Hello, I need help with the following question(s): C Chegg Study| Guided SoConne

Question

Hello, I need help with the following question(s):

C Chegg Study| Guided SoConnect ? ? ??Secure l https://newconnect.mheducation.com/flow/connect.html xC On April 1, Griffith Publis x Exam 2 Saved Help Save & Exit Submit 6 MC Qu. 169 On July 1, a company paid the... On July 1, a company paid the $3,480 premium on a one-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the first year ended December 31? pcinis 01:5220 Multiple Choice $1740. $3.480 $870 Mc Graw Pre 6 of 21 7-26 PM O Type here to search

Explanation / Answer

6) Insurance expense in income statement = 3480*6/12 = 1740

So answer is a) $1740

7) Calculate net sales :

So answer is b) $172775

Sales revenue (94575+83625) 178200 Less: Sales discount -3600 Less: Sales return and allowance -1825 -5425 Net Sales 172775

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