Reference no: EM133133954
Questions -
Q1. Meatballs Company purchased forest assets for a lump sum amount of P45,000,000 which is equal to the lump sum value of the group of assets. At the time of purchase, the company is unable to determine the fair value of the trees separately since no active market was clearly available. The other assets are the group had a determinable fair value. The forest assets are listed below and their related fair value less point to sell costs: Land under trees- P9,500,000; and Road in forest- P7,000,000. What amount should the biological asset be initially recorded?
Q2. The Jessica Company purchased a drilling machine on October 1, 2018 at a cost of P250,000 and depreciated it at 25% per annum on a straight-line basis. On October 1, 2020, P50,000 was spent on an upgrade to the machine in order to improve its efficiency and increase the inflow of economic benefits over the machine's remaining life. How much depreciation expense should be recognized in profit or loss for the year ended September 30, 2021?
Q3. On January 1, 2020, JJ Company purchased factory equipment for P3,000,000. Estimated useful life of the equipment is 5 years and will be depreciated using the 150% declining balance method. What is the carrying amount of the equipment at the end of 2021?
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Preparing the direct labor budget for January and February
: Begin by preparing the direct labor budget for January and February through the total direct labor hours needed for production line
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Prepare Yancey manufacturing overhead budget
: Prepare Yancey's manufacturing overhead budget for January and February, including the predetermined overhead allocation rate using direct labor hours
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Discussing production possibilities
: What does inefficient means when discussing production possibilities
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How much should be the credited as donated capital
: On the same date, the items had aggregated fair value totaling P985,000. How much should be the credited as donated capital
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What amount should the biological asset initially recorded
: Land under trees- P9,500,000; and Road in forest- P7,000,000. What amount should the biological asset be initially recorded
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What is the total amount should be reported as cash
: Suga Corp. had a checkbook balance on December 31, 2021 of P10,000,000. What is the total amount should be reported as cash on December 31, 2021
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Evaluate economic conditions
: Evaluate economic conditions that influence company performance. Consider political, environmental, currency (money), global economics, and government
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Calculate the amount of deferred tax liabilities
: Calculate the amount of deferred tax liabilities or assets to be recognised with respect to the above transactions as of 31 March 20X2
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Sherman Antitrust Act and MLB exemption to Antitrust Law
: Write a case brief based on the case of Federal Baseball Club v. National League, 1922 at this link. . Reviewing articles on the MLB Exemption,
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