Sunnyday Ltd has a financial year that runs from $1$ January to $31$ December. In the most recent year, the opening statement of financial position at $1$ January had a prepayment of $\pounds 1,630$ for insurance. Sunnyday Ltd paid $\pounds 9,348$ for insurance during the year and had a closing prepayment of $\pounds 802$ at $31$ December.

 What is the insurance expense that will appear in the income statement $($statement of financial performance$)?$

Answer rating: 100% (QA)

To calculate the insurance expense that will appear in the income statement we need to dete... View the full answer