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Last year Charles and Kathy Price bought a home with a dwelling replacement value of $200,000 and insured it (via an HO-3 policy) for $166,000. The policy reimburses for actual cash value and has a $250 deductible, standard limits for coverage C items, and no scheduled property. Recently, burglars broke into the house and stole a 3-year-old television set with a current replacement value of $800 and an estimated useful life of 8 years. They also took jewelry valued at $2,800 and silver flatware valued at $4,200.
Assuming a 50% coverage C limit, calculate how much the Prices would receive if they filed a claim for the stolen items. Round the answer to two decimal places.
The Butterfly Corporation had the following information that pertained to its March budget.
a sculpture that tulip amp company held for investment was destroyed in a flood. the sculpture was insured and tulip
Tim is a Senor audit of Two Be Gone, a large publicly held company. The company recently completed an acquisition of its fifth largest competitor. What risks might this present? How will you, the auditor, respond to these risks (i.e. what actions ..
prepare a cash receipts journal based on the information given below and post it to the accounts receivable subsidiary
lopez company began operations on january 1 2010 and it estimates uncollectible accounts using the allowance method.
part i - multiple choice 7.5 pointsinstructions designate the best answer for each of the following questions. 1. a
Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO and (3) average-cost.
What is the purpose of the chart of accounts? Why are internal controls and audit trails important in a computerized accounting system?
Jackson Sound produces amplifiers and mixing boards in a modern production facility. The company is well known for its quality products -each item is thoroughly tested before it leaves the plant.
In December 2010, Gomez Company's manager estimated next year's total direct labor cost assuming 50 persons working an average of 2,000 hours each at an average wage rate of $15 per hour. The manager also estimated the following manufacturing over..
Use the accrual-basis of accounting for income tax reporting purposes. Why?
sam small is 34 years old. his wife died last year. he lives with his son sonny in a two family house. his father sid
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