How Can I Get New York Auto Insurance Coverage Quotes Online …
A common way to save is to only have liability coverage. The average liability cost for 2006 was just $730. Full coverage includes comprehensive and collision and is needed for finance companies. Thus, as long as you have to continue … read more…
Garagekeepers Insurance – Direct, Legal Liability, Primary and …
If you choose legal liability coverage, then these claims will only be covered if your repair or body shop can be found to be legally liable for the loss. Of course the direct coverage will be a bit more expensive but you may choose it … read more…
Coal Haulers Can Now Get Liability Coverages from Progressive
“Until recently, liability coverages for coal hauling truckers and businesses were typically only available through small, regional providers,” said Ken Bowman of Progressive’s Commercial Auto Group. “Now, with our physical damage and liability … Bodily Injury/Property Damage Liability which provides coverage, up to the dollar limits you select when you buy a policy, for vehicle-related accidents in which you cause injury or damage to someone else’s person or property. … read more…
From Google Blog Search
Factors That Affect Your Auto Insurance Premium
To have a better understanding on the factors that auto insurance providers use to determine your auto insurance premium, take note of the following things:
Driving Record
If you are proud to… read more…
First Time Car Buyers: Car Insurance Options for Canadian Drivers
Before you get behind the wheel of a car in Canada, you had better make sure that you are insured. Every province and territory in the country requires drivers to have insurance, and driving without i… read more…
Expert Guidance On Workers Compensation Insurance
The United States, amongst other countries has laws in place to protect employees in case they become ill or suffer work place injury. In a nutshell this program is known as workers compensation insur… read more…
From GoArticles.com
Open Question: Pa. underinsured motorist question?
I only had 5,000 property damage on my liability insurance. The person’s insurance company that I hit says the damages were 9,000 so I owe him 4,000. I had no idea my coverage was that low. Is it true I owe the balance?
Open Question: GOODYEAR CALENDAR COMPANY, look over to see if needs corrections?
Using the financial statements for the Goodyear Calendar Company, calculate the 13 basic ratios
GOODYEAR CALENDAR COMPANY
Balance Sheet
December 31, 2008
Assets
Current assets:
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,000
Marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000
Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,000
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 370,000
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000
Plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450,000
Less: Accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . (100,000)
Net plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 760,000
GOODYEAR CALENDAR COMPANY
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 90,000
Notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000
Accrued taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,000
Long-term liabilities:
Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,000
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280,000
Stockholders’ equity
Preferred stock, $100 par value . . . . . . . . . . . . . . . . . . . . . . . . 90,000
Common stock, $1 par value . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000
Capital paid in excess of par . . . . . . . . . . . . . . . . . . . . . . . . . . 230,000
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000
Total stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . 480,000
Total liabilities and stockholders’ equity . . . . . . . . . . . . . . . . . . . . $ 760,000
GOODYEAR CALENDAR COMPANY
Income Statement
For the Year Ending December 31, 2008
Sales (on credit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,000,000
Less: Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300,000
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700,000
Less: Selling and administrative expenses . . . . . . . . . . . . . . . 400,000*
Operating profit (EBIT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000
Less: Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000
Earnings before taxes (EBT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280,000
Less: Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112,000
Earnings after taxes (EAT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 168,000
*Includes $10,000 in lease payments.
Profitability ratios.
1. Profit margin = net income/sales = 168,000/2,000,000= 0.05%
2. Return on assets (investment) = net income/total assets=168,000/760,000= 0.22%
3. Return on equity = net income/stockholder’s equity=168,000/480,000= 0.35%
Asset Utilization Ratios –
4. Receivables Turnover = sales (credit)/receivables=2,000,000/120,000= 16.7x
5. Average collection period = accounts receivable/average daily credit sales=120,000/2,000,000= 166 days
6. Inventory turnover = sales/inventory=2,000,000/180,000=11x
7. Fixed asset turnover = sales/fixed assets=2,000,000/350,000=5.71x
8. Total asset turnover = sales/total assets=2,000,000/760,000=2.63x
Liquidity Ratios –
9. Current Ratio = current assets/current liabilities=370,000/110,000=3x
10. Quick Ratio = current assets – inventory/current liabilities=370,000-180,000/110,000=190,000/110,000=1.72x
Debt Utilization Ratios –
11. Debt to total assets = total debt/total assets=280,000/760,000=36.84%
12. Times interest earned = income before interest and taxes/interest=300,000/20,000=15x
13. Fixed charge coverage = income before fixed charges and taxes/fixed charges=300,000+30,000=$330,000
30,000+20,000=$50,000
300,000/50,000=6x
Open Question: Why do some customers request the “Endeavor To” clause on Liability Insurance crossed off?
We do work on a property that is requesting the “Endeavor To Mail” clause crossed off. We’ve called our insurance agents and all have stated that they cannot do that.
If this is against insurance policy practices then why are there property management groups requesting this strike-out?
Is it legal? Can I do it myself? If so, am I in a lot of trouble? What if there is never any lapse in coverage – am I still in trouble for crossing off the “Endeavor to Mail” clause?
Also note: Owner has taken it upon himself to cross off the endeavor to mail clause to satisfy the customer/account. Is this FRAUD only if (1) we lapse in coverage &/or (2) the customer is not notified of lapse?
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