Intermediate Accounting 14th Edition

Published by Wiley
ISBN 10: 0470587237
ISBN 13: 978-0-47058-723-2

Chapter 5 - Balance Sheet and Statement of Cash Flows - Questions - Page 279: 16d

Answer

The cash surrender value of life insurance should appear in the balance sheet as a long-term investment.

Work Step by Step

The cash surrender value of life insurance is the amount of money given to the policy owner by the issuer upon cancellation of the contract and should be shown as a long-term investment.
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