Underwater Corp. started the year with a balance of $5,500 on Prepaid Insurance and ending the...

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Underwater Corp. started the year with a balance of $5,500 on Prepaid Insurance and ending the year with a balance of $6,200. If Underwater paid $8,000 of insurance premiums during the period, what is the amount of insurance expense for the period? Uphill Industries started the year with Unearned Service Revenue of $30,000 and ended the year with a balance of $10,000. If Uphill collected $830,000 for services during the year, what was Uphill's revenue for the year? (Assume no A/R) Going Under Inc. started the year with $200,000 in Accounts Receivable and ended the year with $700,000 of Accounts Receivable. During the year, Going Under had revenue of $1,200,000. What is Going Under's cash collections on revenue for the year? Underwater Corp. started the year with a balance of $5,500 on Prepaid Insurance and ending the year with a balance of $6,200. If Underwater paid $8,000 of insurance premiums during the period, what is the amount of insurance expense for the period? Uphill Industries started the year with Unearned Service Revenue of $30,000 and ended the year with a balance of $10,000. If Uphill collected $830,000 for services during the year, what was Uphill's revenue for the year? (Assume no A/R) Going Under Inc. started the year with $200,000 in Accounts Receivable and ended the year with $700,000 of Accounts Receivable. During the year, Going Under had revenue of $1,200,000. What is Going Under's cash collections on revenue for the year?

Answer rating: 100% (QA)

The change in Prepaid Insurance balance is 6200 5500 700 which represents the amount o... View the full answer