Question

In: Accounting

Stigler's insurance expense was $54,000 for 2019 and $48,000 for 2018. Prepaid insurance was $34,000 on...

Stigler's insurance expense was $54,000 for 2019 and $48,000 for 2018. Prepaid insurance was $34,000 on Stigler Inc.’s December 31, 2019 balance sheet and $29,000 on their December 31, 2018 balance sheet. How much cash did Stigler pay for insurance during 2019?

Solutions

Expert Solution


Related Solutions

Nagel co.'s prepaid insurance was $190000 at dec. 31, 2017 and $90000 at dec. 31, 2018 insurance expense was $162000 for 2018
Nagel co.'s prepaid insurance was $190000 at dec. 31, 2017 and $90000 at dec. 31, 2018 insurance expense was $162000 for 2018 and $54000 for 2017 what amount of cash payment for insurance would be reported in nagel's 2018 net cash provided by operating activites, presented on direct basis?a. $198000b. $128000c. $162000d. $62000
can you explain how you calculated the insurance expense and prepaid insurance
can you explain how you calculated the insurance expense and prepaid insurance
Insurance of $23,800 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance
Entries to Correct ErrorsThe following errors took place in journalizing and posting transactions:Insurance of $23,800 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance. Dividends of $23,000 were recorded as a debit to Wages Expense and a credit to Cash.Journalize the entries to correct the errors. If an amount box does not require an entry, leave it blank.
The company prepaid $3,000 cash for insurance on December 20, 2019 for insurance coverage January, February...
The company prepaid $3,000 cash for insurance on December 20, 2019 for insurance coverage January, February and March 2020. Record the transaction that would be recorded in December. 1. How would this impact net income? state increase or decrease and amount or NA (example: increase 10,000) 2. How would this impact the cash (bank) account? state increase or decrease and amount or NA  (example: decrease 10,000) 3. What type of cash flow activity would it be on the cash flow statement?...
which of the following would not be prepaid expense? a. equipment rental b. insurance c. office...
which of the following would not be prepaid expense? a. equipment rental b. insurance c. office suppies d. none of the above
solution part 1:    1 a. Insurance expense 2,807 Prepaid insurance 2,807 2 b. Teaching supplies...
solution part 1:    1 a. Insurance expense 2,807 Prepaid insurance 2,807 2 b. Teaching supplies expense 2,433 Teaching supplies 2,433 3 c. Depreciation expense—Equipment 11,227 Accumulated depreciation—Equipment 11,277 4 d. Depreciation expense—Professional library 5,614 Accumulated depreciation—Professional library 5,614 5 e. Unearned training fees 2,700 Training fees earned 2,700 6 f. Accounts receivable 2,819 Tuition fees earned 2,819 7 g. Salaries expense 100 Salaries payable 100 8 h. Rent expense 2,097 Prepaid rent 2,097                   solution part 2: (Are you...
Adjusting entry the prepaid insurance account is reported at $800 on the December 31, 2019, unadjusted...
Adjusting entry the prepaid insurance account is reported at $800 on the December 31, 2019, unadjusted trial balance. Analysis of the insurance coverage reveals that the company has two policies that were acquired at the same premium : A- policy A for 3 years was acquired on January 1, 2017. b- policy B for 2 years was acquired on January 1, 2019.
The prepaid insurance account has an unadjusted balance of $46,000 at December 31, 2018, the end...
The prepaid insurance account has an unadjusted balance of $46,000 at December 31, 2018, the end of Hanson Company's accounting year. Insurance expense has a $2,000 balance at the same point in time. The following policies are in effect at December 31, 2018: Policy Type Date Acquired   Policy Term Total Premium Paid When Acquired Liability 1-31-17 2 years $48,000 Auto 6-30-18 2 years . $9,000 Business interruption . 8-1-18 1 year $840 1. Determine the adjusted balance in prepaid insurance...
The prepaid insurance account has an unadjusted balance of $46,000 at December 31, 2018, the end...
The prepaid insurance account has an unadjusted balance of $46,000 at December 31, 2018, the end of Hanson Company's accounting year. Insurance expense has a $12,000 balance at the same point in time. The following policies are in effect at December 31, 2018: Policy Date Policy Total Premium Type Acquired Term Paid when acquired Liability 1-31-17 2 years $48,000 Auto 6-30-18 2 years 9,000 Business interruption 8-1-18 1 year 840 1. Determine the adjusted balance in prepaid insurance at December...
The prepaid insurance account has an unadjusted balance of $46,000 at December 31, 2018, the end...
The prepaid insurance account has an unadjusted balance of $46,000 at December 31, 2018, the end of Hanson Company's accounting year. Insurance expense has an unadjusted $2,000 balance at the same point in time. Some policies that were in effect have expired. Some of those were renewed and some were not. The following policies are in effect at December 31, 2018: Policy                                                                 Date                 Policy            Total Premium   Type                                                               Acquired             Term         Paid when acquired Liability                                                              1-31-17          2 years         $48,000 Auto                                                                   6-30-18            ...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT