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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- ABC 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?Question 4: (Maximum 300 words ) Critically evaluate the three measurement approaches under IFRS 17 for different types of insurance contracts that would be applicable with effect from January 1, 2023, unless the Insurance Companies opt for an early adoption.1. What is the contract revenue for 2020? 2. What amount should be reported as deferred contract revenue on December 31, 2020?
- A man applied for a Ps. 20,000 whole life policy and paid the full initial premium to the soliciting agent. The agent issued a binding receipt. Under such a receipt, the insurance company A) Offers permanent insurance coverage effective as of the date of the application B) Promises that the insurance coverage will become effective as of the date the application is approved Guarantees the policy will be issued as applied for Immediately provides interim insurance that remains in effect until the policy is issued or the application is declinedRequired:1. Prepare the adjustment to correct the estimated warranty liability on December 31, 2022.43. 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?
- 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 above1. What amount of warranty expense should be shown on Crassula's income statement for the year ended December 31, 2021? 2. What amount of warranty liability should be shown on Crassula's statement of financial position as of December 31, 2021?The premium on a four-year insurance policy expiring on december 31, 2034 was paid in total on January 1, 2021. If the original payment was recorded as a prepaid asset, the balance in prepaid asset on December 31, 2022 would be a. lower than the balance on december 31, 2021b. lower than the balance on december 31, 2023c. the same as the balance on december 31, 2023d. the same as the original payment DISCUSS
- 44. On January 18, 2019, Big City Co, paid $36,000 for a two-year insurance premium that covers February 1, 2019 through January 31, 2021. Urban Pro's year-end is March 31, 2019 a. What entry is made on January 18, 2019? b. What adjusting entry should be made on March 31, 2019 before the financial statements are prepared for the year ending March 31, 2019?Errors During the course of your examination of the financial statements of Burnett Co., a new client, for the year ended December 31, 2019, you discover the following: Inventory at January 1, 2019, was understated by 6,000. Inventory at December 31, 2019, was overstated by 5,000. During 2019, the company received a 1,000 cash advance from a customer for merchandise to be manufactured and shipped during 2020. It had credited the 1,000 to sales revenue. The companys gross profit on sales is 50%. Net income reported on the 2019 income statement (before reflecting any adjustments for the above items) is 20,000. Required: Next Level What is the correct net income for 2019?The premium on a three-year insurance policy expiring on December 31, 2022 was paid in total on January 1, 2020. The original payment was initially debited to a prepaid asset account. The appropriate adjusting entry had been recorded on December 31, 2020. The balance in prepaid asset account on December 31, 2020 should be a. The same as it would have been if the original payment had been debited initially to an expense account. b. Zero c. Higher that if the original payment had been debited initially to an expense account. d. The same as the original payment.