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How much revenue would vintage wine insurance inc recognize

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Q1. In 202X, Gamma Company made an ordinary repair to a delivery truck at a cost of $300. Gamma's accountant debited the asset account, Delivery Vehicles. Was this treatment an error, and if so, what will be the effect on the financial statements of Gamma?

In the years following 202X, net income will be too high.

The error increased assets and profit in 202X.

The error decreased profit in 202X.

The repair was accounted for correctly.

Q2. Vintage Wine Insurance Inc. offers insurance on wine collections. At the end of 2020, Vintage Wine Insurance Inc. had deferred insurance revenue of $ 94000. During 2021, Vintage Wine Insurance Inc. signed new insurance contracts for $ 62000. At the end of 2021, Vintage Wine Insurance Inc. had deferred insurance revenue of $ 42000. How much revenue would Vintage Wine Insurance Inc. recognize from its insurance contracts during 2021?

Reference no: EM133059906

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