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- 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?Beauty zones annual insurance premium?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:
- A company makes the payment of a one-year insurance premium of $4,584 on March 1, 2019. c. Calculate the amount of prepaid insurance that should be reported on the December 31, 2019, balance sheet with respect to this policy.56. The premium on a three- year insurance policy expiring on December 31, 2023, was paid in total on January 1, 2021. The original payment was initially debited to a prepaid asset account ( prepaid insurance). The appropriate entry on December 31, 2021, to recognize the expiration of one year of the policy would be a Dr. Insurance Expense (2/3 of original payment); Cr. Prepaid Insurance (1/3 of original payment) b Dr. Insurance Expense (1/3 of original payment); Cr. Prepaid Insurance (1/3 of original payment) c Dr. Prepaid Insurance (1/3 of original payment); Cr. Insurance Expense (1/3 of original payment) d Dr. Prepaid Insurance (2/3 of original payment); Cr. Insurance Expense (2/3 of original payment)Answer?
- Requlred 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 insuranceSunland Toothpaste Company initiates a defined benefit pension plan for its 50 employees on January 1, 2020. The insurance company which administers the pension plan provided the following selected information for the years 2020, 2021, and 2022. For Year Ended December 31, 2020 2021 2022 Plan assets (fair value) $50,000 $85,000 $180,200 Accumulated benefit obligation 44,700 165,300 289,100 Projected benefit obligation 60,000 200,400 326,100 Net (gain) loss (for purposes of corridor calculation) 78,800 83,971 Employer's funding contribution (made at end of year) 50,000 60,000 105,100 There were no balances as of January 1, 2020, when the plan was initiated. The actual and expected return on plan assets was 10% over the 3-year period, but the settlement rate used to discount the company's pension obligation was 13% in 2020, 11% in 2021, and 8% in 2022. The service cost component of net periodic pension expense amounted to the following: 2020, $60,000; 2021, $85,000; and 2022, $118,000.…Calculate the prepaid insurance amount
- CalculateStanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2024. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2024 and 2025. A consulting firm, engaged as actuary, recommends 6% as the appropriate discount rate. The service cost is $150,000 for 2024 and $200,000 for 2025. Year-end funding is $160,000 for 2024 and $170,000 for 2025, No assumptions or estimates were revised during 2024. "We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since the estimate didn't change, that also was the actual rate in 2025. Required: Calculate each of the following amounts as of both December 31, 2024, and December 31, 2025; Note: Enter your answers in thousands (i.e., 200,000 should be entered as 200). Enter a liability as a negative amount.Compute the amount of interest on $835 at 7.5% p.a. from October 8, 2019, to August 4, 2020.