mse have to be renewed? a. June 10, 2022 b. January 1, 2023 on June 10, 2021. c. June 10, 2023 d. It will not have to be renewed because agency licenses continue in for anceled, suspended, or revoked.
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- 9) Icon International, a software company, incorporated on January 1, 2019 is planning to convert to IFRS. The company decided to present its first IFRS statements for the year ended December 31, 2021. What is the transition date of Icon International? a) January 1, 2019 b) January 1, 2021 c) December 31, 2021 d) December 31, 201910) Icon International, a software company, incorporated on January 1, 2019 is planning to convert to IFRS. The company decided to present its first IFRS statements for the year ended December 31, 2021. What is the reporting date of Icon International? a) January 1, 2019 b) January 1, 2021 c) December 31, 2021 d) December 31, 20191. What amount should be reported as allowance for doubtful accounts on December 31, 2019? 2. What amount should be reported as doubtful accounts expense for the current year? Please show solutions along with the answers. Thank you!
- A company must prepare IFRS financial statements for the first time on December 31, 2020. According to IFRS 1, what is the date of transition to IFRS for this company?a. January 1, 2018.b. January 1, 2019.c. December 31, 2019.d. December 31, 2020.Show the solution in good accounting form How much revenue (franchise revenue, service revenue and sales revenue - machinery and equipment) would be recognized on December 31, 2019? A. Zero B. P 133,000.00 C. 94, 591.50 D. P190,000.00Please have mercy please. Answer the two problems below. Please. a. Liberty Co entered into an agreement to lease office space on January 1, 2019 for a fixed period of five years. As an incentive to encourage the office space to be occupied, a first year rent-free period was included in the agreement after which, Liberty is required to pay an annual rental of P780,000. What amount should be recorded as rent expense if any for the year ended December 31, 2019? b. On January 1, 2020, an entity leased an equipment for four years at an annual rental of P170,000 payable at the end of each year. The estimated useful life of the equipment is four years. The present value factor of an ordinary annuity of 1 for four years of an implicit rate of 12% is 3.0373. The lease provides for a transfer of ownership of the equipment to the lessee at the end of the lease term. Compute for the depreciation expense for the right of use of asset for the year ended December 31, 2020.
- 1. What is the contract revenue for 2020? 2. What amount should be reported as deferred contract revenue on December 31, 2020?On May 16, 2019, an entity purchased a fire insurance policy covering a property for a period of 2 years. The P16,800 cost of policy was paid in cash. At the end of 2019, the company will reduce Prepaid Insurance for this policy by? a. P5,600 b.P5,650 c. P5,250 d. P8,400ABC Insurance Co. issues a group of insurance contracts on Dec. 19, 2021. The coverage period of the group starts on Jan. 1, 2022 and the first premium from a policyholder in the group is due Jan. 4, 2022. The group of insurance contracts is not onerous. When is the recognition date of the group of insurance contract issued?
- 43. Prepaid Insurance of P 60,000 was overlooked at the end of 2021. What would be the adjusting entry if the error was discovered at December 31, 2022?3. Assume on December 31, 2018, Tran receives $1,000,000 for all sales-based royalties earned from Lyon in2018. What journal entry would Tran record on December 31, 2018, to recognize any revenue that should berecognized in 2018 with respect to the Lyon license that it has not already recognized?8. The premium on a 3-year insurance policy expiring on December 31,2022 was paid in total on January 1, 2020. The original payment wasinitially debited to prepaid insurance. The appropriate adjusting entry hadbeen recorded on December 31, 2020. Which statement will be incorrect? A. Insurance expense increased by amount equivalent to 1 year on December 31, 2020. B. Prepaid insurance balance on December 31, 2020 should be the same as it would have been if the original payment had been debited initially to an expense account. C. Prepaid insurance balance on December 31, 2021 is lower than the balance on December 31, 2020. D. none of the above
