On April 1, a Company Paid the $1,350 Premium on a Three-Year

question 69

Multiple Choice

On April 1, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 31?

• A) $1,350.00.
• B) $450.00.
• C) $1,012.50.
• D) $337.50.
• E) $37.50.

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Definitions:

Unemployment

The state of being without a job despite seeking work, typically measured as a percentage of the labor force.

MDMA

3,4-Methylenedioxymethamphetamine, a psychoactive drug primarily used for recreational purposes, known for its euphoric effects.

Chronic Use

The long-term and repeated use of substances or engagement in behaviors, often leading to dependency or adverse effects on health and well-being.

Memory Deficits

Impairments or reductions in the ability to remember or recall information, which can be temporary or permanent, affecting short-term or long-term memory.