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Problem 1: XYZ Corporation purchased a one-year insurance policy in January 2013 for $30,000. The insurance policy is in effect from April 1st, 2013 through March 31th, 2014. If the company neglects to make the proper year-end adjustment on Dec 31, 2013 for the expired insurance:
Option 1: net income and assets will be overstated by $22,500 for year 2013Option 2: net income and assets will be overstated by $25,000 for year 2013Option 3: expense and liabilities will be understated by $7,500 for year 2013Option 4: expense and liabilities will be understated by $22,500 for year 2013
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