Fall 2018 #10, office equipment

emelndalgic

How do we know what is admitted vs not, for example office equipment in this question?

It seems that in balance sheet for assets, "Electronic data processing equipment and software", some of it is admitted per Odomirok example, wouldn't that be office equipment?

graham

This is one of those things that I think is a bit unfair because it requires you memorize line items from the balance sheet. If you look at the section from Odomirok.8-9-IS with the balance sheet link:

• https://battleacts6us.ca/wiki6us/Odomirok.8-9-IS#Elements_of_Financial_Statements

you'll see that the following line has the entire amount in the non-admitted column:

• line 21: Furniture and equipment, including health care delivery assets ($ )

I found an online reference that has a nice simple definition of nonadmitted asset:

• https://definitions.uslegal.com/n/nonadmitted-asset/