Homework Answers
Answer : $ 13100000
Explanation
Fink's Revenue from insurence premium recognised in current year
= Insurence premiume collected + Beginning Deferred premiume account - Ending deferred premium
= $ 18700000 + $ 4000000 - $ 9600000
= $ 13100000
Add Answer to:
Fink Insurance collected premiums of $18,700,000 from its customers during the current year. The adjusted balance...
During its first year of operations, Puffin, Inc. reported Sales Revenue of $387,500 but collected only...
During its first year of operations, Puffin, Inc. reported Sales Revenue of $387,500 but collected only $304,500 from customers. At the end of the year, Accounts Receivable equals Multiple Choice $692,000. $304,500 $83,000. $387,500.
QUESTION 8 In its first month of business, Brewed Awakenings, Inc., collected $37,000 from customers in...
QUESTION 8 In its first month of business, Brewed Awakenings, Inc., collected $37,000 from customers in advance during May. During May, it performed $7,000 of services. What is the balance of the Deferred Revenue account at the end of the month?
Costello Corporation reported pretax book income of $500,700. During the current year, the reserve for bad...
Costello Corporation reported pretax book income of $500,700. During the current year, the reserve for bad debts increased by $6,400. In addition, tax depreciation exceeded book depreciation by $40,700. Finally, Costello received $3,350 of tax-exempt life insurance proceeds from the death of one of its officers. Costello's deferred income tax expense or benefit would be: Multiple Choice $7,203 net deferred tax expense. O $7,203 net deferred tax benefit. o $7,873 net deferred tax benefit. o $7,907 net deferred tax expense....
Analyzing an Adjusted Trial Balance Below is an adjusted trial balance (partial) for Lazer Tag Inc....
Analyzing an Adjusted Trial Balance Below is an adjusted trial balance (partial) for Lazer Tag Inc. as of December 31, 2020. Adjusted Trial Balance (Partial) December 31, 2020 Acct. No. Account Debit Credit 104 Accounts receivable $40,000 $ 106 Supplies 9,000 108 Prepaid insurance 7,600 160 Deferred revenue 6,600 202 Salaries payable 8,000 208 Interest payable 2,000 400 Sales revenue 800,000 405 Event revenue 19,800 502 Salaries expense 200,000 510 Supplies expense 7,000 515 Insurance expense 4,320 520 Interest expense...
During the current year, the City of Plattsburgh recorded the following transactions related to its property...
During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: Levied property taxes of $6,630,000, of which 2 percent is estimated to be uncollectible. Collected current property taxes amounting to $6,005,000. Collected $55,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. Imposed penalties and interest in the amount of $6,800 but only expects to...
Cash collected from customers during the year ended December 31, 2019 amounted to $314,000, and accounts...
Cash collected from customers during the year ended December 31, 2019 amounted to $314,000, and accounts receivable decreased by $42,000 during the year. How much were sales on account for the year ended December 31, 2019? (Assume that no cash sales were made during the year and that all sales on account are collectible.
Assume Abbee Industries (AI) starts the current year, 2016, with a deferred tax asset balance of...
Assume Abbee Industries (AI) starts the current year, 2016, with a deferred tax asset balance of $2,000 and a deferred tax liability balance of $4,000. The current statutory tax rate, which is projected to be in effect when temporary differences reverse, is 30%. The reported pre-tax accounting income is $250,000. Analyze the following items to determine taxable income and income taxes payable, the change in deferred taxes payable (future taxable and deductible amounts), and tax expense for 2016. Assume there...
8 pt During the year, X Company sold merchandise on account to customers for $405,000. The...
8 pt During the year, X Company sold merchandise on account to customers for $405,000. The company collected $386,000 in cash from customers during the year. Which of these amounts appears on the Income Statement and which appears on the Statement of Cash Flows? 10.AO $19,000 appears on the Income Statement and $386,000 appears on the Statement of Cash Flows BO $405,000 appears on both statements CO $386,000 appears on the Income Statement and $405,000 appears on the Statement of...
At the beginning of January of the current year, Little Mikey's Catering ledger reflected a normal...
At the beginning of January of the current year, Little Mikey's Catering ledger reflected a normal balance of $52,000 for accounts receivable. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500 Additionally, during January one customer paid Mikey $5,000 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be: Multiple Choice $49,300 $54,700 $49.700 $2,300
1. Aspen Co. began 2018 with Supplies of $1,000. Aspen purchased $7,400 of supplies during the...
1. Aspen Co. began 2018 with Supplies of $1,000. Aspen purchased $7,400 of supplies during the year. A physical count at December 31 showed supplies on hand of $450. How much Supplies Expenses should be reported on the 2018 Income Statement? 2. Aspen’s 2018 Income Statement reflects Service Revenue = $12,000. Deferred Revenue on January 1 was $2,400 and $800 at December 31. How much cash was collected from customers in advance during 2018? 3. Aspen began 2018 with Prepaid...
During its first year of operations, Puffin, Inc. reported Sales Revenue of $387,500 but collected only $304,500 from customers. At the end of the year, Accounts Receivable equals Multiple Choice $692,000. $304,500 $83,000. $387,500.
QUESTION 8 In its first month of business, Brewed Awakenings, Inc., collected $37,000 from customers in advance during May. During May, it performed $7,000 of services. What is the balance of the Deferred Revenue account at the end of the month?
Costello Corporation reported pretax book income of $500,700. During the current year, the reserve for bad debts increased by $6,400. In addition, tax depreciation exceeded book depreciation by $40,700. Finally, Costello received $3,350 of tax-exempt life insurance proceeds from the death of one of its officers. Costello's deferred income tax expense or benefit would be: Multiple Choice $7,203 net deferred tax expense. O $7,203 net deferred tax benefit. o $7,873 net deferred tax benefit. o $7,907 net deferred tax expense....
8 pt During the year, X Company sold merchandise on account to customers for $405,000. The company collected $386,000 in cash from customers during the year. Which of these amounts appears on the Income Statement and which appears on the Statement of Cash Flows? 10.AO $19,000 appears on the Income Statement and $386,000 appears on the Statement of Cash Flows BO $405,000 appears on both statements CO $386,000 appears on the Income Statement and $405,000 appears on the Statement of...
At the beginning of January of the current year, Little Mikey's Catering ledger reflected a normal balance of $52,000 for accounts receivable. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500 Additionally, during January one customer paid Mikey $5,000 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be: Multiple Choice $49,300 $54,700 $49.700 $2,300
1. Aspen Co. began 2018 with Supplies of $1,000. Aspen purchased $7,400 of supplies during the year. A physical count at December 31 showed supplies on hand of $450. How much Supplies Expenses should be reported on the 2018 Income Statement? 2. Aspen’s 2018 Income Statement reflects Service Revenue = $12,000. Deferred Revenue on January 1 was $2,400 and $800 at December 31. How much cash was collected from customers in advance during 2018? 3. Aspen began 2018 with Prepaid...
Most questions answered within 3 hours.
-
Personal Reflection
1.) What career-related challenges do you anticipate?
2. What strategies or resources do you...
asked 13 seconds ago -
Teen pregnancy is a problem in Texas, which currently has the
5th highest teen pregnancy rate...
asked 6 minutes ago -
How many phosphodiester bonds are present in 1200 bp
plasmid?
asked 50 minutes ago -
Describe the differences in behavior of fixed costs, variable
costs, semi-variable costs and step costs. Then...
asked 55 minutes ago -
A chemist had a bottle of HCl (aq) of unknown concentration. She
performed a titration experiment...
asked 1 hour ago -
According to the network system security, please explain:
1- What is canary and how it does...
asked 3 hours ago -
Study the provided BagInterface and the methods implemented in
the ResizableArrayBag
For the following methods that...
asked 3 hours ago -
Enter your answer in the provided box. To what fraction of its
original volume, Vfinal/Vinitial, must...
asked 3 hours ago -
Can you figure out if any R functions used to subset a time
series 1 or...
asked 4 hours ago -
Which of the following is correct?
A. APC + MPS = 1
B. APS + MPS...
asked 4 hours ago -
Given a regression sum of squares equal to 2373.59 and a total
sum of squares equal...
asked 5 hours ago -
Compare and contrast the linear motion and angular motion
equations F ma and . That is,...
asked 5 hours ago