Abilene, Inc. had the following information on their financial statements at the end of each year: 2017 2018 2019 2020 Prepaid insurance $2,000 $1,200 $1,800 $1,650 Insurance expense $24,000 $24,800 $25,100 $25,000 How much did Abilene pay for insurance during 2018? $21,600 $24,000 $23,200 O $24,800 O None of the above

Abilene, Inc. had the following information on their financial statements at the end of each year: 2017 2018 2019 2020 Prepaid insurance $2,000 $1,200 $1,800 $1,650 Insurance expense $24,000 $24,800 $25,100 $25,000 How much did Abilene pay for insurance during 2018? $21,600 $24,000 $23,200 O $24,800 O None of the above

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 6MC

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Berlin Company paid or collected during 2020 the following items: Insurance premiums paid P462,000; Interest collected 927,000; Salaries paid 4,056,000. The following balances have been excerpted from Berlin's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Prepaid insurance P 45,000 P 36,000; Interest receivable 87,000 111,000; Salaries payable 318,000 369,000. Refer to Berlin, the interest income on the income statement for 2020 was Choices; P729,000 P951,000 P 903,000 P1,125,000
The following information is provided to you by Amos 31st December 2014 31st December 2015 Shs. ShsWages in arrears 60,000 67,000Insurance paid in advance 21,000 25,500Rates in arrears 7,500 NILRates in advance NIL 9,000Payments made during 2015 were; Wages Kshs. 715,000 Insurance Kshs. 43,500 Rates Kshs. 46,000 Calculate the amounts Amos should transfer to the profit and loss account for wages, insurance and rates for the year 2015.Prepare the Balance sheet extract.
Berlin Company paid or collected during 2020 the following items: Insurance premiums paid P462,000; Interest collected 927,000; Salaries paid 4,056,000. The following balances have been excerpted from Berlin's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Prepaid insurance P 45,000 P 36,000; Interest receivable 87,000 111,000; Salaries payable 318,000 369,000. Requirement: Based on the above information, determine the insurance expense on the income statement for 2020. Choices; P381,000 P543,000 P453,000 P471,000
13.Papa, Inc. has a life insurance policy with its president as insured. Papa is the beneficiary of said policy. The annual premium is $ 5,000. As of December 31, 2020, the redeemable value of the policy cash (cash surrender value) is $ 18,200 (final balance). The insurance expense recognized in the Statement of Income and Expenses for the period ended December 31, 2020 was $ 4,000. What was the cash surrender value of this policy on January 1, 2020 (opening balance)? Select one: a. $ 11,200. b. $ 14,200. c. $ 17,200. d. $ 9,200.
Berlin Company paid or collected during 2020 the following items: Insurance premiums paid P462,000; Interest collected 927,000; Salaries paid 4,056,000. The following balances have been excerpted from Berlin's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Prepaid insurance P 45,000 P 36,000; Interest receivable 87,000 111,000; Salaries payable 318,000 369,000. Refer to Berlin, the salary expense on the income statement for 2020 was P3,369,000 P4,107,000 P4,005,000 P4,743,000
Godo At May 31, 2019, FOR Deliveries reported the following amounts (in millions) in its financial statements:20192018Total Assets$ 70,000$ 68,000Total Liabilities46,20042,160Interest Expense736750Income Tax Expense155260Net Income7806,275 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for FOR’s assets? 2-b. In 2019, was FOR more (or less) successful at covering its interest costs, as compared to 2018?
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 #1: Based on the above information, determine the cash received for interest during 2020. Choices: P1,900,800 P2,101,000 P2,065,800 P2,136,200
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 #2: The cash paid for salaries during 2020 was Choices; P1,753,400 P1,557,600 P1,845,800 P1,546,600
Nevada, Inc. reported the following items in the 2017 pension footnote (in millions). Service cost $937 Benefits paid to retirees 149 Interest cost 744 Actual returns on invested assets 963 Expected returns on invested assets 1,086 Actuarial loss 40 The increase in the company’s pension obligation during the year is: Select one: a. $1,492 million b. $486 million c. $1,532 million d. $1,572 million e. $609 million
The Revenue Account of a life insurance company shows the life assurance fund on 31st March, 2020 at $5,000,000 before taking into account the following items: -Claims covered under re-insurance $12,000.- Bonus utilized in reduction of life insurance premium $4,500. -Interest accrued on securities $8,000.-Outstanding premium $5,000-Claims intimated but not admitted ` $26,000. What is the life assurance fund after taking into account the above omissions?
The financial statements for Lexington Service Company include the following items: Account 2019 2018 Cash $ 49,500.00 $ 45,000.00 Short-term Investments $ 28,000.00 $ 15,000.00 Net Accounts Receivable $ 53,000.00 $ 53,000.00 Merchandise Inventory $ 158,000.00 $ 45,000.00 Total Assets $ 526,000.00 $ 548,000.00 Accounts Payable $ 129,500.00 $ 125,000.00 Salaries Payable $ 23,000.00 $ 18,000.00 Long-term Notes Payable $ 54,000.00 $ 52,000.00 Compute the current ratio for 2018. (round answer to two decimal places) A 3.83 B 1.1 C 0.91 D 6.23