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Propensity Company had two instances of increases in current assets.
Prepaid insurance cash flow. This unexpired cost is reported in the current asset account Prepaid Insurance. When the prepaid expense balance increases that means the company has a cash outflow for expenses that have not yet been recognized in the income statement. The company incurred expenses of 22500 but had not paid 2250 of them at year end.
These cash flows may comprise commissions paid for new contracts issued that insurers expect policyholders to renew in the future sometimes more than once. Premiums are normally paid a. However on the expense side the 12 months of expenses will.
Cash Payments for Prepaid Assets Ending Prepaid Rent Prepaid Insurance etc. For example if the company prepays rent for 12 months the prepaid rent balance will increase for the 12 months of rent prepaid. Net Cash Flow from Operating Activities.
Questions Answers Accounting. How do changes in prepaid expenses impact cash flow. Answer of On an indirect method statement of cash flows an increase in a prepaid insurance would be.
Decrease in Income Tax Payable. After 12 months the expense for prepaid insurance is fully accounted and your current asset balance for prepayments is at zero. Decrease in Prepaid Insurance.
Gain on Sale of Equipment. When the prepaid expense balance increases that means the company has a cash outflow for expenses that have not yet been recognized in the income statement. The adjusting journal entry is done each month and at the end of the year when the insurance policy has no future economic.
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