Suppose a subrecipient has a $12,000 insurance policy that is in effect from January 1st through December 31st. They pay a $3,000 lump sum to the insurance company in January and will pay $1,000/month...

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Suppose a subrecipient has a $12,000 insurance policy that is in effect from January 1st through December 31st. They pay a $3,000 lump sum to the insurance company in January and will pay $1,000/month each month from February to October. If this expense can be claimed on a federal reimbursable grant, what amount would they report on their December reimbursement request and explain the rationale.*
Answered Same DayMay 10, 2021

Answer To: Suppose a subrecipient has a $12,000 insurance policy that is in effect from January 1st through...

Harshit answered on May 11 2021
143 Votes
Solution
$12,000 insurance policy from a period of January 1st to December 31st.
Payment made by c
ompany in the month of January -$3,000 (lump sum)
Payment made by company during the period February to October - $1000 / month,
Therefore, total payment made during February to October = $9000
So Total amount Paid $12,000 ( $3,000 + $12,000)
December's reimbursement...
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