Berlin Company paid or collected during 2020 the following items: Insurance premiums paid P462,000; Interest collected 927,000; Salaries paid 4,056,000. The following balances have been excerpted from Berlin's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Prepaid insurance P 45,000 P 36,000; Interest receivable 87,000 111,000; Salaries payable 318,000 369,000. Requirement: Based on the above information, determine the insurance expense on the income statement for 2020. Choices; P381,000 P543,000 P453,000 P471,000
Berlin Company paid or collected during 2020 the following items: Insurance premiums paid P462,000; Interest collected 927,000; Salaries paid 4,056,000. The following balances have been excerpted from Berlin's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Prepaid insurance P 45,000 P 36,000; Interest receivable 87,000 111,000; Salaries payable 318,000 369,000. Requirement: Based on the above information, determine the insurance expense on the income statement for 2020. Choices; P381,000 P543,000 P453,000 P471,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 89E: Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and...
Related questions
Question
Berlin Company paid or collected during 2020 the following items: Insurance premiums paid P462,000; Interest collected 927,000; Salaries paid 4,056,000. The following balances have been excerpted from Berlin's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Prepaid insurance P 45,000 P 36,000; Interest receivable 87,000 111,000; Salaries payable 318,000 369,000.
Requirement: Based on the above information, determine the insurance expense on the income statement for 2020.
Choices;
P381,000
P543,000
P453,000
P471,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College