User Account

All Pages

How much is the accumulated other comprehensive income

Assignment Help Financial Accounting
Reference no: EM132923128

Question - ABC Company purchased a land for Php 500,000 during 2017 and chooses the revaluation model in accounting for its land. The following information relates to that land, which is the only land asset owned by the Company:

Date Fair Value

December 31, 2017 Php 520,000

December 31, 2018 470,000

December 31, 2019 510,000

a) What is the amount of unrealized gain on revaluation - land for the year 2017?

b) How much is the accumulated other comprehensive income for the year 2017 to be recognized in the balance sheet?

c) What is the amount of unrealized gain on revaluation - land for the year 2018?

d) How much is the impairment loss for the year 2018?

e) How much is the accumulated other comprehensive income for the year 2018 to be recognized in the balance sheet?

f) How much is the recovery of impairment loss and revaluation gain on land for the year 2019?

g) What is the amount of unrealized gain on revaluation - land for the year 2019?

h) If the land was sold on January 10, 2020, for Php 515,000, how much is the gain on sale of land?

i) How much is the accumulated other comprehensive income to be recycled to the retained earnings as a result of the gain on sale of land?

Reference no: EM132923128

Questions Cloud

What is the average annual income for truck : Amount of in investment: $40,000, Useful life: 7 years, estimated residual value: $3,000, What is the average annual income for truck
Principles of case management in australia : Develop foundational knowledge regarding Principles of Case Management in Australia - Domestic and Family Violence
Organizational behaviour - diversity concept : What benefits do you see with the use of this OB concept? - the general overview of how diversity/conclusion concept has benefitted the organizations.
Promote your internal motivation and innovation : Detail how your current employer can change strategies within the organization to promote your internal motivation and innovation.
How much is the accumulated other comprehensive income : How much is the accumulated other comprehensive income to be recycled to the retained earnings as a result of the gain on sale of land
Affect america political and civic life : The coronavirus (COVID-19) pandemic continues to affect America's political and civic life
Demonstrate language competency in united states : Describe the process for foreign-educated nurses to achieve credentialing and demonstrate language competency in the United States.
What is the market reward-to-risk ratio : The market risk premium for next period is 5.90% and the risk-free rate is 1.90%. What is the Market reward-to-risk ratio
Develop a research report to generic strategies : Synthesize advanced problem-solving skills to analyse highly complex issues with incomplete data and develop innovative solutions and proposals relevant

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