Finance

When comparing inventory turnover ratios, other things being equal, A

When comparing inventory turnover ratios, other things being equal, A) higher inventory turnover results from old or obsolete inventory increasing the inventory balance on the balance sheet. B) a higher inventory turnover is preferred to improve liquidity. C) higher inventory turnover results from an increase in the selling price of the product. D) a lower […]

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Date: September 19th, 2020

Following catastrophic hurricane losses, South Coast Insurance Company

Following catastrophic hurricane losses, South Coast Insurance Company changed its deductible provision. Rather than using a specified dollar value, $250 for example; the dollar value of the deductible increases with the size of the loss. The type of deductible that South Coast changed to is called a(n) A) calendar-year deductible. B) aggregate deductible. C) straight […]

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Date: September 19th, 2020

Given the following financial statements for ACME Corporation, what am

Given the following financial statements for ACME Corporation, what amount did the company pay in dividends for 2010? Income Statement Balance Sheet Year Ended 12/31/10 12/31/2010 12/31/2009 Sales $1,300,000 Current Assets $50,000 $45,000 Cost of Goods Sold 750,000 Gross Fixed Assets 880,000 650,000 Operating Expenses 200,000 Less Accumulated Depreciation 450,000 350,000 Depreciation Expense 100,000 Fixed […]

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Date: September 19th, 2020

Several different values can be considered when determining how much i

Several different values can be considered when determining how much insurance should be carried on a dwelling (the Coverage A limit of the Homeowners 3 policy). The appropriate value that should be used is: A) the home’s market value. B) the home’s actual cash value. C) the home’s appraised value for property tax purposes. D) […]

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Date: September 19th, 2020

Which of the following statements is (are) true regarding how the Home

Which of the following statements is (are) true regarding how the Homeowners 3 policy handles the peril of collapse? I. Collapse is specifically excluded, and there are no exceptions to the exclusion. II. Collapse that is caused by a Coverage C peril is covered. A) I only B) II only C) both I and II […]

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Date: September 19th, 2020

Which of the following statements concerning the coverage of collapse

Which of the following statements concerning the coverage of collapse of the dwelling under an unendorsed Homeowners 3 policy is true? A) There is no coverage for collapse, regardless of the cause of the collapse. B) Collapse is covered if it is caused by one of the Coverage C perils. C) If collapse is caused […]

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Date: September 19th, 2020