Question

Homework: Chapter 3, Part II Save Score: 3.33 of 5 pts 3 of 3 (3 complete) HW Score: 87.18%, 11.33 of 13 pts E3-24A (similar to) Question Help The adjusted trial balances of Steinbeck Corporation at August 31, 2018, and Steinbeck Corporation complete these transactions (in millions) during the year August 31, 2017, include these amounts (in Millions) ended August 31, 2018 (Click the loon to view the trial balance amounts.) (Click the icon to view the transactions.) Read the requirement jm.ecol 20.700 million Transactions stronomy $ 610 million The sales revenue for the year ended August 31, 2018 is The Insurance expense for the year ended August 31, 2018 is The other operating expense for the year ended August 31, 2018 is Do H $ million Collections from customers Payment of prepaid insurance Cash payments for other operating expenses $ 20,500 500 4,700 Print Done Trial balance amounts Nam Due 2018 2017 $ 300 Last Curr Accounts receivable Prepaid insurance Accrued liabilities payable (fororor operating expenses) $ 500 360 всо 490 610 Atter Print Done Check Answer

Answer 1

1) Sales revenue= Accounts receivable, ending balance+Collections from customers-Accounts receivable, beginning balance

= $500+20500-300

= $20700 million

2) Insurance expense= Prepaid insurance, beginning balance+Payment of prepaid insurance-Prepaid insurance, ending balance

= $490+500-380

= $610 million

3) Other operating expense= Accrued liabilities, ending balance+Cash payments for other operating expense-Accrued liabilities, beginning balance

= $800+4700-610

= $4890 million

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