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nignag [31]
3 years ago
7

Eve's Apples opened for business on January 1, 2021, and paid for two insurance policies effective that date. The liability poli

cy was $55,800 for 18 months, and the crop damage policy was $19,200 for a two-year term. What was the balance in Eve's Prepaid Insurance account as of December 31, 2021?
Business
1 answer:
Liula [17]3 years ago
7 0

Answer:

The balance of Eve's Prepaid Insurance account as of December 31, 2021 is $28,200

Explanation:

Computation of prepaid Insurance

Insurance 1 ($55,800*6/18)       =  $18,600

Insurance 2 ($19,200*12/24)     =  <u>$9,600</u>

Total Prepaid Insurance               <u>$28,200</u>

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3 years ago
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3 years ago
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