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Hi
Could you please help me to explain the follwoing question?
At 1 july 20×4, a company had prepaid insurance of $8200. On 1 January 20×5 the company paid $38000 for insurance for the year to 30 September 20×5.
What figures should appear for insurance in the company’s financial statements for the year ended 30 June 20×5?
SOCI SOFP
a) $27200 Prepayment $190000
b) $39300 Prepayment $9500
c) $36700 Prepayment $9500
d) $55700 Prepayment $9500
d) $55700 Prepayment $9500
Ans: C
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