What the net amount to be recognized in profit or loss

Assignment Help Accounting Basics

Reference no: EM132728533

An entity cultivates cattlebas livestock for meat and sells the cattle to slaughterhouses. On dec 31 2019, the fair value less cost to sell of the entity livestock is 500000. In 2020, five calves were born and the entity sold ten heifers for 15000 each, incurring costs of sale of 1150 per heifer. The fair value less cost to sell of tge herd on dec 31 2020 is 750000.

Problem 1: What The net amount to be recognized in 2020 profit or loss is related to these biological assets is ?

Reference no: EM132728533

Questions Cloud

Lake point consulting services : Lake Point Consulting Services (LPCS) provides security consulting and assurance services to over 500 clients across a wide range of enterprises

What the cost of inventory as of dec is : On dec 31 2028, the farmer also incurs 20000 direct cost in processing the magoes. What the cost of inventory, if any as of dec 31 2019 is?

Describe qualitative and quantitative research critique : In the Topic 2 and Topic 3 assignments, you completed a qualitative and quantitative research critique on two articles for each type of study (4 articles total)

Prepare a trial balance at October : Oct. 7 Purchased equipment for $17,000, paying $3,000 cash and the balance on account. Prepare a trial balance at October

What the net amount to be recognized in profit or loss : An entity cultivates cattlebas livestock for meat. What The net amount to be recognized in 2020 profit or loss is related to these biological assets is ?

What is the revaluation surplus to recognized as component : Ms.abby inc ownef a building on jan 1 2017, What is the revaluation surplus to be recognized as component of other comprehensive income on jan 1 2020?

What is the revaluation surplus to be reported in statement : Ms.abby inc ownef a building on jan 1 2017, What is the revaluation surplus to be reported in the statement of changes in equity for the ended dec 31 2020?

Written key parts of the portfolio : Now that you have written key parts of the portfolio, how will you use your career portfolio?

Celebrity status with a disease special assignment : Select a celebrity from the following list. Each of these individuals has or had a life altering medical condition - Celebrity Status with a Disease Special

User Account

All Pages