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What amount should palmes report as prepaid expenses

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Reference no: EM132577756

An analysis of Palmes Corporation's unadjusted prepaid expense account at December 31, 2006 revealed the following:

  • An opening balance at P6,000 for Palmes comprehensive insurance policy. Palmes had paid an annual premium of P12, 000 on July 1, 2005.
  • A P12,800 annual insurance premium payment made July 1, 2006.
  • A P8, 000 advance rental payment for a warehouse Palmes leased for 1 year beginning January 1, 2006.

Question 1: In its December 31, 2006 balance sheet, what amount should Palmes report as prepaid expenses?

Reference no: EM132577756

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