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- 16.) Insurers may be insured by: A. reinsurers B. Risk retention groupsMaterial participation is: 175m 03 A) Providing qualifying materials to a business B) Investing in a business C) Being involved on a regular, continuous, and substantial basis in operations of a business D) Sharing in more than 50% of the profits of a business3 - Which of the following bills has the right to receive it?A) BondB) Bill of ladingC) StockD) WarrantE) Redeemed share
- 1.What is risk management information system? Identify its benefits. 2.Explain the legal distinction between an agent and a broker.On January 1, 20X4, Gold Company purchased a computer with an expected economic life of five years. On January 1, 20X6, Gold sold the computer to TLK Corporation and recorded the following entry Consolidation Worksheet Entries Cash Accumulated Depreciation Computer Equipment Gain on Sale of Equipment Debit 39,000 Credit 16,000 40,000 15,000 TLK Corporation holds 60 percent of Gold's voting shares. Gold reported net income of $ 45,000 including the gain on the sale of equipment, and TLK reported income from its own operations of $ 85,000 for 20x6. There is no change in the estimated economic life of the equipment as a result of the intercompany transfer. In the preparation of the 20X6 consolidated balance sheet, computer equipment will be Multiple Choice Credited for $24,000. O Debited for $1,000. Debited for $15,000 Debited for $ 40,000Q. No. 1: Define the following terms as stated in the Companies Act 2017.(i) CDC(ii) Associated Companies(iii) Private Limited Company(iv) Redeemable Capital(v) Special Resolution
- Gamestop Corp. said the following about its gift card sales in its most recent (2019) annual report:“We establish a liability upon the issuance of merchandise credits and the sale of gift cards. Revenue is subsequently recognized when the credits and gift cards are redeemed.”When Gamestop sells merchandise to a customer who is using a Gamestop gift card to purchase the merchandise, what is the impact on Gamestop’s financial statements? (Ignore any inventory effects) Liabilities decrease and cash decreases Liabilities increase and the Income Statement decreases Liabilities decrease and the Income Statement increases Liabilities decrease and cash decreases No effect because the transaction was already booked when the customer purchased the gift cardWhich of the following terms best describes the action that is taken once a mortgage loan has b Closure BO Refinance O Reconveyance DO Substitution of trustee OC infMarvelous Music provides music lessons to student musicians. Adjusting entries are performed on a monthly basis. An unadjusted trial balance dated December 31, 2020, follows. (Bear in mind that adjusting entries have already been made for the first 11 months of 2020, but not for December.) Prepare the necessary adjusting entry. Prepare an adjusted trial balance. An unadjusted trial balance is given below. MARVELOUS MUSIC UNADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15,800 Accounts receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,100 Unexpired insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 Prepaid rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 Sheet music supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…
- What is meant by caveat emptor?! Required information [The following information applies to the questions displayed below.] Doyle Company issued $394,000 of 10-year, 7 percent bonds on January 1, Year 1. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $79,500 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 1. Required a. Prepare the journal entries for these events, and post them to T-accounts for Year 1 and Year 2. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Prepare the journal entries for Year 1 and Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal 1 Jan 01 Bonds payable Cash Debit CreditAs a member of a local Realtors® association, Broker Mel is generally obligated to place all her listings on the MLS. On one recent occasion, she did not. Evaluate the following scenarios and select the one that provides a justifiable reason for Mel's actions. Mel's client lives in a high-traffic area where a yard sign will bring in all the buyer prospects they could hope for, so an MLS listing is unnecessary. Mel's seller-client is a professional athlete who wants to keep his transaction very private and has asked that his property not be put on the MLS. Mel's client has an immaculate home that will sell easily and fast without being published on the MLS. Mel's client is on a very tight budget and is not willing to pay much in the way of commission on the sale of their home.