Explain why disclosure notes are so important so that they accompany financial statements? What is the difference between the balance sheet and the income statement? Sorpos 3 A company prepaid $60.000 of insurance in the beginning of October for 12 montha. They have not adjust the account since that time. As they prepare their financial statements for the vear ending December 31st, which if any) enitry should they make? noca wer oreera Bav: 1.00 : P Owet Oa. Prepaid Insurance sonpoc 15,000 Insurance Expense 15,000 b. No entry needed. The compony really hasn't changed OC. Insurance Expense 15,000 Prepaid Insurance 15,000 O d. Prepaid Insurance 15,000 Cash 15.000 Sonpoc 4 As of the lost day of the month, your emoloyees hove worked for the two weeks, but the checks wont be distributed until tomorrow. The employees ore owed $8.000. Which entries best reflect thot transoction? noca Her orsera Bam: 1.00 P Orver . sanpoc 8.000 Woge Expense Woges Payable 8,000 b. Woge Expense 8.000 Cosh 8.000 O C. Wages Payable 8.000 Cash 8.000 d. 8.000 Woges Payable Wage Expense 8.000 sonpoc 5 Disclosure notes to the financial statements may include al EXCEPT the following noca Her oteera . Sa 1.00 O a information about any changes made in the accounting policy O b. information obout a dismissal of the security personnel Powerun sonpoc Oc. information about undergoing lawsuits Od. information about closure of the production site