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What is the total amount of prepaid insurance

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Reference no: EM132681562

Problem - Aaron's Art Supply Company paid $39,600 in premiums on a three-year liability insurance policy on June 1, 2005. On September 1, 2005, the company paid $22,800 in premiums on a two- year casualty insurance policy. The insurance policies went into effect on the dates the premiums were paid. What is the total amount of Prepaid Insurance that the company will report for these policies on its balance sheet at December 31, 2006?

a. $36,100

b. $26,300

c. $31,200

d. $24,600

e. None of the above.

Reference no: EM132681562

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