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 insurance
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![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 insurance](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcfd788e1-0b6f-4701-8dc5-cb11e28df5f3%2F60d82e96-d377-40dd-af39-c0ce31aa918c%2Fpebkzm.png&w=3840&q=75)
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- Refer to the information in RE14-1. Assume Canglon uses the effective interest method to amortize the discount. Prepare the journal entry to record the first interest payment on June 30, 2019.An examination of Insurance Policies of Standard Company is presented below: Policy Date of Purchase Life of Policy Cost September 1, 2019 4years P25,920 May 1, 2020 2years 18,960 July 31, 2020 1year 9,720 Prepaid Insurance was debited for the cost of each policy at the time of its purchase. Expired insurance was correctly recorded at the end of 2019. What is the balance of Prepaid Insurance at the end of 2020?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.
- Under ABC Company’s accounting system, all insurance premiums paidare charged to insurance expense. Information for the year endedDECEMBER 31, 2020 is as follows: prepaid insurance, beg. is P150,000;renewal of insurance charged to expense during the year applicable forthe period April 1, 2020 - 2021 is P500,000. What is the insurance expenseusing the accrual basis accounting? A. P275,000B. P500,000C. P525,000D. P650,000E. answer not givenRequlred Information [The following information applies to the questions displayed below.] A company makes the payment of a one-year Insurance premium of $4,248 on March 1, 2019. e. Prepald expenses reflects as an asset for more meaningful net Income amount. True or False True FalseThe 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
- Under Fierce Company’s accounting system, all insurance premiums paid are charged to insurance expense. Information for the year ended December 31, 2020 is as follows: Prepaid insurance, beg. P150,000 Renewal of insurance charged to expense during the year applicable for the period April 1, 2020-2021 is P500,000. What is the insurance expense using the accrual basis accounting?Under M. Sabio Company’s accounting system, all insurance premiums paid are debited to prepaid insurance. For interim financial reports, M Sabio makes monthly estimated charges to insurance expenses with credits to prepaid insurance. Additional information for the year ended December 31, 2019 are as follows: Prepaid Insurance at December 31, 2018 P120,500 Charges to insurance expense during 2019( including a year- End adjustment of P10,500) 437,500 Prepaid Insurance at December 31, 2019 110,000 What was the total amount of insurance premiums paid by M. Sabio during 2019? P448,000 P427,000 P327,500 P437,500Requlred Informatlon [The following Information apples to the questions displayed below.] A company makes the payment of a one-year Insurance premlum of $4,248 on March 1, 2019. a-1. Use the horizontal model to record the above transaction. (Use amounts with + for Increases and amounts with – for decreases.) Balance Sheet Income Statement Assets Liabilities Stockholders' Equity Net Income Expenses Revenues
- On October 1, 2021, FDN Company paid an insurance premium covering the period from October 1, 2021 to October 1, 2022 in the amount of P190,000. The accounting period ends on December 31, 2021. How much is the Prepaid Insurance Expense reported on the Statement of Financial Position as of December 31. 2021?AAA Insurance Company issues one year, motor/vehicle insurance for a total premium of P15,000. If it was issued on January 1, 2019, How much is the earned portion for the month ended January 31, 2019? How much is the earned portion for the month ended December 31, 2019? How much is the unearned portion for the month ended January 31, 2019? How much is the unearned portion for the month ended December 31, 2019? How much is the provision for unearned premium on December 31, 2019?Under ABC Company’s accounting system, all insurance premiums paid are charged to insurance expense. Information for the year ended DECEMBER 31, 2020 is as follows: prepaid insurance, beg. is P150,000; renewal of insurance charged to expense during the year applicable for the period April 1, 2020 - 2021 is P500,000. What is the insurance expense using the accrual basis accounting? *