QUESTION S Acomanys owned by a owned by three partners, each of whom also work for the business atrs ach earn $1,500 monthly, (a) The and they also employ an administrative assistant, who earss 300 weely Complete the tables belonw to show the bove the net pay for the administrative assist ind ANY ONE of the partners is calculated [14 marks) ANY Partner | November 2015 Admin Assistant | November 2015 $300 15% Medical Benefits Edacatioe Levy s Net Wages Net Wages b) At the end of September, the partners are meeting to calculate the net income of their business, opened as of lanuary 1, 2015, FILL IN THE MISSING ENTRIES in the table below [6 marks]; Show your COGS and Expenses Calculations: Purchases Net Profit (c) Advise the partners on how the net profit can be increased, without increasing Net Sales. [2 marks] (d) The partners entered into their business arrangement with the following pre-defined parameters The three partners invested $10,000, $20,000 and $15,000 respectively . The business has been operational for 9 months Canuary 1"-September 30) * Each partner is to be paid 5% simple interest on investment AND $1,500 monthly salary Any remaining net profit after deduction of Interest is to be divided in proportion to each partner's investment Calculate the total of interest, salary and remaining net income received by each partner. [20 marks] QUESTION 6 Bob Armstrong lost control of his car and crashed into another car. He had 15/30 liability limits, $10,000 property damage limits, and collision coverage with a $100 deductible. Damage to Armstrong's car was $2,980 the other car, with a value of $22,800, was totalled. The results of a lawsuit awarded $75,000 and $45,000, respectively, in damages for personal injury to the two people in the other car L Find the amount that the insurance company will pay for repairing Armstrong's car. [2 marks] il. Find the amount that the insurance company will pay for repairing the other car. |2 marks] ii. Find the amount that the insurance company will pay for personal injury damages. [2 marks v. How much must Armstrong pay beyond his insurance coverage? [5 marks] (b) Explain the Coinsurance Clause and describe how colnsurance works. [3 marks) QUESTION S Acomanys owned by a owned by three partners, each of whom also work for the business atrs ach earn $1,500 monthly, (a) The and they also employ an administrative assistant, who earss 300 weely Complete the tables belonw to show the bove the net pay for the administrative assist ind ANY ONE of the partners is calculated [14 marks) ANY Partner | November 2015 Admin Assistant | November 2015 $300 15% Medical Benefits Edacatioe Levy s Net Wages Net Wages b) At the end of September, the partners are meeting to calculate the net income of their business, opened as of lanuary 1, 2015, FILL IN THE MISSING ENTRIES in the table below [6 marks]; Show your COGS and Expenses Calculations: Purchases Net Profit (c) Advise the partners on how the net profit can be increased, without increasing Net Sales. [2 marks] (d) The partners entered into their business arrangement with the following pre-defined parameters The three partners invested $10,000, $20,000 and $15,000 respectively . The business has been operational for 9 months Canuary 1"-September 30) * Each partner is to be paid 5% simple interest on investment AND $1,500 monthly salary Any remaining net profit after deduction of Interest is to be divided in proportion to each partner's investment Calculate the total of interest, salary and remaining net income received by each partner. [20 marks] QUESTION 6 Bob Armstrong lost control of his car and crashed into another car. He had 15/30 liability limits, $10,000 property damage limits, and collision coverage with a $100 deductible. Damage to Armstrong's car was $2,980 the other car, with a value of $22,800, was totalled. The results of a lawsuit awarded $75,000 and $45,000, respectively, in damages for personal injury to the two people in the other car L Find the amount that the insurance company will pay for repairing Armstrong's car. [2 marks] il. Find the amount that the insurance company will pay for repairing the other car. |2 marks] ii. Find the amount that the insurance company will pay for personal injury damages. [2 marks v. How much must Armstrong pay beyond his insurance coverage? [5 marks] (b) Explain the Coinsurance Clause and describe how colnsurance works. [3 marks)
