The Fiscal Year Opened for Noland Manufacturing with a $2,700

question 32

Multiple Choice

The fiscal year opened for Noland Manufacturing with a $2,700 balance in its prepaid insurance account.They purchased $9,600 in insurance policies during the year.If $1,725 of insurance has expired during the year, what is the year-end balance in the prepaid insurance account?

• A)$10,575
• B)$12,300
• C)$7,875
• D)$5,175

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Definitions:

Negligent Misstatement

A false statement made carelessly that results in someone suffering loss or damage, leading to potential legal liability for the speaker.

Canada

Canada is a country in North America, known for its diverse culture, natural landscapes, and as the second-largest country by area in the world.

Treatment

The process of providing medical care or therapy to address or manage a disease, condition, or injury.

Comprehensive Policies

Insurance policies that offer broad coverage, combining various types of protections into one policy.