On July 1, 2022, the Vancouver Canucks paid $50,000 for a four-year insurance policy with the insurance starting on that date. The accounting period ends on December 31st. At the end of December 31, 2022, the financial statements should report which of the following? O Prepaid insurance, $50,000 and Insurance expense $2,000 O Prepaid insurance, $44,792 and Insurance expense $5,028 O Prepaid insurance, $50,000 and Insurance expense, $1,250 O Prepaid insurance, $43,750 and Insurance expense, $6,250 Question 11 The maturity value (principal and interest) of a $75,000, 8%, 3-month note receivable is O $76.000 O $78,000 O $76.500 O $81,000

On July 1, 2022, the Vancouver Canucks paid $50,000 for a four-year insurance policy with the insurance starting on that date. The accounting period ends on December 31st. At the end of December 31, 2022, the financial statements should report which of the following? O Prepaid insurance, $50,000 and Insurance expense $2,000 O Prepaid insurance, $44,792 and Insurance expense $5,028 O Prepaid insurance, $50,000 and Insurance expense, $1,250 O Prepaid insurance, $43,750 and Insurance expense, $6,250 Question 11 The maturity value (principal and interest) of a $75,000, 8%, 3-month note receivable is O $76.000 O $78,000 O $76.500 O $81,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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