How much is the net amount of gain that depp corporation

Assignment Help Financial Accounting
Reference no: EM132895723

Problem 1: Deep Corporation's standing sugar cane fair value as of January 1, 2020 was $2,700,000 and as of December 31, 2020 was $2,800,000. The biological asset has a life span of less than a year and has no dual purpose. The selling price of the agricultural produce harvested during the period was $2,100,000, on the respective dates of harvest. The estimated cost to sell is $100,000. How much is the net amount of gain that Depp Corporation should report in its December 31, 2020 profit or loss related to the biological asset and agricultural produce?

Reference no: EM132895723

Questions Cloud

What is business continuity planning : What is business continuity planning and why is it important? How to communicate your plan to customers and employees.
Explain how do you answer dr divoc : You being a production manager of a manufacturing concern, how do you help me? Think that you are the young man who has approached Dr. Divoc
Information that engulfs everyday life : Consider all of the information that engulfs your everyday life and all the people who are trying to sell you this and influence you to believe that-and ask you
What are some economic conditions that affect the cost : DellaTorre is very bright, and she would like to understand in general terms what will happen to her money. What are some economic conditions that affect cost
How much is the net amount of gain that depp corporation : How much is the net amount of gain that Depp Corporation should report in its December 31, 2020 profit or loss related to the biological asset?
Structured situational interview : What are the three main types of questions that are frequently used in structured situational interviews.
Explain stock structure of hershey chocolate company : Explain the stock structure of Hershey Chocolate Company . What elements comprise their capital structure?
Describe steps in knowledge discovery : The overall process of generating knowledge from massive databases is called Knowledge Discovery.
Define crowdfunding and state its advantages : Explain the major aspects of the scope of human resource management - Define Crowdfunding and state its advantages

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!

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