Homework Answers
Insurance expense = Opening + Paid - Closing
= $57,400 + $95,000 - $46,500
= $105,900
3rd option.
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On December 31, 2020, Right Angle Manufacturer Co. had a balance in its prepaid Insurance account...
At the beginning of the year, a company had a balance in its prepaid insurance account...
At the beginning of the year, a company had a balance in its prepaid insurance account of $48,400. During the year, $86,000 was paid for insurance. At the end of the year, after adjusting entries were recorded, the balance in the prepaid insurance account was $42,000. Insurance expense for the year would be: Multiple Choice $86,000 $92,400. $134,400. $6,400.
On December 31, 2015, Dab Industries reported a prepaid insurance expense account balance of $2,500 and...
On December 31, 2015, Dab Industries reported a prepaid insurance expense account balance of $2,500 and during 2016 the overall account balance (i.e. reported by the company on its financial statements) decreased by $1,300. During 2016, cash payments for future insurance coverage totaled $5,000. Select the answer below that correctly presents the December 31, 2016 adjusting entry. O A. Prepaid Insurance Expense (dr) $5,000 Cash (or) $5,000 B. "none of the answer choices provided are correct. C. Insurance Expense (dr)...
b. Prepaid Insurance. The Prepaid Insurance account has a $6,690 debit balance at the start of...
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The remaining balance in Prepaid Insurance on December 31, 2021 of $12,600 was for a six-month...
The remaining balance in Prepaid Insurance on December 31, 2021 of $12,600 was for a six-month insurance policy purchased for $16,800 and in effect on July 1, 2020. What is the required adjustment amount on December 31st? O $4,750 $8,750 O $5,000 O $4,500 0 $2,800
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Depreciation on the company’s wind turbine equipment for the year is $5,700.The Prepaid Insurance account for the solar panels had a $2,700 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $950 of unexpired insurance coverage remains at year-end.The company received $5,100 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed.As of December 31, $1,900 in wages expense...
Janson Corporation Co.'s trial balance included the following account balances at December 31, 2021: Accounts receivable...
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On December 31, 2015, Dab Industries reported a prepaid insurance expense account balance of $2,500 and...
On December 31, 2015, Dab Industries reported a prepaid insurance expense account balance of $2,500 and during 2016 the overall account balance (i.e. reportedby the company on its financial statements) increased by $300. During 2016, cash payments for future insurance coverage totaled $5,000. Select the answer below that correctly presents the December 31, 2016 adjusting entry. A. Prepaid Insurance Expense (dr) $300 Insurance Expense (cr) $300 B. Insurance Expense (dr) $4,700 Prepaid Insurance Expense (cr) $4,700 C. Prepaid Insurance...
Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts receivable...
Janson Corporation Co.'s trial balance included the following account balances at December 31, 2018: Accounts receivable $12,700 Inventories 42,000 Patent 12,500 Investments 30,700 Prepaid insurance 6,700 Note receivable, due 2021 51,800 Investments consist of treasury bills that were purchased in November, 2018 and mature in January, 2019. Prepaid insurance is for two years. What amount should be included in the current asset section of Janson’s December 31, 2018, balance sheet? Multiple Choice $ 140,550. $ 92,100. $ 88,750. $ 58,050.
Centurion Co. had the following accounts and balances at December 31: Account Cash Accounts Receivable Prepaid...
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1. ) The Prepaid Insurance account has a balance of $200 less in the work sheet's...
1. ) The Prepaid Insurance account has a balance of $200 less in the work sheet's Balance Sheet Debit column than in the work sheet's Trial Balance Debit column. This would be the result of a Select one: a. $200 entry to Prepaid Insurance in the work sheet's Adjustments Credit column. b. $200 entry to Prepaid Insurance in the work sheet's Adjustments Debit column. c. $200 entry to Insurance Expense in the work sheet's Adjustments Credit column. d. $400 entry...
At the beginning of the year, a company had a balance in its prepaid insurance account of $48,400. During the year, $86,000 was paid for insurance. At the end of the year, after adjusting entries were recorded, the balance in the prepaid insurance account was $42,000. Insurance expense for the year would be: Multiple Choice $86,000 $92,400. $134,400. $6,400.
On December 31, 2015, Dab Industries reported a prepaid insurance expense account balance of $2,500 and during 2016 the overall account balance (i.e. reported by the company on its financial statements) decreased by $1,300. During 2016, cash payments for future insurance coverage totaled $5,000. Select the answer below that correctly presents the December 31, 2016 adjusting entry. O A. Prepaid Insurance Expense (dr) $5,000 Cash (or) $5,000 B. "none of the answer choices provided are correct. C. Insurance Expense (dr)...
b. Prepaid Insurance. The Prepaid Insurance account has a $6,690 debit balance at the start of the year. A review of insurance policies shows $1,360 of insurance has expired by year-end. Prepaid Insurance Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. c. Prepaid Rent. On September 1 of the current year, the company...
The remaining balance in Prepaid Insurance on December 31, 2021 of $12,600 was for a six-month insurance policy purchased for $16,800 and in effect on July 1, 2020. What is the required adjustment amount on December 31st? O $4,750 $8,750 O $5,000 O $4,500 0 $2,800
Centurion Co. had the following accounts and balances at December 31: Account Cash Accounts Receivable Prepaid Insurance Supplies Accounts Payable T. Happy, Capital Service Revenue Salaries Expense Utilities Expense Totals Debit Credit $11,000 2,200 2,800 1,200 $ 5,500 5,500 8,000 600 1,200 $19,000 $19,000 Using the information in the table, calculate the company's reported net income for the period. Multiple Choice 0 O $1,300 0 $4,300 0 O $4,900 0 O $11.600
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