for Burkett Corporation for the coming fiscal year. If Burkett Corporation achieves the budgeted level of sales, what will be its margin of safety in dollars? (Do not round Intermediate calculations.): $1,020,000 8 08:49 Sales (51,000 units) Costs: Direct materials Direct labor Fixed factory overhead Variable factory overhead Fixed marketing costs Variable marketing costs Pretax income $278, 800 240, 100 100, 500 150, 100 119, 100 50, 100 929,700 90,300
a. $150300
b. $305302
c. $169,831
d. S234282
e. $327,539

Answers

Answer:

The correct option is 306,102 (i.e. the second option in the attached pdf file.). That is, the margin of safety is $306,102.

Explanation:

Note: This question contains some errors and its data are merged together. The original sorted question is therefor provided before answering the question. See the attached pdf file for the complete sorted question.

The explanation of the answers is now provided as follows:

Actual dollar sales = $1,020,000

Variable cost = Direct materials + Direct labor + Variable factory overhead + Variable marketing costs = $278,800 + $240,100 + $150,100 + $50,100 = $719,100

Contribution margin = Actual dollar Sales - Variable cost = $1,020,000 - $719,100 = $300,900

Contribution margin ratio = Contribution margin / Actual dollar sales = $300,900 / $1,020,000 = 0.295, or 29.50%

Fixed Cost = Fixed factory overhead + Fixed marketing costs = $100,500 + $110,100 = $210,600

Breakeven point in dollar dales = Fixed Cost / Contribution margin ratio = $210,600 / 29.50% = $713,898

Margin of safety = Actual dollar sales - Breakeven point in dollar dales = $1,020,000 - $713,898 = $306,102

From the attached pdf file, the correct option is 306,102 (i.e. the second option in the attached pdf file.). That is, the margin of safety is $306,102.

Gomez argues that we need to increase the nation's output. Chang contends that our top priority should be a more equal distribution of income and output. It can be correctly stated that these two goals are:
A. essentially unrelated.
B. complementary because the realization of one will promote fulfillment of the other.
C. at least partially competing because the redistribution of income might impair incentives to work and produce.
D. complementary because a more equal distribution of income always promotes economic growth.

Answers

Answer:

I can't understand the question

Ivanhoe Diesel owns the Fredonia Barber Shop. He employs 5 barbers and pays each a base rate of $1,380 per month. One of the barbers serves as the manager and receives an extra $535 per month. In addition to the base rate, each barber also receives a commission of $3.75 per haircut.
Other costs are as follows.
Advertising $270 per month
Rent $1,010 per month
Barber supplies $0.50 per haircut
Utilities $160 per month plus $0.15 per haircut
Magazines $35 per month
Ivanhoe currently charges $11 per haircut.
Determine the variable costs per haircut and the total monthly fixed costs. (Round variable costs to 2 decimal places, e.g. 2.25.)
Total variable cost per haircut
$enter a dollar amount rounded to 2 decimal places
Total fixed
$enter a dollar amount
eTextbook and Media
Compute the break-even point in units and dollars.
Break-even point
enter the Break-even point in units
haircuts
Break even sales
$enter the Break-even sales in dollars
eTextbook and Media
Determine net income, assuming 1,670 haircuts are given in a month.
Net income / (Loss)
$enter net income in dollars

Answers

Answer:

Fredonia Barber Shop

a. Variable costs per haircut = $4.40

   Total monthly fixed costs = $8,910

b. Break-even point in units = 1,350

Break-even point in sales dollars = $14,850

Net income with 1,670 haircuts = $2,120

Explanation:

a) Data and Calculations:

Fixed costs:

Wages of barbers per month =    $6,900 ($1,380 * 5)

Manager's allowance per month = $535

Advertising per month =                 $270

Rent per month =                           $1,010

Utilities per month =                        $160

Magazines per month =                   $35

Total fixed costs per month =     $8,910

Ivanhoe currently charges $11 per haircut.

Variable costs per haircut:

Commission per haircut =       $3.75

Barber supplies per haircut = $0.50

Utilities per haircut =                $0.15

Total variable costs per unit   $4.40

Contribution margin per haircut = $6.60 ($11 - $4.40)

Contribution margin ratio = 0.6

Break-even point in units = $8,910/$6.60 = 1,350

Break-even point in sales dollars = $8,910/0.6 = $14,850

Net income assuming 1,670 haircuts for a month:

Sales revenue = $18,370 ($11 * 1,670)

Variable costs =     7,340 ($4.40 * 1,670)

Contribution       $11,030

Fixed costs            8,910

Net income         $2,120

Staind, Inc., has 11 percent coupon bonds on the market that have 12 years left to maturity. The bonds make semiannual payments. If the YTM on these bonds is 11 percent, what is the current bond price

Answers

Answer: $1,000

Explanation:

When the coupon rate of a bond is the same as its yield, the price of the bond will be the face value of the bond regardless of the period of compounding or the number of years left to maturity.

As the face value of most bonds is usually $1,000, we can surmise that the price of Staind bonds is $1,000 because its coupon rate of 11% is the same as its yield.

During April, Cavy Company incurred factory overhead as follows:

Indirect materials $11,600
Factory supervision labor 3,700
Utilities 500
Depreciation (factory) 600
Small tools 230
Equipment rental 720

Journalize the entry to record the factory overhead incurred during April.

Answers

Answer and Explanation:

The journal entry is given below:

Factory Overhead  $17,350

   Materials $11,600

   Wages Payable  $3,700

   Utilities payable  $500

   Accumulated Depreciation $600

   Small tools  $230

   Equipment Rental payable $720

(To record the factory overhead incurred during April)

Here the factory overhead is debited as it increased the expense and credited the payable accounts as it increased the liabilities, credited the material, accumulated depreciation and small tools

Item10 1 points Time Remaining 50 minutes 15 seconds00:50:15 Item 10 Time Remaining 50 minutes 15 seconds00:50:15 A long-term asset is recorded at the: Multiple Choice Additional costs to get the asset ready for use. Cost of the asset. Cost of the asset less all costs necessary to the asset ready for use. Cost of the asset plus all costs necessary to the asset ready for use.

Answers

Answer:

Cost of the asset plus all costs necessary to the asset ready for use.

Explanation:

The long term asset such as plant & machinery, land & buildings, furniture & fixtures, goodwill, copyrights,patent should be recorded at the cost price also the cost that are required and relevant to the asset for the purpose of ready it for usage are also involved

So as per the given situation, the last option is correct

And, the same should be considered

Brownley Company has one service department and two operating (production) departments. Payroll Department costs are allocated to the two operating departments in proportion to the number of employees in each. Listed below are the operating data for the current period: Department Direct Expenses No.of Employees Payroll $ 26,000 Milling 80,000 52 Assembly 109,600 78 The total cost of operating the Milling Department for the current period is: rev: 12_17_2020_QC_CS-243789 Multiple Choice $90,400. $95,600. $10,400. $15,600. $80,000.

Answers

Answer:

$90,400

Explanation:

Calculation to determine Cost of operating mining department

Using this formula

Cost of operating mining department= Direct Cost + Payroll cost allocated

Let plug in the formula

Cost of operating mining department= 80,000 + (26,000/130)*52

(52+78=130)

Cost of operating mining department= 80,000 + $10,400

Cost of operating mining department= $90,400

Therefore Cost of operating mining department is $90,400

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