Compute for the initial value of the agricultural produce

Assignment Help Accounting Basics
Reference no: EM132783958

Question - On December 24, 2019, the BSA Farms harvested apples with fair value of P 200,000 and an estimated cost to sell of P5,000. The apples were not recorded as biological assets while it grew on trees. At year-end, the fair value declined slightly to P390,000 and no apples had been sold at year-end. The net realizable value of the meat at year-end is P210,000. On January 1, 2020, all of the apples had been sold for P200,000, the company paid selling cost of P 1,000.

Required -

A. Compute for the initial value of the agricultural produce.

B. Compute for the subsequent measurement of agricultural produce.

C. Compute for the net income or loss on sale.

D. Journalize the above transactions.

Reference no: EM132783958

Questions Cloud

Golden rule of brainstorming : 7) Which of the following is not a Golden Rule of Brainstorming?
What cultural values do the site you chose reflect : What is globalization, and in what ways has the Internet served as a vehicle for it? What cultural values do the site you chose reflect?
List the items and amounts that should be included in cost : List the items and the amounts that should be included in the cost of the land and recorded in the Land account
How would difference in funding sources impact the type : How would this difference in funding sources impact the type of reporting undertaken and the expertise of the local accounting profession?
Compute for the initial value of the agricultural produce : On December 24, 2019, the BSA Farms harvested apples with fair value of P 200,000, Compute for the initial value of the agricultural produce
List and discuss 10 determinants of service quality : List and discuss 10 determinants of service quality. Why are they determinants? Please include references
Describe the given stereotypes in brief : The majority of the images of African Americans produced in the United States in the 19th century drew heavily on certain stereotypes. Describe these.
Explain the components of a process flow chart : What are some aspects of an organization's needs that should affect the design of a warehouse, as well as its operations?
What are the fixed overhead price and production volume : What are the fixed overhead price and production volume variances for Paynesville? (Enter your answers in whole dollars. Indicate the effect)

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd