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At COMET Insurance Company begins processing casualty claims when the claims department receive a notice of loss from a claimant. The claims department prepares and sends the claimant four copies of proof-of-loss form on which the claimant must detail the cause, amount, and other aspects of the loss. The claims department also initiates a record of claim, which is sent with the notice of loss to data processing department, where it is fled by claim number. The claimant must fill out the proof-of-loss forms with an adjuster's assistance. The adjuster must concur with the claimant on the estimated amount of loss. The claimant and adjuster each keep one copy of the proof-of-loss form. The adjustor files his copy numerically. The adjustor sends the first two copies to the claims department, confirming the estimates on the claimant's proof-of-loss. The claims department authorizes a payment to the claimant, forward a copy of the proof-of-loss form to data processing, and files the original proof-of-loss form and the adjuster's report alphabetically. The data processing department prepares payment checks and mails them to the customers, files of proof-of-loss form with the claim record, and prepares a list of cash disbursement, which it transmits to the accounting department where it is reviewed.
Which of the following statements is incorrect regarding the taxation of C corporations? a. The highest corporate marginal tax rate is 39%. b. Taxable income of a personal service corporation is taxed at a flat rate of 39%.
Stech Co. is issuing $6.5 million 12% bonds in a private placement on July 1, 2012. Each $1,000 bond pays interest semi-annually on December 31 and June 30 of each year. The bonds mature in ten years. At the time of issuance, the market interest r..
Paul and Ray sell musical instruments through their partnership. To bring in additional funds and expertise, they decide to admit Janet to the partnership. Paul's capital is $400,000, Ray's capital is $200,000, and they share income in a ratio of ..
Gordon Company issued $1,000,000, 10-year bonds and agreed to make annual sinking fund deposits of $80,000. The deposits are made at the end of each year into an account paying 5% annual interest.
assume for this part onlythat none of the 800 insurance expense had expired during theyear. instead assume it is a
There was a favorable materials price variance of $380 and an unfavorable materials quantity variance of $120. Based on these variances, one could conclude that:
during the year samuels company reported net income of 300000 including amortization of intangible assets of 66000
which if either of the following statements is or are true? i. the co-ownership of business property where only
suits are often brought against auditors that allege that the auditors did not detect some type of fraud or
Phillips Company bought 40 percent ownership in Jones Bag Company on January 1, 20X1, at underlying book value. In 20X1, 20X2, and 20X3, Jones Bag reported net income of $8,000, $12,000, and $20,000
During the first week in November, Erin Mills worked 45 ½ hours and produced 1,275 units under a piece-rate system. The regular piece rate is $0.35 a unit. Mills is paid overtime according to the FLSA ruling for overtime work under piece-rate syst..
Which of the following is one of the sound principles for ethical behavior?
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