Reliable Insurance Company collected a premium of $30,000 for a 1-year insurance policy on May 1. What

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

Question:

Reliable Insurance Company collected a premium of $30,000 for a 1-year insurance policy on May 1. What amount should Reliable report as a current liability for Unearned Insurance Revene at December 31?

a) $30,000.

b) $0.

c) $10,000.

d) $20,000.

Related Book For answer-question

Financial Algebra advanced algebra with financial applications

ISBN: 978-0538449670

1st edition

Authors: Robert K. Gerver

See More Books

Posted Date: Oct 01, 2020 04:45 PM

See More Questions

Reliable Insurance Company offers a term life insurance policy with a renewable annual premium. The first year premium is $795. Premiums increase by 4.1% each year. What will premiums be in the nth...
Question 1. This question is based on a journal article that appeared in the New England Journal of Medicine: Gawande AA et al., "Risk factors for retained instruments and sponges after surgery."...
At December 31, 2014, Twin Rivers Company had 450,000 shares of common stock issued and outstanding, 350,000 of which had been issued and outstanding throughout the year and 100,000 of which were...
Why is ultraviolet light, but not infrared light, effective in making certain materials fluoresce?
What processes cause this rash?
The following information is available for the year ended 30 June 20*8 for Jay: stock at 1 July 20*7 12,641; stock at 30 June 20*8 10,673; purchases 132,785; sales 410,006; purchase of office...
Porridge Foods is a health-foods company considering a venture in the breakfast foods market. As part of its market research, Porridge Foods has collected data on 11 quantitative variables for 77...
The accounts of Polaris Company provided the following 20X5 information at 31 December 20X5: Accounts receivable ...............$ 1,899,000 (dr.) Allowance for sales discounts ...........23,500 (cr.)...
Explain how continuous bioprocessing differs from traditional batch processing, with a focus on the advantages and challenges of implementing continuous culture systems in industrial biotechnology .
Blue Angel Investors has a success ratio of 10% with its venture funding. Blue Angel requires a rate of return of 20% for its portfolio of lending, and the average length on its loan is five years....
The Carlrin Brewing Company produces beer which it sells worldwide. The company uses a process cost system to track its costs in its two departments: Production, which consists of all of the...
How often does the corporate tax system generally seek to tax corporate earnings? Explain briefly.
What are the physical conditions (e.g. In a professional office setting with a desk, chair, computer, printer, and internet)? List, describe, and explain what tools and technology are needed to...
What three schedules about deferred taxes are disclosed in the footnotes of the financial statements? Note: you may want to review Target's tax note to understand text book on required disclosures
discuss the impact of immigration laws and the police to community relations. ?
NSW Real estate With respect to health and safety risks of holding an auction at the in-house auction room versus an onsite auction at a residential property, which venue would generally present less...
A restaurant chain geared towards children decides not to open a new franchise in a certain city with a proportion of people under age 20 of 26 %. The chain believes that 26% is significantly...
Use translations to graph f. f(x) = x-/2 +1
Jim worked 40 regular hours last week, plus 8 overtime hours at the time and a half rate. His gross pay was $1,248. a. What was his hourly rate? b. What was his hourly overtime rate?
A manufacturer determines that a product will reach the breakeven point if sold at either $80 or $150. At $80, the expense and revenue values are both $300,000. At $150, the expense and revenue...
For each family, complete a form 1040, Schedule A, and Schedule B to find total itemized deductions, interest and ordinary dividends, adjusted gross income, taxable income, tax due, and amount of...
R-12 refrigerant belongs to which group of refrigerants? (a) halo-carbon (b) azeotropes (c) inorganic (d) hydro-carbons
Frosting of evaporator tubes results in (a) increased heat transfer rate (b) decreased heat transfer rate (c) increased compressor pressure (d) decreased compressor pressure
The bank of tube at the back of a domestic refrigerator of vapour compression type is (a) evaporator (b) condenser (c) capillary (d) electric wire

Reliable Insurance Company collected a premium of $30,000 for a 1-year insurance policy on May 1. What

Question:

Expert Answer:

Financial Algebra advanced algebra with financial applications

Students also viewed these accounting questions