The adjusted trial balances of Verne Corporation at August 31,

The adjusted trial balances of Verne Corporation at August 31, 2018, and August 31, 2017, include these amounts (in millions):

2018 2017 Accounts receivable... Prepaid insurance. Accrued liabilities payable (for other operating expenses).. $490 33


Verne completed these transactions (in millions) during the year ended August 31, 2018.


Collections from customers .......................................... $20,800
Payment of prepaid insurance ............................................. 480
Cash payments for other operating expenses................. 4,800


Calculate the amount of sales revenue, insurance expense, and other operating expenses to report on the income statement for the year ended August 31, 2018. Assume all sales are on account.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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