Insurance expense in roro financial statements

Reference no: EM13160467

Roro, Inc. paid $7,200 to renew its only insurance police for three years on March 1, 2010, the effective date of the policy. At March 31, 2010 Roro's unadjusted trial balance showed a balance of $300 for prepaid insurance and $7,200 for insurance expense. What amounts should be reported for prepaid insurance and insurance expense in Roro's financial statements for the three months ended March 31, 2010?

Reference no: EM13160467

Questions Cloud

Prepare the correcting entries : A 4-for-1 stock split involving the issue of 400,000 shares of $5 par value common stock for 100,000 shares of $20 par value common stock was recorded as a debit to Retained Earnings $2,000,000 and a credit to Common Stock $2,000,000. Prepare the ..

Relationship between step and impulse : What is the relationship between step and impulse responses for RC and RL circuits? Use simple circuits with R = 1 Ohm, L = 1 H and C = 1 F

How does this variation affect people and corporations : How does this variation affect people and corporations? Use the graph functions of Word or Excel to assist you-You will need two graphs.

Find the equilibrium partial pressures of all species : Find the equilibrium partial pressures of ALL species if at the start of the reaction PCO = 2.69 atm and PCOBr2 = 2.05 atm. Round your answers to three significant figures. CO(g) + Br2(g) ? COBr2(g)

Insurance expense in roro financial statements : What amounts should be reported for prepaid insurance and insurance expense in Roro's financial statements for the three months ended March 31, 2010?

Discuss the key characteristics of organizational buying : List and discuss the key characteristics of organizational buying that make it different to consumer buying?

What volume of water is in the solution : If you have 200.0 mL of a 30.0% aqueous solution of isopropyl alcohol, what volume of water is in the solution?

A spawned process : A spawned process may be destroyed automatically when its parent is destroyed, as one method; another design is to have spawned processes proceed independent of the parent

Determine the equilibrium partial pressures of all species : For the reaction shown below, Kp = 0.116 at 38.6 °C. Find the equilibrium partial pressures of ALL species if at the start of the reaction PCO = 1.17 atm and PCOBr2 = 1.4 atm

User Account

All Pages