2.5-year-old animal on July 1 ÆDI 3-year-old animal on July 1 CITY On January 1, 2018, the biological assets of Google Company consists of eleven 2-year-old animals with fair value less cost to sell of P10,000 each for a total of P110,000. Transactions during the year include the following: One animal aged 2.5 years was purchased on July 1, 2018 for P10,600; and one animal was born on July 1, 2018. No animals were sold or disposed of during the period. Per unit fair values less cost to sell are as follows: New-born animal on July 1 2-year-old animal on July 1 2.5-year-old animal on July 1 3-year-old animal on July 1 New-born animal on December 31 7,000 10,300 10,600 13,000 7,200 8,000 10,500 11,100 12,000 0.5-year-old animal on December 31 2-year-old animal on December 31 2.5-year-old animal on December 31 3-year-old animal on December 31

2.5-year-old animal on July 1 ÆDI 3-year-old animal on July 1 CITY On January 1, 2018, the biological assets of Google Company consists of eleven 2-year-old animals with fair value less cost to sell of P10,000 each for a total of P110,000. Transactions during the year include the following: One animal aged 2.5 years was purchased on July 1, 2018 for P10,600; and one animal was born on July 1, 2018. No animals were sold or disposed of during the period. Per unit fair values less cost to sell are as follows: New-born animal on July 1 2-year-old animal on July 1 2.5-year-old animal on July 1 3-year-old animal on July 1 New-born animal on December 31 7,000 10,300 10,600 13,000 7,200 8,000 10,500 11,100 12,000 0.5-year-old animal on December 31 2-year-old animal on December 31 2.5-year-old animal on December 31 3-year-old animal on December 31

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Agri-Corp. provided you details on items relating to its biological assets. How much should be reported as gain on change in fair value of biological assets for the six-month period ending June 31, 2020? Fruit trees, at net realizable value Fruit growing on the trees Original cost Jan. 1, 2020 June 31, 2020 P1,200,000 200,000 P 800,000 P 1,000,000 100,000 Cattles 50,000 60,000 64,800 Cattles purchased on May 30, 2020 9.000 9,500 Note: solutions must be in good accounting form
1-Change in fair value of the biological assets between the beginning balance and ending balance should be classified to: a. price change and physical change b. price change and quality change c. price change and quantity change d. quantity change and quality change 2-which of the following would not be measured at fair value less expenses to sell: a. herd of sheep b. wheat and maize C. apples were detached today from the tree d. cheese that was produced from milk cow 3-the basis that we use to prepare the four financial statements is/are: a. cash basis b. both accrual and cash basis c. fund basis d. accrual basis 4-price change and physical changes of fair value must appear respectively in: a. income statement and other comprehensive income b. other comprehensive income and income statement c. income statement and retained earnings statement d. income statement and income statement
Question 1 Focus Eye Bhd has adopted the revaluation model and the following information is related to its freehold land. Cost as at 31 Dec 2015 Fair value as at 31 Dec 2015 Fair Value as at 31 Dec 2016 Freehold land X RM1,000,000 RM1,200,000 RM900,000 Freehold Land Y RM1,100,000 RM800,000 RM1,200,000 Required: Show the journal entries to record the surplus or deficit on revaluation for the year ended 31 December 2015 and 2016. Show the extract of the statement of profit or loss and other comprehensive income for the year ended 31 December 2015 and 2016.
18 Fair value less cost to sell: P650,000 Value in use:P750,000 Carrying amount:P1,010,000 Compute the impairment loss Group of answer choices P160,000 P100,000 P260,000 P360,000
Q 9.48: Prior to calculating the depreciation expense, what must a company estimate about the asset at the end of its useful life? Obsolescence Accumulated depreciation Depreciable cost AE Salvage value Qu D. Study th - Apply de plant asse O Mark for Review Confidence SUBMIT F5 F8 10 F6 AA F4 4. 8.
Required Prepare a schedule showing the reconciliation of beginning balances to ending balance of biological assets and the changes during the period due to purchase and change in fair value. Compute for the change in fair value less cost to sell of the biological asset due to Price change and Physical change Reconcile the ending balance computed in (a) with the fair value less cost to sell of the animals at December 31, 2016 Give the entries for 2017 to record the foregoing information.
Q 9.53: Which term refers to the systematic and rational allocation of cost related to a plant asset? A Depreciation Amortization Obsolescence Asset revaluation Stud - App plant Confidence SUBMIT O Mark for Review F10 P8 F6 %23 R
5. Determine the total gain from change in fair value as of December 31, 2019. * 626,400 831,600 1,004,400 1,080,000 None of the choices
Exercise 7-27 (Algorithmic) (LO. 5) Sandstorm Corporation decides to develop a new line of paints. The project begins in 2023 in the U.S. Sandstorm incurs the following expenses in 2023 in connection with the project: Salaries Materials Depreciation on equipment The benefits from the project will be realized starting in July 2024. If an amount is zero, enter "0". Sandstorm Corporation capitalizes and amortizes its research and experimental expenditures. What are its related deductions in 2023 and 2024? 2023: $104,400 31,320 15,660 2024: 0 X 15,138 X
question 28
• X assessed its purchase of Y and determined that they expect Y to continue increasing in value for the next several years. It is appropriate for X to: O Conclude that a qualitative test determined no impairment is necessary. Conduct a two-step quantitative test. Record an impairment. O All of the above are acceptable.