Reference no: EM132936460
Question - On June 12, 2019, L Company classified a non-current as "Held for Sale." On this date, before its reclassification, its amount was P5,000,000 and its expected selling price was P4,500,000 with expected cost to sell of P300,000.
By December 31, 2019, the asset had not yet been sold, but the management is still committed to a plan to sell it, and the sale considered to bc highly probable. The entity estimated that because of recent changes for the demand of the product that is produced by the asset and expected favorable price movement, the asset was now expected to be selling at P5,500,000 with related cost to sell unchanged. Depreciation frorn July 1 to December 31 would have been P500,000.
What amount of gain shall be recognized at December 31, 2019 as a result of the increase in the fair value less cost to sell of the asset?
a. P0
b. P700,000
c. P800,000
d. P1,000,000
|
How much will Jun receive
: Noncash assets valued at P2,000,000 were sold for P1,325,000. Liabilities of P200,000 were paid. How much will Jun receive
|
|
How much warranty work was performed
: 1% of sales is the estimated warranty cost. The ending balance of the warranty liability was $35,000 (credit). How much warranty work was performed?
|
|
Prepare the necessary journal entries as at December
: They each have P200,000 capital balances, and they share profits and losses in a 3:1 ratio, Prepare the necessary journal entries as at December 31, 2016
|
|
Which deposits held as compensating balances
: If a firm has two bank accounts in the same bank and the other has a positive cash balance while the other is overdraft, the overdraft is?
|
|
What amount of gain shall be recognized at December
: What amount of gain shall be recognized at December 31, 2019 as a result of the increase in the fair value less cost to sell of the asset
|
|
Which should not be considered cash
: Which should not be considered cash? Which of the following is incorrect with regard to the valuation of cash and cash equivalents?
|
|
How much is the investment property to be presented
: Land held for a currently determined future use- P300,000. How much is the Investment Property to be presented in the statement of financial position
|
|
Which should be presented as cash in the statement
: Which should be presented as cash in the statement of financial position? To be reported as "cash and cash equivalents," the cash equivalent must be?
|
|
Calculate the annual financial impact of hiring extra worker
: Calculate the annual financial impact of hiring the extra worker. Artisan Metalworks has a bottleneck in their production that occurs within the engraving
|