I believe the answer is $180 million.
This amount took around 17% of the total amount of insurance claim that happened within the state.
This high amount is correlated to the fact that Florida containt a lot of tourist night clubs/bar which increase the likelihood of drunk driving activities.
Answer:
The Journal entry is as follows:
On July 1,
Cash A/c Dr. $439,200
Finance charge Expense A/c Dr. $10,800
To Financing arrangement A/c $450,000
(To record the amount of borrowings)
Workings:
Finance charge expense = ($600,000 × 1.8%)
= $10,800
So, cash account = $450,000 - $10,800
= $439,200
Answer:
C. 30,210
Explanation:
Cost of merchandise sold = cost of merchandise purchase - cost of merchandise left in inventory
= Purchases of $32,000 - Purchases discounts of $960 - Purchases returns and allowances of $1,200 + Freight In of $1,040
- ( Merchandise inventory at September 30 of $6,370 - Merchandise inventory September 1 of $5,700)
= 32,000- 960- 1,200+1,040 - 670 = 30,210
Answer: Their Accounts Receivable balance will not be accurate.
The income account will show duplicate income.
Explanation:
Based on the information given in the question, the problem that this will cause is that there'll be an incorrect balance that is shown in the balance of the accounts receivable.
Also, there'll be a duplicate income entry that is created in the income account.
Answer:
Effective annual rate = 6.82 %
Explanation:
given data
loan = 65 % of $2.5 million = $1625000
monthly payment pmt = $10,400
time = 30 year = 30 × 12 = 360
solution
we get here rate first by present value
present value = pmt × 
..........1
$1625000 = $10400 × 
15.625 =
solve it we get
r = 0.5517%
and Effective annual rate will be
Effective annual rate = 
Effective annual rate = 
Effective annual rate = 0.068250
Effective annual rate = 6.82 %
