Reference no: EM133042529
Questions -
Q1. Statement 1: Proportional reinsurance is a form or reinsurance where corporate is ceded on the basis of a contract between the ceding insurer and the reinsurer, whereby the ceding insurer agreed to cede and the reinsurer agrees to accept automatically the reinsurance of the risk written by the ceding insurer, which fall within the scope of the agreement, subject to the limits and terms specified therein. Statement 2: Retrocession is a reinsurance assumed where the reinsurer will retrocede a whole or a part of the risk accepted from the direct insurer to another reinsurer. Statement 3: Ceding insurer is an insurer that reinsures part of the whole of a risk with one or more reinsurance, the risk is considered as an inward reinsurance.
Only Statement 1 is correct
Only Statement 1 is incorrect
Only Statement 2 is correct
Only Statement 2 is incorrect
Only Statement 3 is correct
Only Statement 3 is incorrect
All statements are correct
All statements are incorrect
Q2. Anthony, Brooklyn, and Cali are partners sharing profits in the ratio of 5:3:2, respectively. As of December 31, 2021, their capital balances were $87,800 for Anthony, $80,000 for Brooklyn, and $67,200 for Cali. On January 1, 2022, the partners admitted Damian as a new partner and according to their agreement; Damian will contribute $80,000 in cash to the partnership and also pay $10,000 for 15% of Brooklyn's share. Damian will be given a 20% share in profits, while the original partners' share will be proportionately the same as before. After the admission of Damian, the total capital will be $330,000 and Damian's capital will be $70,000. How much is the balance of Brooklyn's capital, after the admission of Damian?
Q3. Mia Corporation consigned 4,800 medical equipment costing $90 and retailing for $3,000 each to Andres Company. Freight cost of $4,800 was paid as freight expenses by the consignor. After a month, Mia received $213,030 in full settlement of the balance due. The consignor deducted a commission of $600 for each equipment sold, $270 for delivery expense and $300 for advertising expense. How many medical equipment were sold?
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What is the maximum cca deduction of the goodwill
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How much is the balance of Brooklyn capital
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