There are two types of commercial paper: express and implied
Indicate whether the statement is true or false
False
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At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $2,000 (debit) before any year-end adjustment. The balance of Accounts Receivable is $180,000. The company estimates that 5% of accounts receivable will not be collected over the next year. Record the adjustment for uncollectible accounts.
What will be an ideal response?
The PMI, Inc. processes an estimated 200,000 checks per year from its customers. Total revenue
collected by check is $40,000,000. The average float time until the funds are credited to PMI's checking account is 6 days. For an extra cost of $ .06/check, PMI's bank will install a lock-box system that will reduce float time from 6 days to 2.5 days. If PMI earns 3.5% on its checking account, how much per check will PMI make if it uses the lock-box system? A) $.005 B) $.008 C) $.006 D) $.007
An American firm that builds a factory abroad for the building of component parts to be shipped back to the United States does not qualify for OPIC insurance
Indicate whether the statement is true or false
An insurance contract is NOT considered to be an illegal form of "wagering" because
A. one must have an insurable interest in the person being insured. B. insurance contracts are underwritten by reputable companies. C. insurance activities are regulated by the state department of insurance. D. the money being paid out comes from premiums collected over time.