A company paid $3,600 for aone-year insurance policy onJuly 1, 2023. What is the amountof prepaid insurance that shouldappear on the balance sheet asof December 31, 2023?

The company paid $3,600 for a one-year insurance policy on July 1, 2023. To determine the amount of…

Answered: A company paid $3,600 for a one-year…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11Q: If the Prepaid Insurance account had a balance of $12,000, representing one years policy premium,...

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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 DISCUSS
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Refer to the following list of liability balances at December 31, 2019. Accounts Payable Employee Health Insurance Payable Employee Income Tax Payable Estimated Warranty Payable (Due 2020) Long-Term Notes Payable (Due 2022) FICA OASDI Taxes Payable Sales Tax Payable Mortgage Payable (Due 2023) Bonds Payable (Due 2024) OA. $40,000 B. $105,000 C. $49,000 te to O D. $96,000 $20,000 850 1,100 1,300 40,000 1,260 570 9,000 56,000
Refer to the following list of liability balances t December 31, 2024. $23,000 Accounts Payable Employee Health Insurance Payable Employee Income Tax Payable Estimated Warranty Payable (Due 2025) Long - Term Notes Payable (Due 2028) FICA-OASDI Taxes Payable Sales Tax Payable 450 1,100 1,000 38.000 660 870 Mortgage Payable (Due 2029) Bonds Payable (Due 2030) Current Portion of Long - Term Notes Payable 8,000 53,000 11,500 What is the total amount of current liabilities? O A. $27,080 O B. $38,580 OC. $25,980 OD. $24,980
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Ss.236.
If the Prepaid Insurance account had a balance of $12,000, representing one years policy premium, which was paid on July 1, what entry would be needed to adjust the Prepaid Insurance account at the end of December, before preparing the financial statements?
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On August 15, 2022, Pharoah Company signs a $248000, 7%, twelve-month note payable. Which of the following entries correctly records the accrued interest on December 31, 2022? Dr Interest Expense $5786.67 Cr Interest Payable $5786.67 Dr Interest Expense $10850.00 Cr Interest Payable $10850.00 Dr Interest Expense $17360.00 Cr Interest Payable $17360.00 Dr Interest Expense $6510.00 Cr Interest Payable $6510.00
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4. Determine the ending balance of AccountsReceivable as of December 31, 2019. 5. What is the net realizable value of thereceivables at the end of 2019? 6. The company has a notes receivable ofRp24,000 at January 15, 2019 for 3 months at10% interest rate. Prepare journal entry as ofApril 15, 2019, on its due date.

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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?