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

question 119

Multiple Choice

The Oglethorpe Corporation reported a beginning balance of $12,400 in its Prepaid Insurance account for 2016.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 that Oglethorpe reported for 2016?

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

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Definitions:

Resting State

A condition or state in which the body is not actively engaged in any physical activity, allowing for recovery and conservation of energy.

Inferred From Behavior

Derived or concluded based on observations of actions or conduct.

Maslow's Hierarchy

A psychological theory proposing a five-tier model of human needs, from basic physiological needs to self-actualization, influencing human motivation.

Individual Variation

Differences in characteristics, behavior, or responses among individuals of a population or species.