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At first July,2004 a company had prepaid insurance of $ 8200.On first January 2005 the company paid $38000 for insurance for the year to 30th september 2005.WHAT FIGURES SHOULD APPEAR FOR INSURANCE FOR THE COMPANYS FIN. STATEMENT FOR THE YEAR ENDED 30th June 2005
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ANSWER IS 36700
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38000 is for 12 months from 1st oct 04 to 30th sept 05
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so 8200 is for july aug and sept (2004)
and 38000/12 * 9 = 28500 is for 9 remaining months- Topics: 3
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amount of prepayment wud b 38000-28500 = whatever it comes
current asset
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