Under Hart Companys accounting system, all insurance premiums paid are debited to prepaid insurance. For interim financial
Question:
Under Hart Company’s accounting system, all insurance premiums paid are debited to prepaid insurance. For interim financial reports, Hart makes monthly estimated charges to Insurance expense with credits to Prepaid insurance. Additional information for the year ended December 31, 2014, follows:
Prepaid insurance at December 31, 2013 ........................... $210,000
Charges to Insurance expense during 2014, including
a year-end adjustment of $35,000 ........................................ 875,000
Unexpired insurance premiums at December 31, 2014 ..... 245,000
Required:
What was the total amount of insurance premiums Hart paid during 2014?
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The total amount of insurance premiums paid in 2011 is equal to the ...View the full answer
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Related Book For 
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
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