On May 1 of Year 1 Marks Enterprises paid $2,040 cash for an insurance policy that...
On May 1 of Year 1 Marks Enterprises paid $2,040 cash for an
insurance policy that would
provide protection for a one year term. The company’s fiscal
closing date is December 31.
Based on this information, the amount of insurance expense
appearing on the Year 1 Income
Statemement would be $___________
Homework Answers
| Statement showing Computations | |
| Particulars | Amount |
| Total amount paid for insurance policy for the year | 2,040.00 |
| period from May 1 to December 31 | 8 Months |
| the
amount of insurance expense appearing on the Year 1 Income Statemement = 2040/12*8 |
1,360.00 |
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