User Account

All Pages

What amount of net gain or loss should be recorded

Assignment Help Financial Accounting
Reference no: EM132768766

Fortune Company purchased Diary cattle at an auction for P300,000 on July 1, 2024. Cost of transporting the cattle back to the company's farm was P3,000 and the company would have to incur similar transportation cost if it was to sell the cattle in the auction, in addition to an auctioneer's fee of 2% of sales price.

On December 31, 2024, after taking into account the location, the fair value of the biological assets had increased to P500,000 (that is the market price including the cost of transporting the asset).

Problem 1: What amount of net gain or loss should be recorded?

a. 190,000
b. 194, 000
c. 196, 000
d. 200, 000

Reference no: EM132768766

Questions Cloud

How much is the Share Premium from the issuance : Assuming the Land has no Fair Value, how much is the Share Premium from the issuance of the 30,000 shares
List predictors of late onset generalized anxiety disorder : In 3 or 4 sentences, explain the appropriate drug therapy for a patient who presents with MDD and a history of alcohol abuse. Which drugs are contraindicated.
Fast food franchise-evaluating supply chain performance : Choose two fast food franchises, such as McDonalds and Burger King, and examine their facility layouts.
How much was the firm earnings before taxes : Brown Office Supplies recently reported $15,500 of sales, $8,250 of operating costs other than depreciation, How much was the firm earnings before taxes
What amount of net gain or loss should be recorded : What amount of net gain or loss should be recorded? Fortune Company purchased Diary cattle at an auction for P300,000 on July 1, 2024.
Differences in quality assurance and quality improvement : Discuss the differences between quality assurance and quality improvement. The impact of quality improvement on the cost of health care
What payment to ynes included bonus from remaining partners : The partners decided that Ynes should be paid P245,000 for her interest. The payment to Ynes included bonus from remaining partners amounting to?
What is the second year cash flow : What is the second year's cash flow (excluding the CCA Tax Shield)? XYZ's marginal tax rate is 36%, and its required rate of return (RRR) is 11%
Identify any harmful side effects of the diet : Provide 3 specific reasons that you would advise Mike to steer clear of this diet. Identify any harmful side effects of this diet; including anatomical.

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the amount of cost of goods sold

A company has net sales of $1,842,000, sales commissions of $195,000, net income of $367,400, and the gross profit ratio of 65%. What is the amount of cost of goods sold?

  Find the financial calculator using tvm equations

Use both the TVM equations and a financial calculator to find the following values. An initial $800 compounded for 10 years at 5.8 percent?

  Uses the percentage-of-completion method

Howard Construction Co. contracted to build a bridge for $3,000,000. Construction began in 2012 and was completed in 2013. Data relating to the construction are: Howard uses the percentage-of-completion method. How much revenue should be reported for..

  How many units would need to be produced next year

How many units would need to be produced next year to meet this production goal? Ignore impact of accounts payable on plant utilization.

  Using the weighted average periodic inventory method

A company had 260 units of inventory at a cost of $152 each on January 1. On June 5, the company purchased 460 units for $172 each. On November 10, the company purchased 160 units for $212 each. On December 15, the company sold 520 units. Given this ..

  Find the net present value of the reported cash? flows

In the Company Forecasts spreadsheet?, use a formula to find the net present value of the reported cash? flows, assuming a discount rate of? 4.2%.

  What number of days taken to turn over average inventory is

What The number of days taken to turn over average inventory for 2016 is? A company has a current ratio of 3:1. Which action will decrease this ratio?

  Calculate the current value of a share of simtek stock

Calculate the current value of a share of Simtek stock to an investor who requires a 15 percent return on his or her investment.

  Value of each performance obligation

For contracts that include more than one separate performance obligation.The contract price is allocated to each performance obligation in proportion to the obligations' stand-alone selling prices.Revenue is recorded over time at the fair value of ea..

  Create the statement of cash flows for lah manufacturing

Prepare the statement of cash flows for 2011. LAH Manufacturing Corporation is preparing the annual financial statements for the stockholders.

  Considering the purchase of a new machine for cash

A company is considering the purchase of a new machine for cash. the company is using the net present value method to evaluate this capital expenditure. the machine will be purchased if the sum of the present values of the future net cash flows is:

  Definition of a freestanding financial instrument

How do Determine whether the warrants meet the definition of a freestanding financial instrument as defined by the standards relevant to the Case.

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