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Problem
1. Define Reinsurance and explain why insurance companies get into reinsurance?
2. Explain Pro rata reinsurance and its types with examples.
3a. Demonstrate the provisions brought out by The Tax Reform Act of 1986 on unearned premium reserve in determining taxable income for most lines of business, as referred by IRC Section 832(b)(4)(B and IRC Section 832(b)(7)(B).
3b. Calculate the net deduction for unearned premiums if an insurance entity's unearned premium reserve increased from $80,000 to $100,000, and if the unearned premium reserve decreased from $80,000 to $60,000, in determining taxable income.
4. Bring out the significant components of income tax expense attributable to continuing operations for each year.
5. What are the primary methods used to assess guaranty funds assessments for property and liability insurance firms.
Explain what items a stockholder reading a financial statement might be interested in that are different from the manager of the enterprise.
Prepare a comparison of LA's net income between 20X0 and 20X1 where the cost of the film inventories would be amortized on a straight-line basis over 4 years.
What kinds of ethical lapses does the accounting profession have to guard against in the future? Is the field basically the same as it ever was? Will any of these ethical lapses be new?
Jumpin-JehoSaphats is owned by Jessica Jean (JJ)Saphats. Jessica wants to incorporate her business but is not sure of the differences between the current form of sole proprietorship and changing to a corporation. She has come to you to discuss ..
develop common size financial statements for the 3 companies for the most recent 3-years available. calculate financial
Compute production cost per unit under absorption costing.
The costs cannot be reasonably estimated. How much revenue should Green Co. report in their first year under iGAAP
Using the company for which you work or one in which you are interested, choose conversion approach you would use. Discuss how you envision the testing process.
How much profit should Larsen recognize on January 1, 2011, on the sale of the machine
Michelangelo Inc., a software development firm, has stock outstanding as follows:
Talmadge Company is acquiring the target Tyler, Inc in a merger. What is the new equity value of Tyler on its Balance sheet
Under the cash basis method what are the warranty expenses for 2008 and 2009. Create what balance under current liabilities in the 2008 balance sheet
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