An analysis of Thrift Corp.'s unadjusted prepald expense account at December 31, 2010, revealed the following: An opening balance of P1,500 for Thrifts comprehensive insurance policy. Thrift had paid an annual premium of P3,000 on July 1. 2009. A P3.200 annual insurance premlum payment made July 1. 2010. A P2.000 advance rental payment for a warehouse Thrift leased for one year beginning January 1, 2011. In its December 31, 2010 balance sheet what amount should Thrift report as prepaid expenses?
An analysis of Thrift Corp.'s unadjusted prepald expense account at December 31, 2010, revealed the following: An opening balance of P1,500 for Thrifts comprehensive insurance policy. Thrift had paid an annual premium of P3,000 on July 1. 2009. A P3.200 annual insurance premlum payment made July 1. 2010. A P2.000 advance rental payment for a warehouse Thrift leased for one year beginning January 1, 2011. In its December 31, 2010 balance sheet what amount should Thrift report as prepaid expenses?
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter4: Income Measurement And Accrual Accounting
Section: Chapter Questions
Problem 4.7E
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