Each liability insurance provider has a duty to defend the insured when a third party files a legal claim against the insured that falls within the coverage terms of the policy.
Answer the following statement true (T) or false (F)
True
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The accountant for Sysco Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Retained earnings balance at the beginning of the year$819,000Net income for the year 230,000Cash dividends declared for the year 42,000Retained earnings balance at the end of the year 1,007,000Cash dividends payable at the beginning of the year 10,000Cash dividends payable at the end of the year 11,000What is the amount of cash dividends paid that should be reported in the financing section of the statement of cash flows?
A. $1,000. B. $43,000. C. $63,000. D. $42,000. E. $41,000.
Which of the following is an advantage of the budgeting process?
A) It requires very little input from various departmental managers, leaving them more time to devote to day-to-day activities. B) It can define specific goals and objectives that may be used in evaluating future job performance. C) It forces management to focus on the past and not be distracted by the day-to-day operations of the business. D) It requires no communication between various managers in the organization.
As of December 31, Year 1, Gant Corporation had a current ratio of 1.29, quick ratio of 1.05, and working capital of $18,000. The company uses a perpetual inventory system and sells merchandise for more than it cost. On January 1, Year 2, Gant collected $5,200 of accounts receivable. As a result of this transaction, Gant's working capital will:
A. Increase. B. Remain the same. C. Decrease. D. Cannot be determined.
A company had the following purchases and sales during its first year of operations: PurchasesSalesJanuary:10 units at $1206 unitsFebruary:20 units at $1255 unitsMay:15 units at $1309 unitsSeptember:12 units at $1358 unitsNovember:10 units at $14013 units On December 31, there were 26 units remaining in ending inventory. Using the Periodic FIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)
A. $3,540. B. $3,270. C. $3,200. D. $3,445. E. $3,405.