Instruction: For items 11 to 15, your answer must be in this format: examples1,000; 10,000; 100,000 (the figure has comma, and no centavo)11. Sweet Corn Inc. harvested corn with fair value of P700,0000 at the date ofharvest. Estimated cost to sell is P20,000. At year end, it was determined thatthe net realizable value of the corn amounted to P660,000 and no corn has beensold at year end. At what amount shall be harvested corn be initially recognizedin accordance with IAS 41 Agriculture? *Your answerth foir value of PZO0.000 at the date of

According to IAS 41, the agricultural produce is initially recognized at fair value less cost to…

11. Sweet Corn Inc. harvested corn with fair value of P700,000 at the date of harvest. Estimated cost to sell is P20,00O. At year end, it was determined that the net realizable value of the corn amounted to P660,000 and no corn has been sold at year end. At what amount shall be harvested corn be initially recognized in accordance with IAS 41 Agriculture? *

11. Sweet Corn Inc. harvested corn with fair value of P700,000 at the date of harvest. Estimated cost to sell is P20,00O. At year end, it was determined that the net realizable value of the corn amounted to P660,000 and no corn has been sold at year end. At what amount shall be harvested corn be initially recognized in accordance with IAS 41 Agriculture? *

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

a5. Please help me to get the right answer
14. On January 1, 20x1, Feedback, a music record label, licenses to a customer a 1975 recording of a classical symphony by a noted orchestra. The customer, a consumer products company, has the right to use the recorded symphony in all commercials, including television, radio and online advertisements for 2 years in the Philippines. In exchange for providing the license, Feedback receives a fixed consideration of P10,000 per month. The contract does not include any other goods or services to be provided by Feedback. The contract is non-cancellable. The license is transferred to the customer on January 1, 20x1. The appropriate discount rate is 12%. How much contract revenue (excluding interest revenue) will Feedback recognize in 20x1? a. 120,000 b. 240,000 c. 202,806 d. 212,434
Blue & Grey Company is a producer of coffee. The entity is considering the valuation of its harvested coffee beans. Industry practice is to value the coffee beans at market value and uses as reference a local publication "Accounting for Successful Farms". On December 31, 2018, the entity has harvested coffee beans costing P3,000,000 and with fair value less cost to sell of P3,500,000 at the point harvest. Because of long aging and maturation process after harvest, the harvested coffee beans were still on hand on December 31,2018. On such date, the fair value less cost to sell is P3,900,000 and the net realizable value is P3,200,000. The coffee beans inventory shall be measured at? A. P3,200,000 B. P3,000,000 C. P3,900,000 D. P3,500,000
X Co. and Y Co. entered into a contract where the latter agreed that the sugar cane which it will produce shall be milled by the former for a period of 30 years. It was stipulated that in case of any fortuitous event, the contract shall be suspended during said period. For four years duringthe last war and for two years after liberation when the mill of X Co. was being rebuilt, Y Co. failed to deliver its sugar cane to the central of X Co. After the expiration of the 30-yearperiod, Y Co. stopped the delivery of its sugarcane to the central of X Co. Subsequently, X Co. brought an action against Y Co. in order to compel the latter to deliver Sugarcane for six additional years on the ground that the fortuitous event had the effect of stopping the runningthe term or period agreed upon. Will the action prosper? Reasons
Ltd buys a machine on 1 June 19.1 the cost price of which is R1 000 000. A Ltd provides for depreciation on machinery at 20% per annum according to the straight-line method. The SA Revenue Service allows a wear-and-tear allowance of 25% per annum according to the straight-line method. The year-end of A Ltd is 31 May. Assume a taxation rate of 40%. Assume that A Ltd maintains a profit before provision for depreciation of R500 000 each year. Identify the depreciation amount that would be deducted to arrive at the profit for year for accounting purposes at 31 May 19.2. Select one: a. R20 000 b. R200 000 c. R50 000 d. R250 000
On December 30, 2021, the Green Pasteur Farms slaughtered cows with fair value of P 400,000. Estimated cost to sell of P 20,000 includes transportation cost of P 3,000 to bring the cows to slaughter house, and another transportation cost of P 2.000 to bring the carcasses to the market. At year-end, no meat had been sold but its fair value on this date is P 410,000 while its net realizable value is P 405.000. What amount should the agricultural produce be recorded on December 30, 2021? a. P 383,000 b. P 382,000 c. P400,000 d. P 385,000
Do not give image format
What is the Carrying Amount of the biological assests on December 31? Please show me the solution in a good accounting form.
atent purchased this year from Miller Co. on January 1 for a cash cost of $5.600. When purchased, the patent had of 8 years. rademark was registered with the federal government for $12,500. Management estimated that the trademark coue ich as $290,000 because it has an indefinite life. mputer licensing rights were purchased this year on January 1 for $48.000. The rights are expected to have a four-y the company. alred: ompute the acquisition cost of each intangiblo 20
solve both question and do not give solution in image format
how much Loss on Repayment of the Grant will be recorded on January 1, 2022?
Mocktails Ltd, a resident of South Africa with a December year-end, purchased a plot of land on 1 April 2000 for R550 000. Mocktails Ltd erected a factory on the land, costing R2 100 000. The factory is used to manufacture cold drink products for the local market. The erection of the factory was completed on 1 June 2002 and was immediately brought into use. Mocktails extended its factory which increased the capacity of the factory by 25%. The extension to the factory was completed at a cost of R1 300 000 and brought into use on 1 December 2012. On 25 September 2021 Mocktails Ltd received an offer for the purchase of the factory from an independent third party and agreed to sell the factory for R6 250 000. Mocktails Ltd elected the time-apportionment valuation date value to determine the capital gain relating to the disposal of the factory to the third party. REQUIRED: Calculate Mocktails Ltd's total taxable capital gain or loss for the 2022 year of assessment. Show all your…