What amount should G Fernando report as prepaid insurance

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Reference no: EM132720502

Question - An analysis of G. Fernando Company's unadjusted prepaid insurance account at December 31, 2009 revealed the following: - an opening balance at P15,000 for G Fernando's comprehensive insurance policy. G Fernando paid annual premium of P30,000 on July 1, 2008. - a P32,000 annual insurance premium payment made July 1, 2009. - a P20,000 advance rental payment for warehouse leased for one year beginning Jan. 1, 2010. In its December 31, 2009 balance sheet, what amount should G. Fernando report as prepaid insurance?

Reference no: EM132720502

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