User Account

All Pages

What amount should the biological assets be reported

Assignment Help Accounting Basics
Reference no: EM133175797

Question - Fortune Company purchased Dairy cattle at an auction for P300,000 on July 1, 2014. Cost of transporting the cattle back to the company's farm was P3,000 and the company would have to incur cost similar transportation cost if it was to sell the cattle in the auction, in addition an auctioneer's fee of 2% of sales price. On December 31, 2013, after taking into account and 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). What amount should the biological assets be reported in the December 31, 2014 statement of financial position?

Reference no: EM133175797

Questions Cloud

List two non-financial criteria used in selecting a lender : List two non-financial criteria used in selecting a lender and two non-financial criteria when choosing between the buy and rent option
How much will they owe in taxes/receive in refund : Federal Income Tax Calculation John and Mary owe $1,400 in income tax. How much will they owe in taxes/receive in refund
Sustainability strategy and leadership commitment : According to the MIT Sloan-Boston Consulting Group study, Walkers focus heavily on both sustainability strategy and leadership commitment:
Calculates its allowance for uncollectible accounts : Question - Johnson Company calculates its allowance for uncollectible accounts as 5% of its ending balance in gross accounts receivable
What amount should the biological assets be reported : Fortune Company purchased Dairy cattle at an auction for P300,000 on July 1, 2014. What amount should the biological assets be reported
Differences in values based on generation : What are some values that we have in the United States? What are some differences in values based on generation?
Prepare the balance sheet as of december : Prepare the Balance Sheet as of December 31, 2024, and a Statement of Revenues, Expenditures, and Changes in Fund Balance for the year
Evaluate leadership and management attributes : Evaluate leadership and management attributes that support critical decisions for nursing practice.
Compute earnings per share and the p-e ratio : Botox Facial Care had earnings after taxes of $370,000 in 20X1 with 200,000 shares of stock outstanding. Compute earnings per share and the P-E ratio

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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