Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ann's Cards and Gift Shop was insured for $30,000 under a Business Income (and Extra Expense) Coverage Form with a 70 percent coinsurance clause. Ann

Ann's Cards and Gift Shop was insured for $30,000 under a Business Income (and Extra Expense) Coverage Form with a 70 percent coinsurance clause. Ann estimated her net income and all operating expenses to be $50,000 for the coming year. A fire at the shop caused damage that took one month to repair. During that month, Ann lost $2,000 in net income and continuing expenses and incurred $800 to rent space for temporary operations. How much did Ann's insurer pay for the loss under her Business Income (and Extra Expense) Coverage Form? Available answer options Select only one option A $800 B $1,400 C $2,400

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Corporate Finance

Authors: Richard Brealey, Stewart Myers, Alan Marcus

8th edition

77861620, 978-0077861629

Students also viewed these Accounting questions

Question

d. Is the program accredited?

Answered: 1 week ago

Question

jurnal closing entry?

Answered: 1 week ago