Government laws and regulations regarding payroll are much more ...

[oliviahorn72]

Government laws and regulations regarding payroll are much more complex for employees than for independent contractors.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

Rent-a-Wreck, Inc. paid 36,000 cash for a one-year insurance policy on July 1, 2011. What adjustment should the company make before preparing its annual financial statements on December 31, 2011?
 
  A) Decrease Cash and increase Prepaid insurance by 18,000.
  B) Decrease Prepaid insurance and recognize Insurance expense of 18,000.
  C) Decrease Prepaid insurance and recognize Insurance expense of 36,000.
  D) Decrease Cash and recognize Insurance expense of 18,000.

[babybsemail]

Answer to Question 1

True

Answer to Question 2

B

[oliviahorn72]

Thanks for the timely response, appreciate it

[ricroger]

TYSM