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- Give typing answer with explanation and conclusionCan you help me with some tips Question? Imagine you are a deciding Judge for the following scenario. Decide who should win the case including the reasoning for the decision? 1. Chip bought an insurance policy on his house from Insurance Co. The policy covered damage from fire but explicitly excluded coverage for harm caused “by or through an earthquake.” When an earthquake struck, Chip’s house suffered no fire damage but the earthquake caused a building some blocks away to catch on fire. That fire ultimately spread to Chip’s house, burning it down. 2. Is Insurance Co. liable to Chip? 3. Argument for Insurance Co.: The policy could not have been clearer or more explicit. If there had been no earthquake, Chip’s house would still be standing. The policy does not cover his loss. Argument for Chip: His house was not damaged by an earthquake, it burned down. The policy covered fire damage. If a contract is ambiguous, it must be interpreted against the drafter of the contract.Jorge and his wife own a beachfront vacation home in Savannah, Georgia. During the year, high winds from a tropical storm shatter a sliding glass door and rain from the storm causes extensive water damage to the kitchen. The Savannah area qualified for federal disaster relief. Fortunately, during a calm in the storm, Jorge is able to board up the door, which limits the water damage to the kitchen. The items damaged in the storm are: Cost ValueBefore ValueAfter InsuranceProceeds Kitchen furniture $2,085 $1,325 $430 $510 TV 265 200 0 115 Refrigerator 1,000 920 90 775 Linoleum flooring 1,645 880 0 470 In addition, Jorge pays $610 to replace the sliding glass door. The insurance company will not reimburse him for the cost of the new door because the old sliding glass door did not meet the company's standards for a hurricane area. The amount of Jorge's casualty loss before considering any annual limitations that may apply is…
- After an unseasonably hot summer, Willow received a call from her tenant that the AC was no longer working on the rental property she owned. After calling out the repair service, it was determined that she needed a new HVAC unit. Willow placed the order for the new unit on October 25, 2022. It was on back order and could not be delivered to the rental property until December 22, 2022. Because of the holiday, it was not installed until January 6, 2023. On which date would the HVAC unit be considered “placed in service” for depreciation purposes?After an unseasonably hot summer, Willow received a call from her tenant that the AC was no longer working on the rental property she owned. After calling out the repair service, it was determined that she needed a new HVAC unit. Willow placed the order for the new unit on October 25, 2022. It was on back order and could not be delivered to the rental property until December 22, 2022. Because of the holiday, it was not installed until January 6, 2023. On which date would the HVAC unit be considered "placed in service" for depreciation purposes? October 25, 2022 O December 22, 2022 O January 6, 2023Please answer questions 34 and 35 correctly. Give me the right choices
- Own answer please read story before answering thank you Mr. Juan is a retired government employee who is good at baking. One day he decides to put up a bakery shop in your barangay. He renovates a portion of his house to serve as the area for the production of bread. He purchases baking equipment and raw materials to produce five different types of bread. Mr. Juan also hires Jose to help him with the baking and, at the same time, to be in-charge of sales. Mr. Juan pays Jose on a weekly basis. Every day, Mr. Juan’s wife deposits the daily cash sales in their bank account at XY Savings Bank. With the help of accounting, what possible decisions or questions of Mr. Juan can accounting provide an answer to? • Is my business earning? (profitability) Business • How much daily or monthly sales do I need in order to recover my fixed cost? (break-even) • Do I need to hire additional workers to help me with my production? • Can I afford to set up a new store in another place? Where do…Marvin is a state legislator. Bases on his belief that a certain infrastructure project in the public’s best interest, Marvin in favor of the project. Several weeks later, a contractor who financially benefited from the project approaches Marvin with an envelope full of cash and thanks him for his “public service.” If Marvin accepts the cash, which of the following best describes his violation? A. Official bribery. B. Commercial bribery. C. Illegal gratuity. D. Economic extortion.Which of the following items would be included in the gross income of the recipient? Insurance payments for medical care of a dependent child Insurance payments for loss of the taxpayer's sight Season tickets worth $2,000 given to a son by his father Payments to a student for working at the student union food court Lodging provided to a worker on a remote oil rig
- Connie Fletcher, CFA, works for a small money management firm that specializes in pension accounts. Recently, a friend asked her to act as an unpaid volunteer manager for the city’s street sweep pension fund. As part of the position, the city would grant Fletcher a free parking space in front of her downtown office. Before Fletcher accepts, she should most appropriately:alice is a planning to attend several professional events and will purchase a suit costing between $100 and $200 dollars. she will wear them to the event and return them the next day for a refund. comment on the ethics of her plan and if there is a problem with the plan provide alternativesHank builds a storage shed in his back yard that has a cement base. The walls of the shed are attached to the base. The shed is: Tangible personal property or Intangible personal property
