What is recorded as prepaid insurance expense

Assignment Help Managerial Accounting
Reference no: EM133043205

Question - On January 18, 2021, Marigold Co. paid $450,000 for a three-year insurance policy that covers February 1, 2021 through January 31, 2024. Marigold's year end is June 30, 2021. Assuming she records the full premium in the account 'prepaid insurance expense' on January 18, 2021, and makes all appropriate adjusting entries for the year ending June 30, 2021, what is recorded as 'prepaid insurance expense' on the financial statements at June 30, 2021?

Reference no: EM133043205

Questions Cloud

Tay Bridge Lab Assessment : Identify and describe what you consider are aspects (up to three) of the structure's design that affected its structural integrity
Calculate the gain - loss on disposal : The machine was sold on January 1, 2021 for $55,000 ($50,000 + $5,000 GST). The company uses straight-line depreciation. Calculate the gain - loss on disposal
Calculate the total dollar amount of discount or premium : Calculate the total dollar amount of discount or premium amortization during the first year (5/1/20 through 4/30/21) these bonds were outstanding
How many years is it until this bond matures : The yield to maturity is 7.34%. The face value is $1,000. Interest is paid semiannually. How many years is it until this bond matures
What is recorded as prepaid insurance expense : Makes all appropriate adjusting entries for the year ending June 30, 2021, what is recorded as 'prepaid insurance expense'
Study of structural integrity : Examine each component and capture relevant images either by electronic means through a microscope or a photograph of the specimen
How much external financing will Tobin Supplies Company have : Question - Tobin Supplies Company expects sales next year to be $460,000. How much external financing will Tobin Supplies Company have to seek
What is the amount of gross profit : Using the following information, what is the amount of gross profit - Merchandise inventory, September 15,700
Discuss earnings management areas : Discuss earnings management areas that offer maximum opportunities to managers and give examples of how each of them is used by managers

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Determine the net present value for heedy inc

Determine the net present value for Heedy Inc. $1 at compound interest rates of 10% for 1, 2, 3, and 4 years is 0.909, 0.826, 0.751, and 0.683, respectively.

  Should the auditor comply with the requests

The auditor has always received good corp.,Should the auditor comply with the requests? State your rationale, including a discussion of professional skepticism.

  What the restrospective adjustment to retained earnings

You were engaged to audit, for the first time, What the restrospective adjustment to retained earnings as a result of your audit in 2020 shall be

  Determine what are total equivalent unit for direct material

Determine What are the total equivalent units for direct materials if materials are added at the beginning of the process?

  What is the value of cost of goods sold

On December 31, there were 26 units remaining in ending inventory. Using the periodic LIFO inventory costing method, what is the value of cost of goods sold

  Estimate cash receipts for each month of the first quarter

Credit sales in December 2020 are expected to be $216,000. Estimate cash receipts for each month of the first quarter of 2021

  What will be the effect on abc corporation profit next year

If the Department Division is eliminated, $1,600,000, What will be the effect on ABC corporation profit next year if Consumer Division is eliminated?

  Total quality management principles to resolve the issue

Identify whether you would recommend using Six Sigma, Lean, or Total Quality Management principles to resolve the issue. Why did you choose this approach

  Determine what is equivalent annual saving from purchase

Find What is the equivalent annual saving from the purchase if Gluon can depreciate 100% of the investment immediately. (Do not round intermediate calculations)

  Describe the purpose of a flexible budget suppose a manager

describe the purpose of a flexible budget. suppose a manager claims flexible budgets are useful because costs are

  Prepare a report for nagasai motoko

Prepare a report for Nagasai Motoko that addresses all the issues in the above exchanges - Western Australia and is run as a stand-alone business

  What are opportunity and threat of artificial intelligence

What are the opportunity and threat of Artificial intelligence in Accounting firm please give with references. Explain in detail and provide the example.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd