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The income statement of Armenia Corporation for 2020 included the following items:   Interest income P2,101,000;  Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000     24,200;   Requirement #3: The cash paid for insurance premiums during 2020 was     Choices; P253,000 P286,000 P244,200 P268,400

The income statement of Armenia Corporation for 2020 included the following items:   Interest income P2,101,000;  Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000     24,200;   Requirement #3: The cash paid for insurance premiums during 2020 was     Choices; P253,000 P286,000 P244,200 P268,400

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 89E: Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and...
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The income statement of Armenia Corporation for 2020 included the following items:   Interest income P2,101,000;  Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000     24,200;
 
Requirement #3: The cash paid for insurance premiums during 2020 was
 
 
Choices;
P253,000
P286,000
P244,200
P268,400
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