A publicly traded company is harvesting apples to be sold to grocery storesthroughout Canada. How should the apples be initially recognized after they havebeen picked?a)At the cost of the planting and picking of the apples.O b) At the cost of the planting and picking of the apples less costs to sell theapples.O c) At fair value less the selling costs.d)At fair value.

IAS 41 defines agricultural produce as the harvested product that is generated from biological…

Answered: A publicly traded company is harvesting…

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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1. A furniture company in California needs to purchase wood to build its next line of patio chairs. The purchasing manager is looking into purchasing timber from a company that is located in Michigan, but will only agree to pay for the timber after it has been delivered. In this case, which party would pay for freight costs? OThe freight costs will be paid by the buyer. OThe freight costs will be paid by the seller. OThe freight costs will be divided in half. OThe buyer will reimburse the seller for freight costs.
Storm, Inc. manufactures bicycles. Storm currently manufactures the seats used on its bikes, but is considering whether to purchase the seats from an outside supplier. Which of the following factors are relevant to Storm's decision to make the seats in-house versus purchasing the seats from an outside supplier? ABCDE A. B. D. E. O Choice A O Choice B Ⓒ Choice C O Choice D O Choice E Fixed costs avoided if buy seats from supplier Yes Yes No No Yes Selling price Storm charges for its bikes Yes No Yes No No Per-unit purchase price if buy seats from supplier Yes Yes Yes No Yes Profitable use of freed-up capacity if buy seats from supplier Yes Yes No Yes No
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You are a newly hired accountant for Sushi Beeber, Inc., a retail company specializing in apparel for small pets. The company would like to expand its apparel line to include sweaters for cats. Sushi Beeber has found several manufacturers that offer competitive prices to ensure cost of goods sold is low. Because the company receives merchandise from different manufacturers and the cat sweaters will be commoditized, the company needs to develop an internal accounting system to keep track of inventory cost. You think that the weighted average cost method may help the company stay up-to-date with the inventory cost as purchase cost changes over time. Your task is to create a spreadsheet that can calculate the inventory cost based on purchases and sales for the month. See attached spreadsheet. nventory Weighted Date Purchase/Sale Total Cost Average Cost 1-Oct Purchase 1-Oct Sale 3-Oct Purchase 4-Oct Sale 4-Oct Sale 4-Oct Purchase 7-Oct Sale…
A music store sells new instruments. The store also sells used instruments for people who are willing to give the store part of the sales price. The sale of used instruments, called sales commissions, amount to about one-fourth [25%] of total income. On the firm’s classified income statement under the “Revenue” heading are both New Instrument Sales and Sales Commissions. Do you agree with presentation of these in the Income Statement? Why or why not?
H12).
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
In light of the fact that people are finding it difficult to earn a living during the pandemic, what do you consider to be a profitable crop-related business? Justify.
Sunland Downhill Bikes manufactures high quality custom mountain bikes which are sold to some of the best professional riders in the world. As its business continues to grow, it has agreed to purchase a competitor's business, Kusam Rides. Included in the terms of sale is a requirement for Sunland to maintain the accounts and notes payable of Kusam Rides. The carrying amounts and fair value of these identifiable assets and identifiable liabilities are: Inventory Equipment Buildings Accounts Payable Notes Payable Carrying Amount $40,600 121,800 348,000 Jan. 1 Fair Value $29,000 Date Account Titles and Explanation 121,800 406,000 (11,600) (11,600) (40,600) (40,600) $458,200 $504,600 The total carrying amount of $458,200 represents the net identifiable assets on Kusam Rides' financial statements. The total fair value of $504,600 represents the fair value of the net identifiable assets. Using the fair value information above, Sunland agreed to purchase the business for $580,000 on January…
industria cataria pieretti wants you to deliver the goods to the port of genova . however cataria pieretti will assume the risk for the goods once they are loaded into the container which icoterm is used here ?

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