Reference no: EM132716640
Martian realized his lifelong dream of becoming a vineyard owner when he was able to purchase the Hillside Vineyard at an estate auction in October 1, 2018 for P2,000,000. The fair value of the land being the contributory asset is P800,000. Martian retained the Hillside name for his new business. The purchase was risky because the growing season was coming to an end, the grapes must be harvested in the next several weeks, and Martian has limited experience in carrying off a grape harvest. At the end of the first quarter of operations, Martian is feeling pretty good about his early results. The first harvest was a success; 300 bushels of grapes were harvested with a value of P1,200,000 (based on current commodity prices at the time harvest). And given the strong yield from area vineyards during the season, the net realizable value of Martian's vineyard has increased to P2,500,000 at the end of the first quarter. The contributory asset has increased by P200,000. After storing the grapes for a short period of time, Martian was able to sell the entire harvest for P1,400,000 on December 28,2018.
Problem 1) At what amount should be bearer plant be reported in the statement of financial position of Martian at the end of the first quarter?
a. 1,200,000
b. 1,500,000
c. 2,000,000
d. 2,500,000
Problem 2) What is the net effect in the profit or loss statement of Martian related to the vineyard and the harvests?
a. 200,000 increase
b. 1,400,000 increase
c. 1,500,000 increase
d. 1,700,000 increase
Find the inventory value of the new product
: The product incurred variable manufacturing costs of $5,000,000, fixed manufacturing costs of $2,000,000, find the inventory value of the new product
|
Relationship between social isolation and mental health
: Psychological inflexibility and intolerance of uncertainty moderate the relationship between social isolation and mental health outcomes during COVID-19
|
Find the value of Chassen June finished goods inventory
: A total of 100,000 units were manufactured during June, of which 10,000 remain in ending inventory. Find the value of Chassen June finished goods inventory
|
Financial services organization such as bank or credit union
: If you work for a financial services organization such as a bank or credit union, which 1999 law affects your use of customer data?
|
What amount should be bearer plant be reported
: At what amount should be bearer plant be reported in the statement of financial position of Martian at the end of the first quarter?
|
Calculate the dollar amount that debra will have
: Calculate the dollar amount that Debra will have in inventory at the end of the month. Assume Debra uses the perpetual inventory system and there were no sales.
|
Identify and describe a psychological measure
: Discuss the validity and reliability factors researchers should consider when choosing a measure and Identify and Describe a Psychological Measure
|
Find the amount of operating income earned by Merlene
: Actual selling and administrative costs equaled the budgeted amount, Under the variable costing concept, find the amount of operating income earned by Merlene
|
What the total net position balance for tinsel town
: The total net position balance for Tinsel Town's governmental activities in the government-wide financial statements at the end of fiscal 2019 is
|