On January 2, 1986, Beal, Inc. acquired a $70,000 whole-life insurance policy on its president. The annual premium is $2,000. The company is the owner and beneficiary. Beal chairqed officer's life insurance expense as follows: 1986 $2,000 1987 1,8001988 1,500 1989 1,100 Total $6,400 In Beal's December 31, 1989 balance sheet, the investment in cash surrender value should be:.a. $0b. $1,600c. $6,400 d. $8,000

Which of the following statements is true about financial planning

Lynch company manufactures and sells a single product. the following costs were incurred during the company’s first year of operations: variable costs per unit: manufacturing: direct materials $ 12 direct labor $ 6 variable manufacturing overhead $ 1 variable selling and administrative $ 1 fixed costs per year: fixed manufacturing overhead $ 308,000 fixed selling and administrative $ 218,000 during the year, the company produced 28,000 units and sold 15,000 units. the selling price of the company’s product is $56 per unit. required: 1. assume that the company uses absorption costing: a. compute the unit product cost. b. prepare an income statement for the year. 2. assume that the company uses variable costing: a. compute the unit product cost. b. prepare an income statement for the year.

Your own record of all your transactions. a. check register b. account statement