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) the home's replacement cost.
Question 2
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 Assets 430,000 350,000
EBIT 250,000 Total Assets 480,000 395,000
Interest Expense 50,000
EBT 200,000 Current Liabilities 35,000 50,000
Taxes 80,000 Long-term Debt 330,000 270,000
Net Income 120,000 Common Stock 5,000 5,000
Retained Earnings 110,000 70,000
Total Liabilities & Equity 480,000 395,000
A) 25,000 B) 100,000 C) 80,000 D) 45,000
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