User Account

All Pages

How much cash was paid for insurance during the year

Assignment Help Accounting Basics
Reference no: EM131638370

Question - The Joy Company uses the accrual basis of accounting. Joy Company's Insurance Expense account had a $10,000 balance at the end of the year. The Prepaid Insurance account had a $3,000 balance at the beginning of the year and a $5,000 balance at the end of the year. How much cash was paid for insurance during the year?

a. $ 8,000

b. $10,000

c. $12,000

d. $15,000

Reference no: EM131638370

Questions Cloud

Examine the adult intelligence scale : High IQ scores. Scores on the Wechsler Adult Intelligence Scale for the 20 to 34 age group are approximately Normally distributed with mean 110 and standard.
Discuss patient rights-euthanasia : you will take a look at the ethics surrounding euthanasia (intentionally ending a life to relieve pain or suffering) and the right to live versus right to die
Define an xml document that will include only information : Define an XML document that will include only the information that the shipping company needs to ship goods to the customer.
Explain major forms of business organizations : BUSS 1004 - What are the elements of a valid Contract? Explain with reference to Employment Contract in Oman citing at least 2 relevant Royal Decrees
How much cash was paid for insurance during the year : The Joy Company uses the accrual basis of accounting. How much cash was paid for insurance during the year
Define public health impact almost every aspect of your life : Write a one paragraph summary of each article. Include a proper reference to the source of the article.
Describe the condition and your initial understanding : Think about a disease or disorder in yourself or someone you know. Describe this condition and your initial understanding of the body system it affects.
What is maddox cost of goods sold : The Maddox Company uses the cash basis of accounting. What is Maddox's Cost of Goods Sold under the accrual basis of accounting
Define purpose of needs assessment presentation : Describe the role of the nurse educator in conducting a needs assessment, Summarize the process of developing a needs assessment

Reviews

Write a Review

Accounting Basics Questions & Answers

  What are the contribution margin ratio for the company

What are the contribution margin and the contribution margin ratio for the company in Problem if $15,000 of the overhead is considered variable overhead?

  What risks need to be documented

For this assessment, you should assume you are on the internal audit staff of a publicly traded company. Choose one of the following companies.

  Investigate the randomness

To investigate the randomness, we'll look at data collected over a recent 32-week period.

  Prepare wasmeiers income statement

Prepare Wasmeier's income statement presentation of earnings per share.

  Three different plans for financing a30000000 corporation

three different plans for financing a30000000 corporation are under conseideration by itsorganisezs. under each of the

  How is annual cash inflow determined

How is annual cash inflow determined?

  What may be included under the heading of cash

What may be included under the heading of "cash"?

  Wonder company manufactures and sells

Wonder Company manufactures and sells three distinct styles of bicycles: the Youth model sells for $300 and has a unit contribution margin of $105; the Adult model sells for $850 and has a unit contribution margin of $450;

  A company uses the equity method to account for an

a company uses the equity method to account for an investment. this would result in what type of difference and in what

  Explain the fasb''s logic in deciding to require all companie

Explain the FASB's logic in deciding to require all companies to expense R& D costs in the period incurred.

  Questionnbspdescribe what is likely to occur if company

questionnbspdescribe what is likely to occur if company personnel erroneously recorded a sales transaction for the

  Calculate cost of goods sold

Determine the correct amounts for 2011 ending inventory, purchases, accounts payable, sales revenue, and accounts receivable.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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