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What amount should mackenzie report as a current liability

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Reference no: EM132512689

Question 1: Mackenzie Insurance Company collected a premium of $15,000 for a 1-year insurance policy on May 1. What amount should Mackenzie report as a current liability for Unearned Insurance Revenue at December 31?

Question 2: Horton Company purchased a building on July 1 by signing a long-term $480,000 mortgage with monthly payments of $4,400. The mortgage carries an interest rate of 10%. The amount owed on the mortgage after the first payment will be

Question 3: Sunshine Company issued 4,000 shares of its $5 par value common stock in payment of its attorney's bill of $80,000. The bill was for services performed in helping the company incorporate. Sunshine Company should record this transaction by debiting

Reference no: EM132512689

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