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Sheridan Company had the following transactions during the quarter end: March 31, 2021: Payment of fire insurance premium for calendar year 2021 USD 816000 What amount should be included in Sheridan's
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Sheridan Company had the following transactions during the quarter end:

March 31, 2021: Payment of fire insurance premium for calendar year 2021 USD 816000

What amount should be included in Sheridan's income statement for the quarter ended March 31, 2021?

User Ketsy
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1 Answer

4 votes

Answer:

Payment of insurance premium include in last quarter = $204,000

Step-by-step explanation:

Given:

Insurance premium during the year = $816,000

Number of quarter in the year = 4

Computation of payment include in last quarter:

Payment of insurance premium include in last quarter = Insurance premium during the year / Number of quarter in the year

Payment of insurance premium include in last quarter = $816,000 / 4

Payment of insurance premium include in last quarter = $204,000

User Gotys
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