A hurricane caused $179,000 in damages to a building owned by Universal Imports. The building was insured by several carriers for a total of $659,000, and all coinsurance requirements were met. If CNA Insurance is providing $197,700 of the total coverage, what is their share of the loss?
A) $53,700
B) $125,300
C) $59,310
D) $119,690
A
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When an existing partner sells his interest to another party in a personal transaction ________.
A) it is considered a transaction between the partnership and the new party B) the old partnership will continue functioning, since the partner is replaced by another party without diluting the old partnership C) the journal entry simply debits the withdrawing partner's capital account and credits the new partner's capital D) the equity and assets in the balance sheet always increase by the same amount
The qualitative characteristics of accounting on which the conceptual framework is centered come under the general heading of:
a. relevance. b. materiality. c. representational faithfulness. d. decision usefulness.
Which type of retailer generally has the most complex organizational structure?
a. diversified retailer b. small independent retailer c. chain store d. department store
Step 3 of the personal financial planning process is "Develop a Plan of Action." According to your text, which of the following is not one of the "common concerns" that should guide all financial plans?
A) Flexibility B) Long-term profitability C) Liquidity D) Protection E) Minimization of taxes