AJUMA Farms operates a farm with various plants and a herd of animals. On January 1, 2021, it had ten (10) 1-year old animals and five (5) 2-year-old animals. On July 1, two animals were born. On December 31, 2021, three (3) 2-year-old animals were sold. Fair value less cost of disposal per unit are shown below: 1-year old animal on January 1 1-year old animal on December 31 2-year-old animal on January 1 2-year-old animal on December 31 3-year-old animal on December 31 New born animal on July 1 500 600 650 800 950 300 New born animal on December 31 350 0.5-year-old animal on December 31 400

AJUMA Farms operates a farm with various plants and a herd of animals. On January 1, 2021, it had ten (10) 1-year old animals and five (5) 2-year-old animals. On July 1, two animals were born. On December 31, 2021, three (3) 2-year-old animals were sold. Fair value less cost of disposal per unit are shown below: 1-year old animal on January 1 1-year old animal on December 31 2-year-old animal on January 1 2-year-old animal on December 31 3-year-old animal on December 31 New born animal on July 1 500 600 650 800 950 300 New born animal on December 31 350 0.5-year-old animal on December 31 400

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 4BCRQ

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Cake Company has a herd of ten 2-year old animals on January 1, 2023. One animal aged 2.5 years was purchased on July 1, 2023 for P10,000 and one animal was born on July 1, 2023. No animals were sold or disposed during the year. The fair value less cost to sell per unit were: Newborn animal, July 1-P7,000 Newborn animal, December 31-P7,200 0.5-year old animal, December 31-P8,000 2-year old animal, January 1-P10,000 2-year old animal, December 31-P10,500 2.5-year old animal, July 1-P10,800 2.5-year old animal, December 31-P11,100 3-year old animal, December 31-P12,000 The December 31, 2023 statement of financial position should report biological assets of:
Use the following information for the next three questions. HANNAH Company has a herd of 10 2-year old animals on January 1, 2018. One animal aged 2.5 years was purchased on July 1, 2018 for PI08, and one animal was born on July 1, 2018. No animals were sold or disposed of during the year. The fair value less to sell per unit is as follows: 2 - year old animal on January I 1.5 - year old animal on July 1 New born animal on July 1 2 - year old animal on December 31 2.5 - year old animal on December 31 100 108 70 105 111 Newborn animal on December 31 2 - year old animal on December 31 0.5 - year old animal on December 31 72 120 80 1|Page 5. What is the fair value of the biological assets on December 31,2018? 6. What is the gain from change in fair value of biological assets to be recognized in 2018? 7. What is the gain from change in fair value due to price change?
Help me to answer completely the Required 1 & 2 of this problem. Thank you so much!
Honey Company has a herd of 102-year old animals on January 1, 2016. One animal aged 25 years was purchased on July 1 , 2016 for P108 , and two animal was born on December 31, 2016 No animal were sold or disposed of during the year. The fair value less cost of disposal per unit is as follows: 100 108 70 105 2-year old animal on January 1 25-year old animal on July 1 New born animal on July 1 2-year old animal on December 31 2.5-year old animal on December 31 Newborn animal on December 31 3-year old animal on December 31 0.5-year old animal on December 31 ary 111 72 120 80 What is the total amount to be presented in 2016 Statement of Comprehensive Income?
At the beginning of current year, an entity purchased 100 cows which are 3 years old for P15,000 each for the purpose of producing milk for the local community. On July 1, the cows gave birth to 20 calves. The active market, provided the fair value less costs to sell of the biological assets as follows: New born calf on July 1 - 4,000 New born calf on December 31 - 5,000 ½ year old calf on December 31 - 7,000 3 years old cow on December 31 - 18,000 4 years old cow on December 31 - 24,000 Required: Prepare the journal entries with supporting computation as applicable.
As of January 1, Company A has a stock of 1,250 2 year-old cows and 850 1 year-old heifers. The Company purchased 300 1-year old heifers on July 1 for P154. In addition, 50 heifers were born on July 1. The following fair value less costs to sell are provided: 1 y/o heifers, January 1 300 2 y/o cows, January 1 224 New born heifers, July 1 146 1 y/o heifers, July 1 154 New born heifers, Dec 31 136 6-month old heifers, Dec 31 135 1 y/o heifers, Dec 31 150 1.5 y/o heifers, Dec 31 164 2 y/o heifers, Dec 31 173 2 y/o cows, Dec 31 219 3 y/o cows, Dec 31 233 Determine net loss in fair value of the biological assets during the year.
Help me to answer the completely the Required 1 & 2 of this problem. Thank you so much!
On July 1, KAW Inc. purchased 75 cows which, at that time were 2.5 years old for a total cost of P1,350,000. On December 31, the cows gave birth to 15 calves. The following information on fair value less cost of disposal of biological assets is made available: (Refer to image) What amount of gain from biological assets will KAW Inc. report in its December 31 Income Statement? 2.5 year old cow on deceber 31 20,000 3 years old cow on december 31 25,000 new born calf on july 1 5,000 new born calf on december 31 6,500
Mt. Horeb Alpaca Co. has a herd of 150 alpaca. The alpaca are sheared once a quarter to harvest very valuable alpaca wool that is used in designer sweaters. Mt. Horeb has the following information related to the alpaca herd at July 1, 2019, and during the first quarter of the fiscal year.AlpacaCarrying value (equal to net realizable value), July 1, 2019.....................$120,000Change in fair value due to growth and price changes................................7,700Decrease in fair value due to harvest.....................................................(975)Alpaca wool harvested during the first quarter (at net realizable value)...........13,000Instructionsa. Prepare the journal entries for Mt. Horeb's biological asset (Alpaca herd) for the first quarter.b. Prepare the journal entries for the Alpaca wool harvested in the first quarter.c. Prepare the journal entry when the Alpaca wool is sold for $14,500.d. Briefly discuss the impact on income of the following events related to the…
On July 1, KAW Inc. purchased 75 cows which, at that time were 2.5 years old for a total cost of P1,350,000. On December 31, the cows gave birth to 15 calves. The following information on fair value less cost of disposal of biological assets is made available: (Refer to image) What amount of gain from biological assets will KAW Inc. report in its December 31 Income Statement? * 2.5 years old cow on December 31 20,000 3 years old cow on December 31 Newborn calf on July 1 25,000 5,000 Newborn calf on December 31 6,500
The nursery provides three meals (a breakfast, a snack, and a lunch) which cost the nursery RO 1.5 per meal. There are seven children currently enrolled In 2021, the nursery started its first year of operations. During the first month of operations, the cooker and oven stopped working and can be sold both at scrap for RO 70. Both were from Amal's old house and cost the family 8 years ago RO 800 for both with an estimated useful life of 7 years at the time. The appliances are important for the nursery to prepare the healthy food for the children. A reliable, small business offered the nursery to prepare the food for the children every working day for RO 600 per month, but the nursery must arrange for picking up the food everyday themselves (which may cost additional RO 60 per month) or arrange for delivery which can cost RO 90 per month. The other alternative is for Amal and Fatma to purchase a new cooker and an oven. The cost of the appliances is: cooker RO 255 and oven RO 380 and…