At the beginning of the year, Coolwear, Incorporated had a b…

At the beginning of the year, Coolwear, Incorporated had a balance in its prepaid insurance account of $50,400. During the year, $88,000 was paid for insurance. At the end of the year, after adjusting entries were recorded, the balance in the prepaid insurance account was $43,000. Insurance expense for the year was:

Lanson Corporation Company’s trial balance included the foll…

Lanson Corporation Company’s trial balance included the following account balances on December 31, 2027: Accounts payable $ 25,000 Bonds payable, due 2036 22,000 Salaries payable 16,000 Notes payable, due 2028 20,000 Notes payable, due 2030 40,000 What amount should be included in the current liabilities section of Lanson’s December 31, 2027, balance sheet?