Answer :
$3,000 prepaid insurance will appear on the december 31, 2021 balance sheet
WP will have used $15,000 of the insurance after 10 months (March to December) ($18,000 x 10/12). As of 12/31/2021, $3,000 will still be listed as an asset on the balance sheet.
A balance sheet, also referred to as a statement of financial position or a statement of financial condition in financial accounting, is a summary of the financial standing of a person or an organization, including a corporation, private limited company, sole proprietorship, business partnership, government agency, or not-for-profit organization. As of a particular date, such as the conclusion of its financial year, assets, liabilities, and ownership equity are listed. It's common to refer to a balance sheet as a "picture of a company's financial status." The balance sheet is the only one of the four fundamental financial statements that only applies at one particular period in a company's fiscal year.
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