The FTC and the FCC essentially perform the same functions and are both authorized under the Communications Act of 1934

Provide an explanation for each of the follow asset accounts

Account Name Explanation Accounts Receivable Prepaid Expense Notes Receivable What will be an ideal response

Sandy purchased renter's insurance that covered personal property on an actual cash value basis. She paid $2000 for a living room set three years ago. When the living room set was destroyed by fire, it was 20 percent depreciated. A comparable new living room set will cost $2400. How much will Sandy collect from her insurer?

(a) $2000 (b) $2400 (c) $1600 (d) $1920