Fina Corp. had the following transactions during the quarter ended march 31,2018: Payment of fire insurance premium

Fantastic news! We've Found the answer you've been seeking!

Question:

Fina Corp. had the following transactions during the quarter ended march 31,2018:

Payment of fire insurance premium for calendar year 2018 800,000

What amount should be included in fin's income statement for the quarter ended March 31, 2018?

A) $ -0-

B) $200,000

C) $400,000

D) $ 800,000

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0132162302

1st edition

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

See More Books

Posted Date: May 12, 2019 11:32 PM

See More Questions

The City of Mountain View had the following transactions during the year, none of which have been recorded yet. Some of the transactions affect governmental activities. Some old bonds, originally...
What issues should be included in a partnership agreement? Why?
What documents should be included in an employees personnel file?
Find the magnitude and direction of the electric field strength at the point P due to the point charges at A and B as shown in the Figure 1. (k = 9 x 10 Nm/C) +2 C 10 cm A 10 cm Figure 1 B -8 C (5...
How can you ethically use power, influence, and politics to get a promotion?
Arkansas Corporation manufactures liquid chemicals A and B from a joint process. It allocates joint costs on the basis of sales value at split-off. Processing 5,000 gallons of product A and 1,000...
Consider the following cash flow profile and assume MARR is 10 percent/year. a. What does Descartes' rule of signs tell us about the IRR(s) of this project? b. What does Norstrom's criterion tell us...
Cruise Tire Company's budgeted unit sales for the year 2011 were: Passenger car tires . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000 Truck tires . ....
Crystal Corporation earned net income of $ 9 0 0 , 0 0 0 in 2 0 2 3 . It has a complex capital structure as follows: 1 2 , 0 0 0 shares outstanding of 8 % , $ 1 0 0 preferred stock, and 1 7 0 , 0...
Readers Digest has asked you to analyze an investment proposal that it has received. This proposal relates to Readers Digest producing a CD-ROM version that will contain the text of all of the...
Assume x is integer, the following expressions has the same values *&x and &*x? Select one: O a. True O b. False
child pulls a 7 kg toboggan 4 m across level ground with a 10 N force that is 30 above the horizontal. The work done 18 280J 28 J 34.6 J 24.2J
A main limitation on the United States ?? ability to enforce the Monroe Doctrine was _ _ _ _ _ _ _ _ _ _ . _ _ _ _ _ _ _ _ _ _ . a . . the continuing presence of British, French, and Spanish...
1. Consider a diagonal metric in two dimensions ds = 91(dx)2 + 922(dx) where 911 and 922 are functions of r and 2. (a) Show that the Christoffel symbols are r = K 1 2911 T12 = I 12/2 1 0922 2922 x...
An industry is likely to have a low beta if the: Omarket for its goods is highly affected by the market cycle. O number of firms within the industry is fairly constant. Ostream of revenues within...
The Second American Party System was based on _ _ _ _ _ _ _ _ _ _ . _ _ _ _ _ _ _ _ _ _ . a . . mass participation b . . favoritism c . . elite families d . . economic struggle
A repairman moves between 4 sites, with site 1 denoting home office, and 2, 3, and 4 denoting remote sites. Work at sites 2,3, and 4 requires the use of an equipment trailer. The cost of relocating...
For the data in Exercise 17-19, use the FIFO method to summarize total costs to account for, and assign these costs to units completed and transferred out, and to units in ending work in process....
When services are sold on account, the amount is recorded in the Accounts Receivable Debit column and Sales Credit column. Accounts Receivable Debit column and Cash Credit column. Accounts Payable...
Bailey Builders Corporation accepted a three- year, $ 1,000,000 fixed- fee contract to renovate a parking deck. Bailey uses the percentage- of- completion method and the cost- to- cost method of...
During year 1, Brianna Company had the following transactions related to its financial operations: Payment for the retirement of long-term bonds payable (carrying value $ 740,000) $ 750,000...
Barrys Clothing Stores, Inc. released its annual report for the current year and included the following comparative balance sheets and income statement. . Additional Information: 1. Barrys sold...
You may have management colleagues who think that social responsibility isnt an important issue for organizations and, therefore, it shouldnt play a role in employee recruitment and selection. The...
In the roles of an employer, how would you handle a situation where employees have taken on a greater sense of social responsibility than that is immediately apparent in your organization? How would...
Companies have recently been created, such as Social Intelligence, that offer pre-employment social media screening. Using an Internet search, identify some of the companies offering this service....

Fina Corp. had the following transactions during the quarter ended march 31,2018: Payment of fire insurance premium

Question:

Expert Answer:

Insurance premium for 12 mon... View the full answer

Intermediate Accounting

Students also viewed these accounting questions