(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.