At December 31, Kagubatan Company provided you the following information regarding its assets in a forest plantation and farm: Land where trees were planted P 12,000,000 Roads constructed one year ago in forest 6,000,000 Freestanding trees 100,000,000 Animals in a zoo 10,000,000 Animals in ocean park 8,000,000 Animals displayed in a restaurant as added attraction 2,000,000 Bearer plants 30,000,000 Animals used for breeding purposes 10,000,000 Animals that produced agricultural products 30,000,000 Fruits growing on bearer plants 16,000,000 Agricultural produce harvested 24,000,000 Plants with dual use 28,000,000 QUESTION 1: What total amount should be reported as biological assets? Answer I Select] QUESTION 2: What total amount should be included in property, plant and equipment? Answer: [ Select]

At December 31, Kagubatan Company provided you the following information regarding its assets in a forest plantation and farm: Land where trees were planted P 12,000,000 Roads constructed one year ago in forest 6,000,000 Freestanding trees 100,000,000 Animals in a zoo 10,000,000 Animals in ocean park 8,000,000 Animals displayed in a restaurant as added attraction 2,000,000 Bearer plants 30,000,000 Animals used for breeding purposes 10,000,000 Animals that produced agricultural products 30,000,000 Fruits growing on bearer plants 16,000,000 Agricultural produce harvested 24,000,000 Plants with dual use 28,000,000 QUESTION 1: What total amount should be reported as biological assets? Answer I Select] QUESTION 2: What total amount should be included in property, plant and equipment? Answer: [ Select]

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 7M

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Forester Co provided the following assets in a forest plantation and farm Freestanding trees 5,000,000 Land under trees 600,000 Roads in forest 300,000 Animals related to recreational activities 1,000,000 Bearer plants 1,500,000 Bearer animals 2,000,000 Agricultural produce on bearer plants 800,000 Agricultural produce harvested 1,200,000 Plants with dual use 1,400,000 What total amount should be reported as biological assets? What total amount should be included in PPE?
ABC Company provided the following information about assets in forest plantation: Freestanding trees 5,000,000 900,000 500,000 2,000,000 1,500,000 Land under trees Roads in forest Animals related to recreational activities Rubber trees and grape vines What amount should be reported as biological assets?
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Topic: AGRICULTURE Requirements: Compute for the amounts of the following... i. Biological Asset ii. Agricultural Produce iii. Property, Plant and Equipment iv. Inventory
Bearer plants Consumable plants 2,500,000 1,000,000 Bearer animals 1,500,000 Consumable animals 1,250,000 Animals related to recreational activities 900,000 Agricultural produce growing on bearer plants 750,000 Agricultural produce harvested Agricultural land 600,000 3,000,000 Q- Which of the following would be classified as biological assets
Happy Timber, Inc. owns timberland that is used to supply firewood. The timberland was purchased for $480,000 of which $125,000 relates to the land itself, and it is expected to produce 1,000,000 total pieces of firewood over the next 5 years. If 75,000 pieces of firewood are cut and sold during the year, prepare the journal entries for the depletion and sale of the firewood. *Note: should have two iournal entries.
Explain with detail. Thank you!
Use the following information for the next three questions:ABC Co. has the following assets.Maize plants 40,000Wool 6,000Processed fruit 20,000Logs 60,000Trees in a timber plantation 200,000Grape vines 120,000Cotton plants 20,000Picked fruit 20,000Harvested latex 30,000Roasted peanuts 20,000 1. How much is classified as biological assets that are accounted for under PAS 41 Agriculture?2. How much is classified as property, plant and equipment that are accounted for under PAS 16 Property, Plant and Equipment?3. How much is classified as agricultural produce?4. How much is classified as inventory?
How much is classified as biological assets that are accounted for under PAS 41 Agriculture? * The following information pertains to Cake Co. Sheep P500,000 Rubber products 10,000 Trees in a timber plantation 95,000 Maize plants 40,000 Lumber 62,000 200,000 20,000 10,000 5,000 25,000 45,000 800,000 Pigs Roasted peanuts Cotton plants Peanut plants Sugarcane Tobacco plants Tea bushes Dairy cattle Fruit trees Tea Rubber trees Yarn Carpet Logs Wheat plants Cheese. 1,000,000 600,000 43,000 300,000 22,000 33,000 45,000 60,000 75,000 88,000 Wool Thread Felled trees Clothing Milk Carcass Sugar Harvested cotton Harvested peanuts Harvested cane Picked leaves Oil palms Picked grapes Picked fruit Grape vines Harvested latex Cured tobacco Wine Processed fruit Palm oil Bean plants Cured hams 6,000 3,000 8,000 150,000 9,000 7,000 67,000 13,000 140,000 22,000 3,000 300,000 2,000 10,000 2,000,000 10,000 320,000 500,000 20,000 50,000 20,000 92,000 Sausages How much is classified as biological assets…
Problem II Steel Company has the following assets: Coffee plants 100,000 Harve sted coffee beans 40,000 Harvested man go es 200,000 Timber trees 600,000 Mango trees 800,000 Fe lled trees 300,000 W ooden furniture 700,000 Required: Compute for the amounts of the following: 1. Biological assets 2. Agricultural produce 3. Property, Plant and Equipment 4. Inventoriesagri
Topic: AGRICULTURE Requirements: 1. How much is classified as biological assets that are accounted for under PAS 41 Agiculture? 2. How much is classified as property, plant and equipment that are accounted for under PAS 16 Property, Plant and Equipment? 3. How much is classified as agricultural produce? 4. How much is classified as inventory?