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The income statement of Dolan Corporation for 2020 included the following items:
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The following balances have been excerpted from Dolan Corporation's balance sheets:
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The cash paid for insurance premiums during 2020 was

Answers: A.

$22,000.
B.

$20,400.
C.

$19,000.
D.

$18,200.

Please explain how you got the answer. Thank you.

There is NO balance sheet or income statement included in the question. This was all the information that the question gave me.

​​​​​​​Question 6 O out of 10 points ? The income statement of Dolan Corporation for 2020 included the following items: Interest rev

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Answer #1

Answer

  • Equation to be used:
    Beginning Prepaid Insurance Expense balance + Cash paid for insurance premium – Ending prepaid insurance balance = Insurance expense
    $ 3000 + Cash paid - $ 2200 = $ 21200
    3000 + Cash paid – 2200 = 21200
    Cash paid = 21200 + 2200 – 3000
    Cash paid for Insurance = $ 20,400
  • Correct Answer = Option ‘B’ $ 20,400
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