A company paid $3,600 for a one-year insurance policy on July 1, 2023. What is the amount of prepaid insurance that should appear on the balance sheet as of December 31, 2023?
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- An examination of Insurance Policies of Standard Company is presented below: Policy Date of Purchase Life of Policy Cost September 1, 2019 4years P25,920 May 1, 2020 2years 18,960 July 31, 2020 1year 9,720 Prepaid Insurance was debited for the cost of each policy at the time of its purchase. Expired insurance was correctly recorded at the end of 2019. What is the balance of Prepaid Insurance at the end of 2020?The premium on a four-year insurance policy expiring on december 31, 2034 was paid in total on January 1, 2021. If the original payment was recorded as a prepaid asset, the balance in prepaid asset on December 31, 2022 would be a. lower than the balance on december 31, 2021b. lower than the balance on december 31, 2023c. the same as the balance on december 31, 2023d. the same as the original payment DISCUSSOn October 1, 2021, FDN Company paid an insurance premium covering the period from October 1, 2021 to October 1, 2022 in the amount of P190,000. The accounting period ends on December 31, 2021. How much is the Prepaid Insurance Expense reported on the Statement of Financial Position as of December 31. 2021?
- On May 1, 2019, a two-year insurance policy was purchased for P24,000 with coverage effective immediately. What is the amount of insurance expense that appears on the income statement for the year ended December 31, 2019?Give answerRequlred Information [The following information applies to the questions displayed below.] A company makes the payment of a one-year Insurance premlum of $4,248 on March 1, 2019. c. Calculate the amount of prepald Insurance that should be reported on the December 31, 2019, balance sheet with respect to this policy. Prepaid insurance
- A one year insurance premium of $4,400 was paid on October 1, 2021 by the Cool Company, for coverage beginning on that date. As of December 31, 2021, the unadjusted balances were $4,400 for Prepaid Insurance and $0 for Insurance Expense. What amount should be reported on the 2021 Balance Sheet as Prepaid Insurance?Calculate the unexpired insurance expense. (financial accounting)What is the total amount of current liabilities?? General accounting
- Under Edelbert company’s accounting system, all insurance premiums paid are debited to prepaid insurance. Information for the year ended December 31, 2018 is as follows:Prepaid Insurance on January 1 200,000Charge to insurance expense 880,000Prepaid insurance on December 31 240,000What was the amount of insurance premium paid in 2018?Prepaid Insurance amounting to P35,000 was recorded by FDNACCT Co. on April 1, 2021 for a year of fire insurance premium. How much should remain as prepaid insurance on December 31, 2021?Hawkies Inc. has an October 31 fiscal year. On August 1, 2020 Hawkies Inc. paid $ 72000 for insurance coverage from August 1, 2020 to July 31, 2021. Calculate prepaid insurance as at October 31, 2020. Round your answer to the nearest dollar. Your Answer:
