Homework Answers
Answer) Non current asset - $524
Current asset - $3144
Explanation:
Expired insurance as on 31 Dec 2019 - 6288 x 10 / 24 = 2620
Unexpired insurance as on 31 Dec 2019 - 6288 - 2620 = 3668
Unexpired insurance expiring in 2020 - 6288 x 12 / 24 = 3144
Unexpired insurance expiring in 2021 = 6288 x 2 / 24 = 524
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Check my w Required information The following information applies to the questions displayed below.) A company...
Check my work Required information The following information applies to the questions displayed below) A company...
Check my work Required information The following information applies to the questions displayed below) A company makes the payment of a one-year insurance premium of $3,144 on March 1, 2019. C. Calculate the amount of prepaid insurance that should be reported on the December 31, 2019, balance sheet with respect to this policy. Prepaid insurance
Required information [The following information applies to the questions displayed below.] A company makes the payment...
Required information [The following information applies to the questions displayed below.] A company makes the payment of a one-year insurance premium of $3,504 on March 1, 2019. a-1. Use the horizontal model to record the above transaction. (Use amounts with + for increases and amounts with - for decreases.) Balance Sheet Assets Liabilities + Stockholders' Ec Required information [The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $3,504 on...
Required information [The following information applies to the questions displayed below.] A company makes the...
Required information [The following information applies to the questions displayed below.] A company makes the payment of a one-year insurance premium of $3,096 on March 1, 2019. d. If the premium had been $6,192 for a two-year period, how should the prepaid amount at December 31, 2019, be reported on the balance sheet? Non-current asset Current asset
Check my v Required information (The following information applies to the questions displayed below.) A company...
Check my v Required information (The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $3,144 on March 1, 2019. a-1. Use the horizontal model to record the above transaction. (Use amounts with + for increases and amounts with - for decrease Balance Sheet Assets Liabilities + Stockholders' Equity N. Check my work ith - for decreases.) Income Statement * Equity Net Income Revenues Expenses
Required information [The following information applies to the questions displayed below.] A company makes the...
Required information [The following information applies to the questions displayed below.] A company makes the payment of a one-year insurance premium of $3,096 on March 1, 2019. d. If the premium had been $6,192 for a two-year period, how should the prepaid amount at December 31, 2019, be reported on the balance sheet?
Required information (The following information applies to the questions displayed below.) A company makes the payment...
Required information (The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $3,144 on March 1, 2019. Prepaid expenses reflects as an asset for more meaningful net income amount. True or False True False
Required information (The following information applies to the questions displayed below.) A company makes the payment...
Required information (The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $4,632 on March 1, 2019. a-1. Use the horizontal model to record the above transaction. (Use amounts with + for increases and amounts with - for Balance Sheet Assets Liabilities Stockholders' Equity Income Statement Net Income Revenues Expenses Required information [The following information applies to the questions displayed below.] A company makes the payment of a one-year Insurance...
! Required information [The following information applies to the questions displayed below.) A company makes the...
! Required information [The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $3,816 on March 1, 2019. c. Calculate the amount of prepaid insurance that should be reported on the December 31, 2019, balance sheet with respect to this policy. Prepaid insurance
Required information (The following information applies to the questions displayed below.) A company makes the payment...
Required information (The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $3,240 on March 1, 2019. a-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 field.) View transaction list Journal entry worksheet Record the payment of a one-year insurance premium. Note: Enter debits before credits. Date General Journal Debit Credit Mar...
Required information (The following information applies to the questions displayed below.) A company makes the payment...
Required information (The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $3,144 on March 1, 2019. b-1. Use the horizontal model to show the amount of insurance premium "used" that month. (Use amounts with + for it amounts with - for decreases.) Balance Sheet Liabilities Assets + Stockholders' Equity - Net Income -
Check my work Required information The following information applies to the questions displayed below) A company makes the payment of a one-year insurance premium of $3,144 on March 1, 2019. C. Calculate the amount of prepaid insurance that should be reported on the December 31, 2019, balance sheet with respect to this policy. Prepaid insurance
Required information [The following information applies to the questions displayed below.] A company makes the payment of a one-year insurance premium of $3,504 on March 1, 2019. a-1. Use the horizontal model to record the above transaction. (Use amounts with + for increases and amounts with - for decreases.) Balance Sheet Assets Liabilities + Stockholders' Ec Required information [The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $3,504 on...
Check my v Required information (The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $3,144 on March 1, 2019. a-1. Use the horizontal model to record the above transaction. (Use amounts with + for increases and amounts with - for decrease Balance Sheet Assets Liabilities + Stockholders' Equity N. Check my work ith - for decreases.) Income Statement * Equity Net Income Revenues Expenses
Required information (The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $3,144 on March 1, 2019. Prepaid expenses reflects as an asset for more meaningful net income amount. True or False True False
Required information (The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $4,632 on March 1, 2019. a-1. Use the horizontal model to record the above transaction. (Use amounts with + for increases and amounts with - for Balance Sheet Assets Liabilities Stockholders' Equity Income Statement Net Income Revenues Expenses Required information [The following information applies to the questions displayed below.] A company makes the payment of a one-year Insurance...
! Required information [The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $3,816 on March 1, 2019. c. Calculate the amount of prepaid insurance that should be reported on the December 31, 2019, balance sheet with respect to this policy. Prepaid insurance
Required information (The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $3,240 on March 1, 2019. a-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 field.) View transaction list Journal entry worksheet Record the payment of a one-year insurance premium. Note: Enter debits before credits. Date General Journal Debit Credit Mar...
Required information (The following information applies to the questions displayed below.) A company makes the payment of a one-year insurance premium of $3,144 on March 1, 2019. b-1. Use the horizontal model to show the amount of insurance premium "used" that month. (Use amounts with + for it amounts with - for decreases.) Balance Sheet Liabilities Assets + Stockholders' Equity - Net Income -
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