User Account

All Pages

What amount should the inventory be valued for silent corp

Assignment Help Financial Accounting
Reference no: EM132763754

On January 2, 2019, Silent Corporation has an investment property that was carried at fair value with a carrying amount of Php 2,500,000 (historical cost, Php 2,400,000). As of December 31, 2019, the fair market value of the property is Php 2,600,000. On December 31, 2020, the fair market value of the property was Php 2,800,000. On this date, Silent Corporation decided to reclassify/transfer the property to inventory.

Problem 1: On the date of transfer, what amount should the inventory be valued?

Problem 2: Prepare the journal entries on December 31, 2020.

Reference no: EM132763754

Questions Cloud

Definition phase of system development life cycle : Discuss activities that occur during the problem definition phase of the system development life cycle.
What is the intrinsic value of equity : Immediately prior to the repurchase, what is the intrinsic value of equity? Bayani Bakery's most recent FCF was $45 million; the FCF is expected to grow
How accountable do you see have managers and leaders : Analyse the reasons for these questionable organisational and management practices including the judgements made by leaders/managers of these organisations.
Cross-site scripting attacks : What are the three different types of cross-site scripting (XSS) attacks and what sort of harm can they do?
What amount should the inventory be valued for silent corp : As of December 31, 2019, the fair market value of the property is Php 2,600,000. On the date of transfer, what amount should the inventory be valued?
Decision making in management : Explain how you are going to apply 7 steps of Decision making in Management into real life practice?
Describe a charismatic leader with whom you have worked : Our textbook lists several frustrating aspects of teamwork. List and define the top three frustrating aspects. What can you do to make sure these three aspects.
How many units must be produced to maximize profit : If the contribution margin is Php5.00 per unit of x and Php10,000 per unit of y, how many units of x and y must be produced to maximize profit
Determine the intrinsic value of xyz stock : Company XYZ just paid a $1.60 dividends. Dividends are expected to grow at 40% for 2 years, find the intrinsic value of XYZ stock.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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