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Question - Given the following 2024 information for the Pinto Company:
Decrease in Wages Payable $ 400
Operating Expenses $4,000
Total Cash paid for expenses $5,100
12/31/24 Prepaid Insurance $1,200
Operating Expenses and cash paid for expenses consisted of amounts for insurance and wages only.
Find the 1/1/24 balance of Prepaid Insurance?
a. $500
b. $1,750
c. $2,700
d. $300
e. $1,900
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