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I am Lyosha [343]
3 years ago
9

When Castle Corporation pays insurance premiums, the transaction is recorded as a debit to prepaid insurance. Additional informa

tion for the year ended December 31 is as follows: Prepaid insurance at January 1 $52,500 Insurance expense recognized during the year 218,750 Prepaid insurance at December 31 61,250 What was the total amount of cash paid by Castle for insurance premiums during the year?
Business
1 answer:
atroni [7]3 years ago
5 0

Answer:

$227,500

Explanation:

The computation of the total amount of cash paid is shown below:

Cash paid for insurance premium = Prepaid Insurance at end of the year  + Prepaid Insurance recognized - Prepaid Insurance at the beginning of the year

= $61,250 + $218,750 - $52,500

= $227,500

We simply applied the above formula so that the correct amount of cash paid could come with respect to the insurance premium

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5 0
2 years ago
Ciara is taking AP Biology and her twin brother, Elon, is in regular Biology. At the end of the year, Ciara earned a B and Elon
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Both Ciara and Elon earned the same number of points toward their GPA.

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8 0
2 years ago
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Answer this question on the basis of the given information for an economy in 2016. dollar value of resource extraction activity
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2 years ago
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3 years ago
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hope this helps you

have a nice day:)

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