By admin on November 12, 2011
On April 1, 2011, Jennifer Stafford created a new travel agency, See-It-Now Travel. The following transactions occurred during the company’s first month.
The company paid ,000 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.
Two-thirds of one month’s insurance coverage has expired.
What should be left in the pre-paid insurance slot?
Posted in Travel Insurance Companies | Tagged April, coverage, Insurance, insurance coverage, new travel agency, policy coverage |
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166.67, however this is a strange question as most companies only use whole months and would not bother calculating fractions of months because it is not cost effective
I think you would take the $3000 / 12 months = 250
then 250/3=83 (if you round to the nearest whole number)
then 83 x 2= 166
then 3000-166= $2834 would be left in the pre-paid insurance