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svetlana [45]
3 years ago
6

Mike has an insurance policy that pays 90% of the replacement cost of personal property damaged in a fire. A fire destroyed a st

ove that Mike paid $350 for but it was now worth only $90. A new one would cost $400. How much will Mike’s insurance company pay?
Business
2 answers:
podryga [215]3 years ago
7 0

Answer:

Explanation:

Mike insurance company will pay = 0.9 of 400 = $ 360

zheka24 [161]3 years ago
7 0

Answer: Mike's insurance company will pay $360. That is, 90 percent of $400.

Explanation: The insurance company pays 90 percentage of the replacement cost of personal property damaged by fire. Although the actual amount Mike paid for the stove was $350 but now was worth $90 due to the fire incident. The insurable amount that was expected to have been communicated to the insurance company was the current market value and not the actual amount parted with, at first. This is because the insured would be at a loss in case of any eventuality.

So it was expected that Mike would have communicated $400 as the current market value to the insurance company to be the insurable amount.

The insurance company would take possession of the damaged stove which is now worth $90 and sell it to salvage buyer most likely at that price to cushion the loss that was incurred. Also, the company would pay $360 to Mike while he bears the remaining balance, which is $40.

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Answer:

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Explanation:

The Company's income Statement is prepared below. In relation to the following please note that:

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<u>Income Statement on December 31st:</u>

HOME REALTY, CORPORATION

Income statement

For period ended December 31st

Revenue                                           $

Sales Revenue                             166,000  

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Expenses:                                    $

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2 years ago
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Answer:

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A lot of estimates go into the final calculation to determine market size, and each component needs to be as precise as possible
natulia [17]

True, A  lot of estimates go into the final calculation to determine market size, and each component needs to be as precise as possible. Otherwise, the errors in the estimation get compounded.

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The Preparation of revenue Journal and cash receipts Journal is shown below:-

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<u>                  number                                      Fees earned Cr,</u>

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<u>March 20     515          Electronic Central Inc.     $195</u>

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Date      Accounts    Post ref.   Fees          Accounts          Cash Dr,

<u>               credited                    earned Cr,  receivable Cr,                   </u>

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