A property insurance policy which states just the maximum amount that will be paid by the insurer for any property is known a(n) _____
A) named peril policy
B) valued policy
C) open policy
D) floating policy
C
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A piece of personal property affixed to real property is called a ________.
Fill in the blank(s) with the appropriate word(s).
Soledad and Winston are partners who share income in the ratio of 1:3 and have capital balances of $100,000 and $140,000 at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $130,000 . What amount of loss on realization should be allocated to Winston?
a. $110,000 b. $97,500 c. $42,500 d. $82,500
If the balance of wages payable increases during the year, then the _________________________ for the period will be greater than the actual cash wages paid in the period
Fill in the blank(s) with correct word
Periodic and perpetual are examples of inventory costing systems
Indicate whether the statement is true or false