Homework Answers
Answer 1
The balance sheet is for the period of Jan 1 to Dec 31,2019 i.e 12 months. The Insurances period that are of more than 12 months which are paid on Jan 1 considered to be Prepaid for the period above Dec 31, 2019 so calculated here under
Prepaid insurance for 1st insurance at the end of Dec 31, 2019 = ($36000/18 months)*6 months = $12000
Prepaid insurance for 2nd insurance at the end of Dec 31, 2019 = ($12000/2 year)*1 year = $6000
So total amount of prepaid insurance will be $12000+$6000 = $18000
So option b is correct
Answer 2
Current assets are the assets which are highly liquid or are used in operating activities of the company and are generally can convereted into liquid form within 1 year.
Current Assets = Cash + Account Receivable + supplies
= $10500 + $9500 + $40000
= $60000
So option b is correct.
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