User Account

All Pages

Compute the initial value of the agricultural produce

Assignment Help Accounting Basics
Reference no: EM132782804

Problem - Accounting for Biological Produce - On December 24, 2019, the BSA Farms harvested apples with fair value of P200,000 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 P1,000.

Required -

A. Compute the initial value of the agricultural produce.

B. Compute the subsequent measurement of agricultural produce.

C. Compute the net income or loss on sale.

D. Journalize the above transactions.

Reference no: EM132782804

Questions Cloud

What is the minimum transfer price from polk perspective : What will be the effect on Avery Company's operating profit if the transfer is made internally? What is the minimum transfer price from Polk's perspective?
Which audits of computer-based information systems : Which audits of computer-based information systems might affect information systems organisation, system development activities, computer operation
What amounts represents the minimum taxable benefit : What amounts represents the minimum taxable benefit that Mr. Brown must include in his employment income for the use of this vehicle in 2014?
Explain how technology can promote your efforts : Explain how technology can promote your efforts to reduce or eliminate the injustice - Explain the benefits of using the technology standards to inform
Compute the initial value of the agricultural produce : All of the apples had been sold for P200,000, the company paid selling cost of P1,000. Compute the initial value of the agricultural produce
What is the profit measured by us dollars on the sale : If the shipped orange juice in Japan is actually sold for 215 Yen, by PPP, what is the exchange rate between USD and Yen (Yen/USD $1) implied?
What is the afn for the coming year : What is the AFN for the coming year? ABC is planning its operations for next year, and wants to forecast the firm's additional funds needed
What are the variables and how are they measured : What are the variables and how are they measured? What statistical tests are used? Why did the author select these tests? What were the key findings?
How much would the wacc change : How much would the WACC change? ABC is now considering changing the debt ratio and moving it to the new debt/assets ratio

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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