How much of the insurance expense will be reported

Reference no: EM132706747

Question - YGC Corporation paid $5,000 for one year's insurance coverage. The cash was paid on December 31, 2015. The insurance coverage begins on January 1, 2016. YGC Corporation has a December 31, 2015 year-end. How much of the insurance expense will be reported in 2015 and 2016.

a. 2015: $nil 2016: $5,000

b. 2015: $2,500 2016: $2,500

c. 2015: $3,000 2016: $3,000

d. 2015: $5,000 2016: $nil

e. None of these answers are correct.

Reference no: EM132706747

Questions Cloud

Benefits and potential problems associated with conflict : Using a practical example, identify the benefits and potential problems associated with conflict.

Prepare a multiple-step income statement : Prepare a multiple-step income statement for 2020. Assume the 350,000 shares of common stock were outstanding during 2020

What violations of federal law has rainbow committed : What violations of federal law has Rainbow committed, if any? Rainbow Airlines, a new air carrier headquartered in Chicago with routes

Employee training session and the enrollment goes : Suppose you were running an employee training session and the enrollment goes up by 10 participants. You now must order more catering to account

How much of the insurance expense will be reported : YGC Corporation has a December 31, 2015 year-end. How much of the insurance expense will be reported in 2015 and 2016

Define feedback control-concurrent control : If the organizational comparison to standards are low, what type of corrective actions should business leaders implement to improve success?

Abolish the current electoral college process : Explain some of the main pros and cons in the debate about whether to keep or abolish the current Electoral College process.

How does the affect marketing strategy : Identify several examples of market segmentation and explain how each is used to affect an organization's marketing strategy?

Markets guarantee quality in the sense of moral virtue : If Ackerlof's argument is correct, can markets guarantee quality in the sense of moral virtue?

User Account

All Pages