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Find what amount should be reported as prepaid expenses

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Reference no: EM132762794

JYD Company reported that the unadjusted prepaid expense on December 31, 2019 comprised the following:

  1. An opening balance of P300,000 for an insurance policy. The company had paid an annual premium of P600,000 on july 1, 2018.
  2. A P640,000 annual insurance premium payment on July 1, 2019
  3. A P200,000 advance rental payment for a warehouse leased for one year beginning January 1, 2020

Problem 1: On December 31, 2019, what amount should be reported as prepaid expenses?

a. 1,040,000

b. 720,000

c. 400,000

d. 320,000

Reference no: EM132762794

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