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erastovalidia [21]
3 years ago
8

On December 31, 2017, Coolwear, Inc. had a balance in its prepaid insurance account of $48,400. During 2018, $86,000 was paid fo

r insurance.
At the end of 2018, after adjusting entries were recorded, the balance in the prepaid insurance account was 42,000. Insurance expense for 2018 would be:

(A) $92,400.

(B) $6,400.

(C) $134,400.

(D) $86,000.
Business
1 answer:
Diano4ka-milaya [45]3 years ago
3 0

Answer:

Insurance expense will be $92400

So option (a) will be correct option

Explanation:

We have given balance in prepaid insurance = $48400

Insurance paid in 2018 = $86400

Ending prepaid insurance balance = $42000

We have to find the insurance expense for 2018

Insurance expense for 2018 is given by

Insurance expense = $48400+$86400-$42000 = $92400

So option (a) will be the correct answer

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If a firm has a cash cycle of 30 days and an operating cycle of 64 days, what is its average payment period
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3 years ago
Which of the following is a benefit to corporate executives when a process is outsourced?
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Explanation:

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