On March 1, 2017, a company paid an $20,700 premium on a 36-month insurance policy for...
On March 1, 2017, a company paid an $20,700 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
Homework Answers
| Balance Sheet | Income Statement | ||||
| Prepaid Insurance | Insurance expense | ||||
| Accrual Basis | Cash Basis | Accrual Basis | Cash Basis | ||
| Dec 31, 2017 | $ 26,000 | $ - | 2017 | $ 10,000 | $ 36,000 |
| Dec 31, 2018 | $ 14,000 | $ - | 2018 | $ 12,000 | $ - |
| Dec 31, 2019 | $ 2,000 | $ - | 2019 | $ 12,000 | $ - |
| Dec 31, 2020 | $ - | $ - | 2020 | $ 2,000 | $ - |
| Total | $ 36,000 | $ 36,000 | |||
Working
| Balance Sheet | Income Statement | |||
| Prepaid Insurance | Insurance expense | |||
| Accrual Basis | Accrual Basis | |||
| Dec 31, 2017 | =36000-10000 | 2017 | =36000*10/36 | |
| Dec 31, 2018 | =26000-12000 | 2018 | =36000*12/36 | |
| Dec 31, 2019 | =14000-12000 | 2019 | =36000*12/36 | |
| Dec 31, 2020 | 0 | 2020 | =36000*2/36 | |
| Total | $ - | |||
In cash basis, expense is recorded when paid
Add Answer to:
On March 1, 2017, a company paid an $20,700 premium on a
36-month insurance policy for...
On July 1, 2015, a company paid an $18,900 premium on a 36-month insurance policy for...
On July 1, 2015, a company paid an $18,900 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. Income Statement Insurance Expense Accrual Basis Cash Basis Cash Basis Balance Sheet Prepaid Insurance Accrual Basis Dec 31, 2015 Dec. 31, 2016 Dec. 31, 2017 Dec. 31, 2018 2015 2016 2017 2018 Total
On February 1, 2015, a company paid an $18,900 premium on a 36-month insurance policy for...
On February 1, 2015, a company paid an $18,900 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. Income Statement Insurance Expense Accrual Basis Cash Basis Balance Sheet Prepaid Insurance Accrual Basis Cash Basis Dec. 31, 2015 Dec. 31, 2016 Dec. 31, 2017 Dec. 31, 2018 2015 2016 2017 2018 Total 0 $
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...
Help Save & ExitS Check my wo On July 1, 2015, a company paid an $20.700...
Help Save & ExitS Check my wo On July 1, 2015, a company paid an $20.700 premium on a 36-month insurance policy for c that policy and fill in the blanks in the following table. overege beginning on that date. Refer to Balance Sheet Income Statement Prepaid Insurance Insurance Expense Accrual Accrual Basis Cash Basis Dec. 31, 2015 Dec. 31, 2016 Dec. 31, 2017 Dec. 31, 2018 2015 2016 2017 2018 Total Prey 10, 8Ⅲ Next > Lr
On July 1, a company paid the $2,400 premium on a one-year insurance policy with benefits...
On July 1, a company paid the $2,400 premium on a one-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the first year ended December 31? Multiple Choice $1,200. $2,400. $1,000. $400. $1,400.
A company paid $9,000 for a six-month insurance policy. The policy coverage began on February 1....
A company paid $9,000 for a six-month insurance policy. The policy coverage began on February 1. On February 28, $150 of insurance expense must be recorded. True/ false
A. All India Insurance Company received an insurance premium of Rs 50 lacs on an insurance...
A. All India Insurance Company received an insurance premium of Rs 50 lacs on an insurance policy whose coverage extends till the mid of the next accounting year. B. Additionally, the company has a monthly salary expense of Rs 25 lacs. For the accounting year ended on March 31, 2019 the company paid 275 lacs on account of salary. The salary for the month end is paid in the first week of April 2019. Discuss the treatment of both of...
On April 1, 2016, the premium on a one-year insurance policy was purchased for $2,400 cash...
On April 1, 2016, the premium on a one-year insurance policy was purchased for $2,400 cash with the insurance coverage beginning on that date. The books are adjusted only at year-end. Which of the following correctly describes the effect on the financial statements of the December 31, 2016 adjusting entry?
On September 1, Taggert Company paid $1,800 for a 6-month insurance premium beginning September 1. Which...
On September 1, Taggert Company paid $1,800 for a 6-month insurance premium beginning September 1. Which of the following statements are correct regarding the accounting for this insurance over the six-month period? (Check all that apply.) O Check all that apply. Taggert will credit Prepaid Insurance for $300 on Sept. 30. Taggert will debit Insurance Expense for $300 on Sept. 30. Taggert will debit Instrance Expense for $1,800 on Sept. 1. O Taggert will debit Prepaid Insurance for $1,500 on...
ng Company purchased a 12-month 11. On September1, 2017 JHJ Publishing Company purchased a insurance policy...
ng Company purchased a 12-month 11. On September1, 2017 JHJ Publishing Company purchased a insurance policy for $2,400. Required: Record the entry to purchase the insurance ra the entry to purchase the insurance policy on Aprill. Also, recorded the adjusting required at December 31, 2017 12. On, September 1, 2018 JHJ Rental Car Company renewed its insurance coverage at a cost of $2,400. Required: Record the entry to renew the policy on September 1,2018 and adjusting entry required on December...
On July 1, 2015, a company paid an $18,900 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. Income Statement Insurance Expense Accrual Basis Cash Basis Cash Basis Balance Sheet Prepaid Insurance Accrual Basis Dec 31, 2015 Dec. 31, 2016 Dec. 31, 2017 Dec. 31, 2018 2015 2016 2017 2018 Total
On February 1, 2015, a company paid an $18,900 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. Income Statement Insurance Expense Accrual Basis Cash Basis Balance Sheet Prepaid Insurance Accrual Basis Cash Basis Dec. 31, 2015 Dec. 31, 2016 Dec. 31, 2017 Dec. 31, 2018 2015 2016 2017 2018 Total 0 $
Help Save & ExitS Check my wo On July 1, 2015, a company paid an $20.700 premium on a 36-month insurance policy for c that policy and fill in the blanks in the following table. overege beginning on that date. Refer to Balance Sheet Income Statement Prepaid Insurance Insurance Expense Accrual Accrual Basis Cash Basis Dec. 31, 2015 Dec. 31, 2016 Dec. 31, 2017 Dec. 31, 2018 2015 2016 2017 2018 Total Prey 10, 8Ⅲ Next > Lr
On September 1, Taggert Company paid $1,800 for a 6-month insurance premium beginning September 1. Which of the following statements are correct regarding the accounting for this insurance over the six-month period? (Check all that apply.) O Check all that apply. Taggert will credit Prepaid Insurance for $300 on Sept. 30. Taggert will debit Insurance Expense for $300 on Sept. 30. Taggert will debit Instrance Expense for $1,800 on Sept. 1. O Taggert will debit Prepaid Insurance for $1,500 on...
ng Company purchased a 12-month 11. On September1, 2017 JHJ Publishing Company purchased a insurance policy for $2,400. Required: Record the entry to purchase the insurance ra the entry to purchase the insurance policy on Aprill. Also, recorded the adjusting required at December 31, 2017 12. On, September 1, 2018 JHJ Rental Car Company renewed its insurance coverage at a cost of $2,400. Required: Record the entry to renew the policy on September 1,2018 and adjusting entry required on December...
Most questions answered within 3 hours.
-
ACME manufacturing is a low-cost producer of a single, commodity
product: RGL-01. Standard overhead cost information...
asked 1 minute from now -
answer the below qestion in term of marketing in “personal
selling steps”
( Question )
Consider...
asked 18 minutes ago -
Why
are large,multinational firms more likely to be concerned about
CSR?Why are lifestyle brands more susceptible...
asked 18 minutes ago -
Under normal use conditions, the Mean Time To Failure of a
heating coil can be modeled...
asked 20 minutes ago -
A student holds a ruler by one end (x=0 where the student holds
it). The student...
asked 20 minutes ago -
People are most likely to believe their ancestors play an active
role in their lives in...
asked 20 minutes ago -
A speeding car is traveling along a straight road with a
constant speed of 100 km/hour....
asked 38 minutes ago -
When 60.1 gg of calcium is reacted with nitrogen gas, 31.7 gg of
calcium nitride is...
asked 43 minutes ago -
The random variable X is exponentially distributed, where X
represents the time it takes for a...
asked 58 minutes ago -
a) Write a verilog module for 1:4 Demultiplexer using verilog
primitives.
b) Design 1-to-4 DEMUX using...
asked 52 minutes ago -
MATLAB
write a MATLAB function (1) output a third-order polynomial
function with the coefficients as the...
asked 1 hour ago -
A z-score
communicates a raw score’s "relative standing"
under the normal curve in relation to:
asked 1 hour ago