User Account

All Pages

How much gross income shall be reported on the company

Assignment Help Financial Accounting
Reference no: EM132773564

A group of twenty 2-year old cattle was held at January 1, 2029. Five 2-year old cattle were purchased for P12,000 each 5 calves were born. No cows or calves were disposed of during the period. Per unit fair value less cost to sell were as follows:

January 1, 2029
2-year old cattle P 12,000
Newborn cattle 4,000

December 31, 2029
2-year old cattle 13,000
3-year old cattle 15,000
1-year old cattle 7,000
Newborn cattle 5,000

The company records separately the increase in fair value less cost to sell due to physical change and change in fair value less cost to sell due to price change.

Problem 1: How much shall be taken to profit or loss as a gain arising from change in fair value due to price change?

Problem 2: How much shall be taken to profit or loss as a gain arising from change in fair value due to physical change?

Problem 3: Assume that ten 3-year old cattle were sold realizing net proceeds of P15,000 on each cattle. How much gross income shall be reported on the company's profit or loss for the year ended December 31, 2029?

Reference no: EM132773564

Questions Cloud

How much is advertising expense to be recorded by mr pamath : Equally distributed during the course of the year. How much is advertising expense to be recorded by Mr. Pamath for the year ended December 31, 2011?
Compute trend percentage for flash corporation total revenue : Compute trend percentages for Flash Corporation total revenue and net income for the following five-year period, using year 0 as the base year.
What unique reasons individuals to motivate : Assuming that you are preparing a seminar, What unique reasons would you give each of these individuals to motivate them to come to your seminar?
How relevant is managerial accounting for a firm decision : How relevant is managerial accounting for a firm's decision making process? Is managerial accounting more than just estimating a cost for financial accounting
How much gross income shall be reported on the company : Net proceeds of P15,000 on each cattle. How much gross income shall be reported on the company's profit or loss for the year ended December 31, 2029?
How many items need to be produced for inventory to meet : How many items need to be produced for inventory to meet the earnings target if the sales commission is left unchanged at 5%
How much should the price of the flat be : Assuming that you can rent the flat out continuously and the market interest rate is stable at 2%. How much should the price of the flat be?
What was the cash account balance after the transaction : What was the cash account balance after the transaction of June 27 was recorded? Issued Check 1002 for $2,100 to purchase photographic equipment.
Make recommendations to a specific organisation : Make recommendations to a specific organisation to help them reduce their environmental impact

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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