Use the following information to answer questions 29-31Danielle has the following personal property and liability coverages in place. No other endorsements arein place. The liability limits meet the minimum requirements of the umbrella insurer.Homeowners 3 PolicyCoverage A: $250,000Coverage B: $25,000Coverage C: $125,000Coverage D: $75,000Coverage E: $300,000Coverage F: $1,000Personal Auto PolicyCoverage A: 250/500/50Coverage B: $5,000Coverage C: 100/300Personal Umbrella Policy$1,000,000 limit$250 self-insured retention29. Danielle is driving to the store and runs a stop sign, causing an accident. The other driver is awarded$300,000 in damages as a result of the accident.Covered (by any policy): Yes / NoHO3 Amount: $PAP Amount: $Umbrella Amount: $30. Danielle is hosting a party at her house for her daughter's high school graduation. One of herdaughter's friends in attendance slips on the freshly refinished wood floors and is severely injured. Thefriend sues and is awarded $275,000 in damages for her injuries.Covered (by any policy): Y/NHO3 Amount: $PAP Amount: $Umbrella Amount: $

Coverage A: This covers the dwelling. Since the accident is related to a car, it doesn't fall under…

Answered: Danielle has the following personal…

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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An employee has basic term insurance of $100,000 along with accidental death & dismemberment (AD&D) coverage with a principal sum equal to the basic term insurance benefit. Which of the following statements about this coverage is (are) true? (Check all that apply.) if the employee loses only one hand in an accident, he will receive a benefit less than $100,000 from his AD&D policy if the employee dies as the result of a work-related illness, his beneficiary wil| receive $200,000 O If the employee loses both hands in an accident, he will receive $100,000 from his AD&D policy if the employee dies as the result of an accident, his beneficiary will receive a total of $200,000
Required information Problem 14-61 (LO 14-5) (Algo) [The following information applies to the questions displayed below.] Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: AGI Insurance Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation $ 2,500 7,250 2,400 1,650 3,500 15,750 During the year, Alexa rented out the condo for 100 days. She did not use the condo at all for rsonal purposes during the year. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Problem 14-61 Part a (Algo) Assuming Alexa receives $22,000 in gross rental receipts, answer the following questions: Note: Leave no answer blank. Enter zero if applicable. a. What effect does the rental activity have on her AGI for the year?
Ee 129.
None
Allen, Barker, and Cooper are cosureties on a $750,000 loan by Durham National Bank to Kingston Manufacturing Co., Inc. The maximum liability of the sureties is as follows: Allen, $750,000; Barker, $300,000; and Cooper, $150,000. If Kingston defaults on the entire $750,000 loan, what are the liabilities of Allen, Barker, and Cooper?
7. Annaliese Nuber insured the contents of her apartment for $22,500. The premium is S0.63 per S100 with a $750 deductible, Her personal property that is used away from home is insured at 10% of the policy's total coverage. Living expense coverage is 20% of the policy's total coverage. a. At what value is the personal property that she uses away from home insured? b. For what value is her living expense covered? c. What is the annual insurance premium that Annaliese pays?
M104.
Problem 2 - Consistent with GAAP, indicate the amount, if any, a hospital should establish as a liability for each of the flowing independent malpractice claims; Mr. Joe Smith, a heart patient, files a malpractice lawsuit for $600,000. Based on Mr. Smith’s medical records, the hospital’s attorneys are not confident of winning the case and estimate the judgement will range from $350,000 to $400,000. The hospital does not carry medical malpractice insurance. Mrs. Jane Jones has filed a medical malpractice claim of $750,000. The hospital’s attorneys are 95% confident the hospital will win the case if it goes to trial. The hospital does not carry medical malpractice insurance. A hospital is being sued for medical malpractice and the hospital’s attorneys believe it is probable the hospital will lose the case and estimate the potential loss to be $700,000 and legal and court costs to be $40,000. The hospital carries a $750,000 medical malpractice insurance policy with a…
B3.
Determine the retirement savings contributions credit in each of the following independent cases. Use Table 9-2. a. A married couple filing jointly with modified AGI of $37,500 and an IRA contribution of $1,800. b. A married couple filing jointly with modified AGI of $58,000 and an IRA contribution of $1,900. c. A head of household taxpayer with modified AGI of $33,000 and Roth IRA contribution of $1,990. d. A single taxpayer with modified AGI of $12,000 and an IRA contribution of $2,800. Retirement Savings Contributions Credit
B4.
1. Robert works for American Motors. American Motors pays a $1,200 premium on Robert's health insurance in 2021. Robert has an operation on his big toe in 2021 that cost $7,200. The insurance company paid for $6,800 of it. Which one of the following is true for 2021? a.Robert must claim the $1,200 premium and the $6,800 insurance payment as income. b.Robert must claim the $1,200 premium paid by his employer as income. c.Robert must claim the $6,800 paid by the insurance company for the operation as income. d.None of these events are taxable on his 2021 return. 2. Electronically filed tax returns: a.Have error rates similar to paper returns. b.Offer faster refunds than paper returns. c.May not be transmitted from a taxpayer's home computer. d.Constitute less than 50 percent of the returns filed with the IRS. 3. John, age 25, is a full-time student at a state university. John lives with his unmarried sister, Ann, who provides over half of his support. His only income is $4,400 of…

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