Knoll Company started Year 2 with a $1,000 balance in its Cash account, a $200 balance in its Supplies account and a $1,200 balance in its common stock account. During Year 2, the company experienced the following events:_______.
(1) Paid $600 cash to purchase supplies.
(2) Physical count revealed $50 of supplies on hand at the end of Year 2. Based on this information the amount of supplies expense reported on the Year 2 income statement is:_______.
Answers
Answer:
$750
Explanation:
Calculation to determine what the amount of supplies expense reported on the Year 2 income statement is:
Using this formula
Supplies expense=Balance in Supplies account
+Cash paid to purchase supplies)-Supplies on hand
Let plug in the formula
Supplies total amount =($200 + $600) -$50
Supplies total amount=$800-$50
Supplies total amount=$750
Therefore the amount of supplies expense reported on the Year 2 income statement is:$750.
Related Questions
One reason why firms might want to pursue a strategic alliance strategy is to exploit
economies of scale. Exploiting economies of scale should reduce firm’s costs. Does this
mean that a firm pursuing an alliance strategy to exploit economies of scale is actually
pursuing a cost leadership strategy? Why or why not? Support your answer
Answers
So, a strategic alliance may benefit the combined group in two ways: one, it will enable them to target larger clients without facing significant rivalry
Economies of scale, which are commonly assessed by the quantity of product provided per unit of time, seem to be the cost savings that businesses gain as a result of the significant scale of the economy.
In order to lower manufacturing costs, economies of scale is the method of producing any good at a very high volume. Strategic alliances allow two businesses to more effectively merge their operations.
It will enable them to lower costs through economies of scale. Additional benefits of economies of scale include lower prices for goods or cost focus in the marketplace.
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If the market value of Phone Corp. stock was $17.2 billion at the end of the year, what was the market-to-book ratio? If there were 205 million shares outstanding, what were earnings per share?
Answers
Answer:
Sorry bud i just need the oints
to ask somethingExplanation:
Suppose that each week Fiona buys 16 peaches and 4 apples at her local farmer's market. Both kinds of fruit cost $1 each. From this we can infer that:
multiple choice
The law of diminishing marginal utility does not hold for Fiona.
Fiona is not maximizing her utility.
If Fiona is maximizing her utility, then her marginal utility from the 16th peach she buys must be equal to her marginal utility from the 4th apple she buys.
If Fiona is maximizing her utility, then her marginal utility from the 16th peach she buys must be greater than her marginal utility from the 4th apple she buys.
Answers
If Fiona buys 16 peaches and 4 apples at her local farmer's market each week, we can infer that C. If Fiona is maximizing her utility, then her marginal utility from the 16th peach she buys must be equal to her marginal utility from the 4th apple she buys.
What is marginal utility?Marginal utility describes the benefit derived from the consumption of one additional unit of a product or service.
The marginal utility can be computed using this formula:
Marginal utility = total utility difference/quantity of goods difference.
This means that marginal utility is equal to the change in total utility divided by the change in the number of goods consumed.
Thus, if Fiona buys 16 peaches and 4 apples at her local farmer's market each week, we can infer that Option C is correct.
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The graph shows the cost and revenue curves for a monopoly that produces teddy bears. The letters in the graph represent the enclosed areas.
If the monopolist charges a single price for teddy bears, which of the following describes an accurate outcome?
Answers
If the If the monopolist charges a single price for teddy bears, the accurate outcome would be: Consumer surplus equals area (a+b), producer surplus equals area (c+d), and deadweight loss equals area (e). Option D is correct
What is meant by consumer surplus?Consumer surplus, which serves as a gauge of consumer welfare, is the difference between a product's social value and its actual purchase price.
When a product's market price is higher than the consumer's willingness to pay for it, a surplus is created. The economic concept of marginal utility, or the additional enjoyment one receives from consuming one more unit of a good or service, is the foundation of consumer surplus.
Consumer surplus is the gap between what customers are prepared to pay and what they actually pay for a good. The marginal benefit of each unit of consumption for a consumer is also represented by each price along a demand curve.
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The consumer surplus equals area (a), the producer surplus equals area (c), and the deadweight loss equals area (b+d+e).
The consumer surplus equals area (b), the producer surplus equals area (c+d), and the deadweight loss equals area (d+e).
The consumer surplus equals area (a+b) the producer surplus equals area (c), and the deadweight loss equals area (e+f).
Consumer surplus equals area (a+b), producer surplus equals area (c+d), and deadweight loss equals area (e).
The consumer surplus equals area (a), the producer surplus equals area (c+f), and the deadweight loss equals (b+d+e).
30 points is an easy question………….
Answers
Answer:
B
Explanation:
If you have 30 apples and give 20 to Johnny you are smart :)
hopefully that helps :D
Answer: B
Explanation: The answer is B but I don't know how to explain it
Given the accounts below, choose all of the ones that affect equity. (Check all answers that apply.) Check all that apply. Revenues Mortgage Payable Cash Common Stock Accounts Payable Expenses Dividends
Answers
Revenues, gains, expenses, and losses are the primary accounts that have an impact on owner's equity. If you make money, your owner's equity will rise.
Which of the following accounts will not affect owner's equity?The transfer of cash from one asset to another in the process of buying inventory for cash has no effect on owners' equity (inventory). Owner equity increases as revenues rise. Owner's equity is reduced by revenues, which are a byproduct of operating expenses. Common stock, retained earnings, dividends, revenue, and expense all have an impact on stockholders' equity. Equity held by owners of a company remains unchanged if land is purchased with cash.
Since they are creditors of the company, bondholders do not possess any equity in it. An equity position exists for both common and preferred stockholders. Assets rise as stockholder equity falls. However, since the purchase of office equipment on account is not a capital-related activity, it will not affect the stockholders' equity even though it is true that the assets would increase.
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What was the value proposition of Maggi in India which made it a success but not in Pakistan? What is the better value proposition in Pakistan?
Answers
The correct answer to this open question is the following.
The value proposition of Maggi in India which made it a success but not in Pakistan was that Maggie offered the modern Indian woman, the possibility to have quality noodles ready to cook in minutes. And this was very favorable for modern Indian women that had to work and other family responsibilities.
When Indian women realized how fast it was to cook the noodles, that they were tasty for kids and healthy, they immediately loved the product.
Unfortunately, that was not the case for Pakistan women. The "quickness" was not the best perceived as a good value proposition because in Pakistan, a more traditional approach to cook food -in a more crafty, elaborated way- is so much appreciated by the people of Pakistan. Different customs and traditions.
A better value proposition in Pakistan could have been a similar flavor that would appeal to the classic flavors of Pakistani cuisine.
Maggi was bought by multinational Swiss company Nestle in 1947, and it penetrated the Indian market in 1983. And the result was an instant success.
ENG-114-02E-2022SP-Prof Research & Reporting
Answers
ENG-114-02E-2022SP-Prof Research & Reporting involves teaching professional communication skills.
What is Communication?This is the act of exchanging information through different types of medium such as writing etc.
The course above is taught with the use of articles reviewed by peers for as better understanding of how to communicate better in this type of scholarly environment.
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what is your analysis on walmart financial health as of january 2021 compare to 2022
Answers
I think the analysis is good compared to the year of 2021
Haruki's boss, Gabriel, tells him that because he has been such a valuable employee, he will receive an extra week of vacation. When Haruki decides to schedule the vacation, he reminds Gabriel of his statement. Gabriel says that he has changed his mind and that he really cannot afford to let Haruki have an extra week off. Haruki says that Gabriel has breached the contract he had with him for an extra vacation week. Assuming injustice cannot be established, who is right
Answers
Answer:
Haruki's boss Gabriel is right because there is no valid contract
Explanation:
Promissory estoppel is when a promise is made from one person to the other that can be relied upon.
This is however not a valid contract, but should be respected to avoid injustice.
A valid contract involves a written or expression of agreement about a particular thing. It involves offer and acceptance.
In this scenario a promise was made and since injustice cannot be established, Gabriel can decide not to honor the promise.
which one of the following institutions is the least regulated? banks, credit unions, savings association, saving banks or finance companies.
Answers
Savings banks and finance companies are the least regulated among these institutions as they are not subject to the same regulations that banks and credit unions are.
The Regulation of Savings Banks and Finance Companies: A Comparison to Banks and Credit UnionsSavings Banks and Finance Companies are the least regulated among these institutions as they are not subject to the same stringent regulations that banks and credit unions are. This is due to the fact that savings banks and finance companies are only required to adhere to the regulations of the state in which they are operating, unlike banks and credit unions, which must comply with the regulations of both the state and the federal government.
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What was the name given to the first computer (machine) language?
A. ASCII
B. GUI
C. URL
D. ARPA
Answers
hope that helps
In what order do managers typically perform the managerial functions?
Answers
May 1: Prepaid rent for three months, $1,800 May 5: Received and paid electricity bill, $50 May 9: Received cash for meals served to customers, $340 May 14: Paid cash for kitchen equipment, $2,900 May 23: Served a banquet on account, $1,560 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $2,700 May 31: Recorded depreciation for May on kitchen equipment, $570 If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.
Answers
If Sweet Catering had recorded transactions using the Cash method, the net income (loss) they would have recorded for May is ($4,410) instead of ($1,480) under the accrual method.
What is the difference between the cash method and the accrual method?The cash method records revenue and expenses when cash is received or payment is made.
On the other hand, the accrual method recognizes revenue and expenses for the period, whether cash is received/paid or not.
The accrual method records revenue when an invoice is raised and when a bill is received, unlike the cash method.
Transaction Analysis:May 1 Prepaid Rent $1,800 Cash $1,800
May 5 Electricity Expense $50 Cash $50
May 9 Cash $340 Service Revenue $340
May 14 Kitchen Equipment $2,900 Cash $2,900
May 23 Accounts Receivable $1,560 Service Revenue $1,560
May 31 Rent Expense $600 Prepaid Rent $600
May 31 Salary Expense $2,700 Salary Payable $2,700
May 31 Depreciation Expense $570 Accumulated Depreciation $570
Cash Method for Income Statement:Service revenue $340
Expenses:
Rent $1,800
Electricity 50
Kitchen equipment $2,900
Total cash expenses = $4,750
Net income (loss) = ($4,410)
Accrual Method for Income Statement:Service revenue $1,900
Expenses:
Rent $60
Electricity 50
Salary $2,700
Depreciation $570
Total expenses = $3,380
Net income (loss) = ($1,480)
For the purchase of kitchen equipment, the accrual method records depreciation expense for the month while the cash method records the full amount paid for kitchen equipment on May 14.
Thus, a higher net loss is recorded for May when Sweet Catering uses the Cash method than the Accrual method.
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Wilm Schmidt, the owner of Wilm's Window Washing Services, had difficulty getting the debits to equal credits on the January 31, 2023, trial balance. Wilm's Window Washing Services Trial Balance January 31, 2023 Cash Accounts receivable Prepaid insurance Equipment Accounts payable Wilm Schmidt, capital Wilm Schmidt, withdrawals Service revenues Salaries expense Insurance expense Maintenance expense Utilities expense Total Debit $ 11,700 9,340 2,500 25,000 Required: Prepare a corrected trial balance. 9,060 Credit $ 6,000 46,000 WILM'S WINDOW WASHING SERVICES Trial Balance 60,500 32,100 5,300 13,100 5,300 $113,400 $112,500 The following errors were discovered: a. Schmidt did not post a $4,100 purchase of equipment on credit. b. In posting a $1,450 collection from a credit customer, Schmidt debited Accounts Receivable and credited Cash. c. In posting a cash receipt, Schmidt correctly debited Cash for $2,670 but incorrectly credited Accounts Receivable for $7,270. d. In posting a $5,500 payment on account, Schmidt debited Accounts Payable but forgot to post the credit to Cash. e. In posting the entry for services of $3,700 performed for a customer on credit, Schmidt debited Accounts Receivable but credited Maintenance Expense.
Answers
Note that the corrected Trial Balance for Window Washing Services is attached accordingly.
What is Trial Balance and why is it important?Trial balance is a list of all the accounts in the general ledger with their respective debit or credit balances.
It is used to ensure that the total debits equal the total credits, indicating that the accounting records are in balance. The purpose of a trial balance is to detect errors that have been made in the double-entry bookkeeping system.
It is important because it ensures the accuracy of the accounting records and provides a foundation for the preparation of financial statements.
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Most payments in the United States for goods and services are made using Group of answer choices traveler's checks. checking account deposits. currency. gold.
Answers
Answer:
checking account deposits.
Explanation:
In economics or financial accounting, money can be defined as any asset used by an individual or business entity to make purchases of goods and services at a specific period of time.
Simply stated, money refers to any asset which can be used to purchase goods and services by customers.
This ultimately implies that, money is any recognized economic unit that is generally accepted as a medium of exchange for goods and services, as well as repayment of debts such as loans, taxes across the world.
Additionally, the rate at which an asset can be used to purchase any goods or services refers to its liquidity. Thus, liquidity is a quality or characteristics of money as a medium of exchange. Therefore, money is a generally accepted medium of exchange around the world.
The three (3) main functions of money all over the world are;
I. Medium of exchange.
II. Unit of account.
III. Store of value.
However, most payments in the United States for goods and services are made using checking account deposits.
the expected return on natter corporation's stock is 14%. the stock's dividend is expected to grow at a constant rate of 8%, and it currently sells for $50 a share. which of the following statements is correct?
Answers
The profit or loss an investor predicts from an investment with known historical return rates is known as the expected return (RoR).
How do you find expected rate of return?All upcoming dividend payments made by the stock are included in the estimated market value. You can determine how much investors should be willing to pay for the shares if you can calculate the growth rate of the dividends. To determine the dividend increase for the following year, multiply this year's dividends by their growth rate.
An expected price level, also known as anticipated price level, is the rate or price that products and services might be expected to attain given a specific set of economic conditions.
In contrast to cash dividends, stock dividends are payments made to shareholders in the form of new shares. Each existing share gets paid a fraction of the distributions. For instance, if a business declares a 5% equity dividend, it will pay
Therefore, the correct statement is the stock price is expected to be $54 a share one year from now.
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Which of the following line items appear on an income statement?
O Inventory
O Revenues
O Accounts Receivable
O Salaries and Wages Payable
Answers
Revenues appear on an Income statement.
The income statement, which is often referred to as the profit and loss statement (P&L) or the statement of revenue and expense, primarily focuses on the company's revenue and expenses for a specific time period. Understanding how to study an income statement is the greatest approach to evaluating a business and choosing whether or not to invest. Total income is the sum of operating and non-operating income, and total expenses are the costs associated with both primary and auxiliary operations. Receipts are not revenue. Earned revenue is shown on the income statement. Cash receipts (cash paid in or received) are not.
An income statement offers useful information about a company's operations, managerial effectiveness, underperforming industries, and performance in comparison to competitors.
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Your friend Stan owns a coffee shop in a monopolistically competitive industry. One day, Stan tells you (an economist) that he is earning an economic profit and is setting his price equal to his marginal cost. Is Stan producing the profit-maximizing amount of coffee? What should he do?
Answers
In a monopolistically competitive industry, each firm has some control over the price it sets due to product differentiation.
Stan mentioned that he is earning an economic profit and setting his price equal to his marginal cost. To determine whether he is producing the profit-maximizing amount of coffee, we need to consider a few factors.
1. First, let's understand the relationship between price, marginal cost, and profit maximization. In a competitive market, profit maximization occurs where marginal cost equals marginal revenue. However, in monopolistic competition, firms have some market power, so the profit-maximizing quantity occurs where marginal cost equals marginal revenue, not price.
2. Setting the price equal to marginal cost does not necessarily guarantee profit maximization. If Stan's price is equal to marginal cost, it means that he is covering his variable costs, but it does not take into account his fixed costs. To maximize profit, Stan should set his price above marginal cost, considering both variable and fixed costs.
3. If Stan is currently earning an economic profit, it suggests that he may not be producing the profit-maximizing amount of coffee. In monopolistic competition, firms tend to have excess capacity, meaning they produce less than the quantity that would minimize average total cost. By increasing his output, Stan may be able to reduce his costs and increase his profit.
Considering these factors, here are a few suggestions for Stan:
- Conduct a cost analysis: Stan should evaluate his fixed and variable costs to understand the full picture of his expenses. By knowing his costs, he can set a more informed price and determine the profit-maximizing quantity.
- Consider demand elasticity: Stan should also assess the price elasticity of demand for his coffee. If demand is relatively elastic, a small price increase may result in a significant decrease in quantity demanded, potentially reducing his profits. On the other hand, if demand is inelastic, Stan may be able to increase his price without a significant drop in sales.
- Experiment with pricing: Stan could consider experimenting with different prices to find the optimal point that maximizes his profit. By monitoring customer response to different prices, he can identify the price that generates the most revenue while covering his costs.
By taking these steps and considering the unique characteristics of monopolistic competition, Stan can better position his coffee shop for long-term success and profitability.
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Jack is a self-employed contractor. He uses his Ford F250 in his business. He does not have another vehicle for personal use. He wants to
claim the standard mileage rate for the business use of his pick-up. To do so he must keep records of the following, except:
Choose one answer a. Total mileage during the year
b. Cost of insurance for the pick-up.
c. Business mileage during the year
d. Commuting mileage during the year
Answers
For Jack to claim the standard mileage rate for the business use of his pick-up, he is not expected to keep the records of b. Cost of insurance for the pick-up.
Instead, Jack must record the total, business, and commuting mileage for the year. He does not need to record the cost of insurance to claim the standard mileage rate.
Thus, Jack can claim the standard mileage rate for the business use of his pick-up without the record of the cost of insurance.
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LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, the following information was supplied by its accountant:Direct materials inventory ..... $62,400Work-in-process inventory ..... 33,900Finished goods inventory ..... 55,600During June, direct labor cost was $143,000, direct materials purchases were $346,000, and the total overhead cost was $375,800. The inventories at the end of June were:Direct materials inventory ..... $63,000Work-in-process inventory ..... 37,500Finished goods inventory ..... 50,800Required:1. Prepare a cost of goods manufactured statement for June.2. Prepare a cost of goods sold schedule for June.
Answers
Answer and Explanation:
1. The preparation of the cost of goods manufactured statement as follows:
Statement of Cost of Goods Manufactured
Direct Material:
Beginning Raw material Inventory $62,400
Add: Cost of raw material purchased $346,000
Material available $408,400
Less: Ending Raw material inventory -$63,000
Direct Materials used in Production $345,400
Direct Labor Cost $143,000
Total overhead cost $375,800
Total Manufacturing cost added $864,200
Add: Opening Work in Progress $33,900
Less: Closing Work in Progress -$37,500
Cost of Goods manufactured $860,600
2. The preparation of a Cost of Goods Sold is presented below:
Statement of Cost of Goods Sold
Opening Finished goods inventory $55,600
Add: Cost of Goods manufactured $860,600
Total goods available for Sale $916,200
Less: Closing finished goods inventory -$50,800
Cost of Goods Sold $865,400
The second issue you chose to address with Kenisha is the complexity of the product. The marketing department conducted numerous focus groups to gauge their reaction to the prototype, and the feedback from these focus groups revealed that customers perceived the product to be too complicated and not sufficiently user-friendly. Which of the following statements would be the best explanation for the rejection based on the focus groups' feedback that the product was too complex?
a. The good news is that you've put a lot of great features in the Radio-DRM. The bad news is that focus group customers thought that it was about as complicated as programming the Starship Enterprise. They don't want to spend hours adjusting dials and knobs; all they want to do is plug it in and set a few controls.
b. The customers in the focus groups thought this product is just too complicated! You're building a cruise ship when a simple rowboat will do. You and your team need to stop over- engineering.
c. The marketing department conducted several focus groups for this prototype, and it looks like there are some problems with its complexity. You need to fix these problems as soon as possible.
d. As you know, the marketing department conducted several focus groups for the prototype. Although there were features customers liked, much of the feedback from customers was that the Radio-DRM needs to be made simpler and more user-friendly.
Answers
Answer:
ushdusbs
Explanation:
espero te si ha bro zorry
epartments have estimated annual factory overhead costs of $256,000 and $480,000, respectively. The Fabrication Dept. expects 25,000 machine hours this year. The Assembly Dept. expects $592,000 DL cost this year. Calculate the factory overhead cost that will be charged to each unit of the two products using multiple production dept. factory overhead rates (round to nearest $0.00).
Answers
Answer:
Factory overhead cost charged to each unit:
Fabrication Assembly
Factory overhead rates $10.24 $0.81
Machine hours per unit 5
Direct labor cost per unit $118.40
Factory overhead cost per unit $51.20 $95.90
Explanation:
a) Data and Calculations:
Fabrication Assembly
Annual overhead costs $256,000 $480,000
Expected machine hours 25,000 0
Expected direct labor costs 0 $592,000
Overhead rates $10.24 $0.81
($256,000/25,000) ($480,000/$592,000)
Assuming number of units produced = 5,000
Each unit will consume 5 (25,000/5,000) $118.40 ($592,000/5,000)
machine hours direct labor cost
Overhead cost per unit = $51.20 $95.90
($10.24 * 5) ($118.40 * $0.81)
How should Product Backlog items be chosen when multiple Scrum Teams work from the same Product Backlog
Answers
It should be noted that the product backlog item can be chosen as the scrum team with the highest velocity pulls product backlog items first.
What is product backlog?A product backlog simply means a prioritized list of work that is gotten from the requirements available.
The product backlog item can be chosen as the scrum team with the highest velocity pulls product backlog items first.
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Match each CRM technique with its description
-RFM
-loyalty programs
-clickstream analysis
offers discounts or free items to customers
who keep coming back
calculates a customer's most recent visit,
the frequency of visits, and annual spending
discovers through data mining what customers
have in common to predict behavior
tracks every image, link, or object that
a customer clicks
clustering
Answers
A loyalty program is a type of marketing strategy that aims to keep customers coming back to a business or using its services.
What precisely is RFM examination (recency, recurrence, and money related)?RFM analysis is a marketing strategy that uses a quantitative ranking and grouping of customers based on the recency, frequency, and monetary total of their most recent transactions to identify the best customers and carry out targeted marketing campaigns.
What levels of clickstream investigation are there?Clickstream investigation, which is a kind of Web examination (see a different section), is the following and examination of site visits. Clickstream investigation ordinarily screens and measures site movement by using the Internet server log records, regardless of the way that there are different techniques for gathering this information.
Two levels of clickstream analysis are possible: traffic analysis and an examination of online businesses.
tracks each image, link, or object clicked by a customer- clickstream analysisgives away free or discounted items to repeat customers.- loyalty programsdetermines a customer's most recent visit, the number of visits, and the amount spent annually- RFMuses data mining to discover what customers- clusteringLearn more about RFM analysis: https://brainly.com/question/28537349
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The operating budget provides a roadmap for financial plans for a short-term, future period. What is a typical “future period” for an operating budget?
Answers
An operating budget is a financial statement that outlines the organization's expenditures and revenues for a specific period.
The operating budget is typically for a fiscal year, which is usually twelve months. The future period for an operating budget is usually a fiscal year or less than a year. The operating budget is critical because it establishes guidelines for financial activities and operations in an organization. It provides a roadmap for financial plans for a short-term, future period, which typically begins on January 1st and ends on December 31st.
An organization creates an operating budget to aid in the allocation of resources and expenditures to achieve its objectives for a given period. A typical operating budget is for a fiscal year. A fiscal year is the period when an organization prepares its financial statements. It is usually 12 months, but it may be shorter or longer depending on the organization. An operating budget typically covers one fiscal year; however, it may be longer or shorter based on the organization's preferences.
The future period for an operating budget is frequently updated to reflect the company's current situation and financial standing. It takes into account the actual results of the previous period and the estimated expenditures and revenues for the upcoming year to develop the operating budget for a future period.
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Harvey quit his job at State University, where he earned $62,000 a year. He figures his entrepreneurial talent or forgone entrepreneurial income to be $4,000 a year. To start the business, he cashed in $50,000 in bonds that earned 10 percent interest annually to buy a software company, Extreme Gaming. In the first year, the firm sold 10,000 units of software at $72 for each unit. Of the $72 per unit, $60 goes for the costs of production, packaging, marketing, employee wages and benefits, and rent on a building. The accounting profit of Harvey's firm in the first year was: _________
Answers
Answer:
Accounting profit = 120,000
Explanation:
Accounting profit = total revenue - explicit costs
Accounting profit = 72*10,000 - 60*10,000
= 720,000 - 600,000 = 120,000
Which statement is true regarding monopolistic competition?
Answers
Answer:
AR>MR
--------------------------------------
WHERE ARE THE OPTIONS.
Please answer !!! For a lot of points
Answers
i think B is the answer,but ask another person too!
.
and tnx for points too :)
Answer:
thanks for points
Explanation:
a tenant with this insurance policy suffers a substantial loss due to a lightning strike and an apartment fire that erupts as a result of that storm. the tenant should take each of the following steps as soon as possible except
a. call the insurance company and report the loss and damages
b. sign up for additional renters insurance, as this coverage has now been "used up" will be expired
c. divide property into "damaged" and "undamaged" categories and submit a thorough list of everything "damaged"
d. provide receipts, when available, for damaged items, costs associated with living elsewhere, and costs of doing any self-repair on the rental property.
Answers
In this case, the tenant should not take the next step, enrolling in additional renters insurance, as this coverage has already been "used" and will expire.
What is an insurance policy?Corresponds to a document containing relevant information about the relationship between the insurer and the insured, that is, when an individual acquires an asset, he can contract formal insurance via a contract that specifies the insurer's obligations towards the asset, such as:
Period of validityRoofFeesAssistanceTherefore, observing the question and the statements, the option that should not be followed by the tenant is to subscribe to the insurance for additional renters, but rather to observe through your contract which coverage the insurer will or will not cover for your damages.
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