A company pays its insurance policy for the calendar year of 78,000 on 1st January. On 31st

Question:

A company pays its insurance policy for the calendar year of £78,000 on 1st January. On 31st March, what is the impact on the Income Statement, and Cash Flow?
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...