TB MC Qu

Accounting Jan 26, 2021

TB MC Qu. 3-142 Eve's Apples opened for business. Eve's Apples ned for business on January 2021, and paid for two inice policies efective date. The forcy was $20.200 for 18 months and the roage policy w $34.000 two years. What was the balance in Eve's Peeped in account as of December 2027 Muito Choice 0.000 SHO SO

Expert Solution

Solution: $35,400
Working: Prepaid liability insurance = 70,200 * 6 months / 18 months = 23,400
Prepaid crop insurance = 24000 * 12 months / 24 months = 12000
Balance in Eve's prepaid insurance account = 23,400 + 12,000 = 35,400

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