Compute the amount of sales revenue, insurance expense, and other operating expenses to report on…
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(Learning Objective 3: Measuring financial statement amounts) The adjusted trial balances of Triumph Corporation at March 31, 2008, and March 31, 2007, include these amounts (in millions):
2008
2007
Receivables
$300
$200
Prepaid insurance
180
110
Accrued liabilities payable (for other operating expenses)
700
600
Triumph completed these transactions during the year ended March 31, 2008.
Collections from customers
$20,800
Payment of prepaid insurance
400
Cash payments for other operating expenses
4,100
Compute the amount of sales revenue, insurance expense, and other operating expenses to report on the income statement for the year ended March 31, 2008.
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