The comparative balance sheets of Shad Inc. contain prepaid insurance of $48,000 on January 1, 2009 and $37,000 on December 31, 2009. Shad's 2009 income statement contains insurance expense of $15,000. Calculate the amount of cash paid for insurance premiums during 2009.

Question

Quizplus · Accepted Answer

The Answer of The comparative balance sheets of Shad Inc. contain prepaid insurance of $48,000 on January 1, 2009 and $37,000 on December 31, 2009. Shad's 2009 income statement contains insurance expense of $15,000. Calculate the amount of cash paid for insurance premiums during 2009.

The Comparative Balance Sheets of Shad Inc