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5. For each of the following insurance policies perform the required calculations:...
4. A one-year insurance policy was purchased on August 1, 20-1 for $648. A. Calculate the...
4. A one-year insurance policy was purchased on August 1, 20-1 for $648. A. Calculate the value of the prepaid insurance for this policy as of December 31, 20-1. B. Calculate the portion of the cost of this insurance policy to be charged as an expense to each of the years ended December 31, 20-1 and 20-2. Exercise 4, p. 309 Year Insurance Expense Prepaid Insurance (Dec. 31) 20-1 20-2 Total Expense $648
1. Prepaid Insurance $9,501. The company has separate insurance policies on its buildings and its motor...
1. Prepaid Insurance $9,501. The company has separate insurance policies on its buildings and its motor vehicles. Policy B4564 on the building was purchased on April 1, 2014, for $7,308. The policy has a term of 3 years. Policy A2958 on the vehicles was purchased on January 1, 2015, for $4,020. This policy has a term of 2 years. 2. Unearned Rent Revenue $441,210. The company began subleasing office space in its new building on November 1. At December 31,...
Question 7 5 pts The following information is available related to BT-6j Company's insurance policies: Policy...
Question 7 5 pts The following information is available related to BT-6j Company's insurance policies: Policy # 56598 63978 Date of Purchase Nov. 1, 2019 Mar. 1, 2020 Life of Policy 2 years 3 years Cost at Purchase Date $6,480 $5,760 Calculate the amount of prepaid insurance shown on BT-6j Company's December 31, 2020 balance sheet that would be classified as a current asset.
Redson Inc. opened business on 1/1/2020. On 1/1/2020 Redson paid for two insurance policies effective that...
Redson Inc. opened business on 1/1/2020. On 1/1/2020 Redson paid for two insurance policies effective that date. The liability policy was $72,000 covering the 18 months from 1/1/20 to 6/30/21, and the fire damage policy was $36,000 for the 24 months from 1/1/20 to 1/1/22. What is the balance in Redson's "prepaid insurance account as of December 31, 2020, end of the fiscal year, after adjusting entries have been recorded? IMPORTANT: Do not include the $ symbol in the answer....
1. Eve's Apples opened its business on January 1, 2021, and paid for two insurance policies...
1. Eve's Apples opened its business on January 1, 2021, and paid for two insurance policies effective that date. The policy for equipment damage was $34,560 for 18 months, and the crop damage policy was $13,800 for a two-year term. What is the balance in Eve's prepaid insurance as of December 31, 2021? 2. Cal Farms reported supplies expense of $2,300,000 this year. The supplies account decreased by $210,000 during the year to an ending balance of $310,000. What was...
On June 1, 2017, a company paid an $25,200 premium on a 36-month insurance policy for...
On June 1, 2017, a company paid an $25,200 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and fill in the blanks in the following table. I need the values for X in the table below: Balance Sheet Income Statement Prepaid Insurance Insurance Expense Accrual Basis Cash Basis Accrual Basis Cash Basis Dec. 31, 2017 X $0 2017 X $25,200 Dec. 31, 2018 X 0 2018 X 0 Dec. 31, 2019 X...
Use the information to prepare adjusting entries as of December 31, 2018. b. An analysis of...
Use the information to prepare adjusting entries as of December
31, 2018.
b. An analysis of the company's insurance policies provided the following facts Months of Coverage 24 36 12 Policy Date of Purchase April 1, 2016 April 1, 2017 August 1, 2818 Cost $11,832 10,584 9,432 The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for Prepaid...
Problem 7-5 Prepaid Insurance and the Monthly Prepaid Insurance Adjusting Entry On September 1, 2019, Amy's...
Problem 7-5 Prepaid Insurance and the Monthly Prepaid Insurance Adjusting Entry On September 1, 2019, Amy's Floral Shop, Inc. paid cash for the following two insurance policies Insurance Policy #1 Auto and Truck Type of insurance coverage Starting date of the insurance coverage. September 1, 2019 Period of time coverage is for..3 months Total cost of coverage paid in advance... $525 Insurance Policy #2 Type of insurance coverage.. Business Liability Starting date of the insurance coverage .. Sseptember 1, 2019...
Required Information Exercise 5-19 (Static) Prepaid expenses-insurance LO 10 [The following information applies to the questions...
Required Information Exercise 5-19 (Static) Prepaid expenses-insurance LO 10 [The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $6,000 on March 1, 2019. Exercise 5-19 (Static) Parta (2) 2-2. Prepare the journal entry to record the above transaction. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld.) View transaction list Journal entry worksheet 1 > Record the payment of a...
Prepaid Insurance-Annual Adjustments On April 1, 2017, Briggs Corp. purchases a 24-month property insurance policy for...
Prepaid Insurance-Annual Adjustments On April 1, 2017, Briggs Corp. purchases a 24-month property insurance policy for $72,000. The policy is effective immediately. Assume that Briggs prepares adjustments only once a year, on December 31 Required: 1. Compute the monthly cost of the insurance policy $3,00 per month Consider the number of months covered by the annual premium 2. Identify and analyze the transaction to record the purchase of the policy on Apr Activity Operating Accounts Prepaid Thurance Increase, Cash Decrease...
4. A one-year insurance policy was purchased on August 1, 20-1 for $648. A. Calculate the value of the prepaid insurance for this policy as of December 31, 20-1. B. Calculate the portion of the cost of this insurance policy to be charged as an expense to each of the years ended December 31, 20-1 and 20-2. Exercise 4, p. 309 Year Insurance Expense Prepaid Insurance (Dec. 31) 20-1 20-2 Total Expense $648
1. Prepaid Insurance $9,501. The company has separate insurance policies on its buildings and its motor vehicles. Policy B4564 on the building was purchased on April 1, 2014, for $7,308. The policy has a term of 3 years. Policy A2958 on the vehicles was purchased on January 1, 2015, for $4,020. This policy has a term of 2 years. 2. Unearned Rent Revenue $441,210. The company began subleasing office space in its new building on November 1. At December 31,...
Question 7 5 pts The following information is available related to BT-6j Company's insurance policies: Policy # 56598 63978 Date of Purchase Nov. 1, 2019 Mar. 1, 2020 Life of Policy 2 years 3 years Cost at Purchase Date $6,480 $5,760 Calculate the amount of prepaid insurance shown on BT-6j Company's December 31, 2020 balance sheet that would be classified as a current asset.
Redson Inc. opened business on 1/1/2020. On 1/1/2020 Redson paid for two insurance policies effective that date. The liability policy was $72,000 covering the 18 months from 1/1/20 to 6/30/21, and the fire damage policy was $36,000 for the 24 months from 1/1/20 to 1/1/22. What is the balance in Redson's "prepaid insurance account as of December 31, 2020, end of the fiscal year, after adjusting entries have been recorded? IMPORTANT: Do not include the $ symbol in the answer....
Use the information to prepare adjusting entries as of December
31, 2018.
b. An analysis of the company's insurance policies provided the following facts Months of Coverage 24 36 12 Policy Date of Purchase April 1, 2016 April 1, 2017 August 1, 2818 Cost $11,832 10,584 9,432 The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for Prepaid...
Problem 7-5 Prepaid Insurance and the Monthly Prepaid Insurance Adjusting Entry On September 1, 2019, Amy's Floral Shop, Inc. paid cash for the following two insurance policies Insurance Policy #1 Auto and Truck Type of insurance coverage Starting date of the insurance coverage. September 1, 2019 Period of time coverage is for..3 months Total cost of coverage paid in advance... $525 Insurance Policy #2 Type of insurance coverage.. Business Liability Starting date of the insurance coverage .. Sseptember 1, 2019...
Required Information Exercise 5-19 (Static) Prepaid expenses-insurance LO 10 [The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $6,000 on March 1, 2019. Exercise 5-19 (Static) Parta (2) 2-2. Prepare the journal entry to record the above transaction. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld.) View transaction list Journal entry worksheet 1 > Record the payment of a...
Prepaid Insurance-Annual Adjustments On April 1, 2017, Briggs Corp. purchases a 24-month property insurance policy for $72,000. The policy is effective immediately. Assume that Briggs prepares adjustments only once a year, on December 31 Required: 1. Compute the monthly cost of the insurance policy $3,00 per month Consider the number of months covered by the annual premium 2. Identify and analyze the transaction to record the purchase of the policy on Apr Activity Operating Accounts Prepaid Thurance Increase, Cash Decrease...
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