The December 31, 2015, balance sheet of Schism, Inc., showed long-term debt of $1,450,000, and the December 31, 2016, balance sheet showed long-term debt of $1,680,000. The 2016 income statement showed an interest expense of $99,000.
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Barber Corporation purchased all the assets of TECO Corporation for $1,820,000. An appraisal yielded the following: the building had a fair market value of $1,200,000; equipment a value of $1,000,000; and office equipment a value of $400,000.
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Thad Joslin was judged at fault in an automobile accident. Three others were awarded damages of $147,000, $79,000, and $74,000. Thad has 100/300 bodily injury liability coverage. What amount, if any, would not be covered by his insurance?
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