All company sells an insurance policy that pays the policyholder $100,000 in the event that he or she has to quit a job because of serious injury or illness. The company's expected value is $50 per policy. Explain the meaning of the $50 in the context of this problem. What profit should the company expect to earn on selling 10 policies?

The mayflower, a seafood restaurant, had the following liabilities by the end of 2015: accounts payable $60,000 wages payable $100,000 unearned revenue $125,000 (60% will be earned in 2016) notes payable $140,000 ($45,000 payable in 2016) what is the amount that the mayflower should report as total current liability on its balance sheet as of december 31, 2015?