Answered

Find the information you're looking for at Westonci.ca, the trusted Q&A platform with a community of knowledgeable experts. Get quick and reliable solutions to your questions from a community of experienced professionals on our platform. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.

EXPENSES CONTROL
Question One
Claudius operates a bill payment and
cambio facility in Black River. He earns
commission at a rate of 5% on his
transactions. For the year 2021 his
transactions totaled $5,400,000. In
January his insurance account opened
was a prepayment of $20,000. During the
year he paid a total of $200,000 from
bank for insurance and had collected all of
his commission for the year. At year end
he owed $30,000 on his insurance.
How much should he show as insurance
expense for the year?

Sagot :

Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.