Oglethorpe Corporation Reported a Beginning Balance of $12,400 in Its

question 73

Multiple Choice

Oglethorpe Corporation reported a beginning balance of $12,400 in its Prepaid Insurance account.During the year,Oglethorpe paid a total of $42,000 to purchase insurance,and the Prepaid Insurance account had an ending balance of $13,100.What was the amount of insurance expense for the year?

• A)$42,000
• B)$42,300
• C)$42,700
• D)$41,300

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Definitions:

Global Corporations

Global corporations are large companies that operate and provide products or services in multiple countries around the world, often having a significant influence on the global economy.

Multinational Corporations

Large companies that operate in several countries around the world, often having a centralized head office where they coordinate global management.

Labour-intensive Jobs

Jobs that require a high level of human labor to produce goods or services, as opposed to automation or machinery.

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often accompanied by a tendency to view other cultures from the perspective of one's own.