4. Sports Haven has an assessed value of $200,000 and an inventory valued at $65,000. The store is insured for $175,000 and the inventory is insured for $45,000. Both the store and the inventory have 80% coinsurance clauses. Water damage causes a loss of $72,000 on the building and destroys 50% of the inventory. Find the amount of loss paid by the insurance company. Amount of loss

4. Sports Haven has an assessed value of $200,000 and an inventory valued at $65,000. The store is insured for $175,000 and the inventory is insured for $45,000. Both the store and the inventory have 80% coinsurance clauses. Water damage causes a loss of $72,000 on the building and destroys 50% of the inventory. Find the amount of loss paid by the insurance company. Amount of loss

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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