Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 13, 2024

National insurance company undertakes insurance business for Motor Vehicles.During the year 2020 the company collected insurance premium of RO 6,000. The claim for the accidents

National insurance company undertakes insurance business for Motor Vehicles.During the year 2020 the company collected insurance premium of RO 6,000. The claim for the accidents pending on 31 Dec was RO 1200. How much amount will be shown under current liabilities in the balance sheet ?

a.

RO 1,200

b.

RO 4,000

c.

RO 6,000

d.

RO 3,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Renaissance

Audit Renaissance

Authors: Vakils

1st Edition

8184621639, 978-8184621631

More Books

Students also viewed these Accounting questions

Question

★★★★★

Covers, Inc (CI) sells its stainless steel products on terms of 2/10, net 40. CI is considering granting credit to retailers with total assets as low as $500,000. Currently the lowest asset limit is...

Answered: 1 week ago

Question

★★★★★

Define what is meant by the agile approach.

Answered: 1 week ago

Question

★★★★★

6.23 Avoid Empty Phrases (LO6.1) Revise each of the following items to eliminate empty phrases. A. Needless to say, General Mills is by all accounts among the worst offenders of marketing less...

Answered: 1 week ago

Question

★★★★★

For the quarter ended March 31, 2017, Croix Company accumulates the following sales data for its newest guitar, The Edge: $315,000 budget; $305,000 actual. Prepare a static budget report for the...

Answered: 1 week ago

Question

★★★★★

National insurance company undertakes insurance business for Motor Vehicles.During the year 2020 the company collected insurance premium of RO 6,000. The claim for the accidents pending on 31 Dec was...

Answered: 1 week ago

Question

★★★★★

Human heights are known to be normally distributed.Men have a mean height of 70 inches and females a mean height of 64 inches.Both have a population standard deviation of 3 inches. (a - 2 points)...

Answered: 1 week ago

Question

★★★★★

Your company is scheduled for a facility security clearance (FCL) inspection. You must determine if the company should pay for a pre-inspection audit by a 3rd party. Of those companies that have...

Answered: 1 week ago

Question

★★★★★

Pre Pour Inspections include: Group of answer choices B. Rebar- material type, size, spacing, tie down, clearances C. Anchor Bolts- Projection, dimensionally square, nut on bottom secured, proper...

Answered: 1 week ago

Question

★★★★★

Alyssa launched her new shaver as being revolutionary, innovative, and unisex. Instead her brand is being purported as very feminine and too close to the Schick Shaver. What should Alyssa start to do?

Answered: 1 week ago

Question

★★★★★

A roofer is working to cover a 2,500squarefoot roof. He must first install rafters, then sheathing, then felt, and finally shingles. He assumes the previous tasks compose 35%, 20%, 15%, and 30% of...

Answered: 1 week ago

Question

★★★★★

Dakota is an unmarried taxpayer with one dependent child, age 18, living in Dakota's home. Dakota does not itemize deductions and reports AGI of $40,200. The dependent child earned $16,400 from a...

Answered: 1 week ago

Question

★★★★★

Technology. Assume that you have received an e-mail invitation for an interview from the targeted application letter that you wrote in Application Exercise 1. The message suggested a date and time...

Answered: 1 week ago

Question

★★★★★

Global. Explore business websites or your library resources, and find a company with international opportunities. Write a general application letter expressing your interest in working for that...

Answered: 1 week ago

Question

★★★★★

Teamwork. With two classmates, role-play an interview for the position in the application letter that you wrote in Application Exercise 1. Take turns being the interviewer and the applicant. After...

Answered: 1 week ago

Previous Question Next Question