Register
Eve's Apples opened for business on January 1, 2021, and paid for two insurance policies effective that date. The liability policy was $52,200 for 18 months, and the crop damage policy was $26,400 for
147k views
0 votes
Eve's Apples opened for business on January 1, 2021, and paid for two insurance policies effective that date. The liability policy was $52,200 for 18 months, and the crop damage policy was $26,400 for a two-year term. What was the balance in Eve's Prepaid Insurance account as of December 31, 2021

User Drealmer
by
3.0k points

1 Answer

2 votes

Answer:

$20,600

Step-by-step explanation:

Computation of prepaid insurance

Insurance 1 ($52,200 * 6/18) $17,400

Insurance 2 ($26,400 * 12/24) $13,200

Total Prepaid Insurance $20,600

User Walter Kelt
by
3.4k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

3.4m questions

4.4m answers

Other Questions

How can expansionary​ expenditure-based fiscal policy lead to crowding out in the​ economy? A. ​Expenditure-based fiscal policy increases the national​ debt, inducing​ forward-looking households and firms
Stevenson Company purchased equipment for $250,000 on January 1, 2010. The estimated salvage value is $50,000, and the estimated useful life is 5 years. The straight-line method is used for depreciation.
In order to attract younger customers to the Lacoste brand of clothing, CEO Robert Siegel made all of the major decisions in product planning, distribution, and promotion. He asked for no input from his
Andrew doesn’t want to spend a lot of money on student loans, and does not qualify for grants. what is his best option for affording a bachelors degree
The method of appraisal in which the appraiser estimates the replacement cost of the building, deducts depreciation, and adds the value of the site is:________
Link Copied!