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Question - Fortune Company purchased dairy cattle at for P400,000 on July 1, 2022. Cost of transporting the cattle back to the company's farm was P4,000 and the seller would have to incur cost similar transportation cost if it was to sell the cattle in the auction/active market, in addition an auctioneer's fee of 2% of sales price. On December 31, 2022, after taking into account and location, the fair value of the biological assets had increased to P600,000 (that is, the market price including the auctioneer's fee of P20,000 and transportation cost of P4,000). What amount of gain or loss should Fortune Company recognize as a result of change in fair value on December 31, 2022 assuming the Dairy cattle were purchased at the auction area/active market on July 1 2022?
Besides spotting irregularities, like the case above, what are some other ways that ABC cost data are useful for manufacturing companies?
the sports equipment division of jorgensen company is operated as a profit center. sales for the division were budgeted
Cheyenne Construction Company began operations on January 1, 2020. How to compute the amount of gross profit to be recognized for the year ended December
Sally Snead found a Honda Accord for $35,500 that she wanted to buy. What was the total of all monthly payments
If Abt Associates made a mistake and didn't record an adjustment on December 31, 2019, would their net income have been overstated (too high)
In 1990, Cheyenne Company completed the construction of a building at a cost of $2,160,000, Compute the annual depreciation to be charged, beginning with 2019
the income statement of rodriquez company is shown below.rodriquez companyincome statementfor the year ended december
How much of the collected $2.385mil should Digby show on the March 31st income statement and how much on the May 31st income statement
Prepare the relevant statement of profit or loss and statement of financial position extracts for year two
You should then respond to the statement by arguing a position. Do you agree or disagree, explaining why. You should give consideration to events in recent years that may have had an influence.
The accounts of Mason Company at the end of the past year report the following amounts: Calculate the ending equity for Mason Company
The Syflansyd Nut Company has enjoyed booming sales following the success of its "Sometimes You Feel Like a Nut, Sometimes You Don't" advertising campaign. Syflansyd packages and sells four types of nuts in four different types of mixed-nut packag..
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