How much biological assets was reported by Romantic Baboy at December 31, 2022?
Q: How to complete the personal balance and calculate the net worth?
A: Calculation of Net worth and Personal balance.
Q: Situation 1 - An entity has a herd of 150 sheep. The sheep are sheared once a quarter to harvest…
A: "Since you have posted multiple questions, we will solve the first question for you. In order to get…
Q: The December 31st, 2020 cash balance was $324,800. The Land, Building and Parking Lot were a basket…
A: Assets: When a company expects to derive the benefits in the form of a cash stream over a long…
Q: By looking at these real life samples of Financial Statements prepared in accordance to PAS/IAS:,…
A: Biological assets are living assets like plants and animals owned by the business. For example,…
Q: BROWN Company keeps limited records. Its assets and liabilities at the beginning and end of the…
A: Lets understand the basics. Balance sheet equation says that, total assets is always equals to the…
Q: 13. What is the Sculler's acid test ratio at December 31, 2021? a. 0.672 to 1 b. 0.756 to 1 c.…
A: Given:
Q: 2. A corporate taxpayer reported the following: Year A Year B Year C Year D Year E Gross income…
A: Answer:- NOLCO:- When net operating loss of any year which is taxable immediately preceding the…
Q: On January 1,2013, Edition Company purchased an equipment for P1,970,000. On this date, the…
A: Depreciation is an expense which usually charged on the fixed or non-current assets over the years…
Q: What is the net income for the current year?
A: Net income refers to net result or net earnings or net profit of an enterprise which is calculated…
Q: Question 1 of 10 < These items are taken from the financial statements of Monty Corp. at December…
A: Income Statement :— It is one of the financial statement that shows profitability, total revenue and…
Q: Foxeye Company provided the following information for the current year: Income from continuing…
A:
Q: Bulgasal Company provided the following data: 2020 2021 Share capital (P100 par value) Share premium…
A: Dividends: A company pays dividends in cash as well as in share dividends out of net income earned…
Q: Débit Credit Cash $25,128 Accounts Receivable 100,513 Inventory 40,000 Prepaid Rent 14,135 Equipment…
A: Balance Sheet is a summary of the financial balances of an organization, whether it be a sole…
Q: tcha Company reported the following changes in all the account balances for 2021, except fo ained…
A: The dividend is declared to the shareholders from the retained earnings of the business.
Q: Explain Estate for Years: Tenancy for Terms?
A: A leasehold domain is the proper of an inhabitant to possess arrive he has leased amid his rent…
Q: May I ask for an explanation and solution to the question for a better understanding. Thank you!…
A: Given data of December 31,2021 is as follows: Cash =16000Accounts receivable =15000Inventory…
Q: ROA (return over assets for year 2021 and 2020
A: Meaning of return over assets A percentage between net income and total assets Formula (Net income…
Q: One item is omitted in each of the following summaries of balance sheet and income statement data…
A: STATEMENT OF SHAREHOLDERS EQUITY Statement of Shareholders Equity is also Known as Changes in…
Q: Concord Company, organized in 2020, has the following transactions related to intangible assets.…
A: The research and development expenses are show in the income statement.
Q: find P/E Ratio 2019. i attached balance sheet and income statement
A: Price earnings ratio: Price earnings ratio refers to the ratio used to calculate the profitability…
Q: How do you prepare the depreciation for the year 2026?
A: Depreciation Expenses - Depreciation Expense are those expense that charged on fixed assets. It is…
Q: The adjusted trial balance of Liberty Company Included the following accounts for the current year:…
A: Comprehensive income: It is the net income generated by a company by all sources and operations.…
Q: TOTAL NON CURRENT ASSETS
A: Non current assets are assets, the benefits from which extend over a time period of more than one…
Q: What is the likely frequency of the data (daily, monthly, yearly)? Compare to historical historical…
A: We have a time series of data with us. We don't have any information on the frequency of data. Also,…
Q: WHY DOESNT THE NET INCOME AND RETAIN EARNING HAVE A 2020 AND 2021 COLUMN AS LIKE THE ASSET COLUMN
A: SituationAssets as of 31.12.2020Assets as of 31.12.2021Net Income for year ended 31.12.2020Net…
Q: You are provided with the following sample observations relating to historical rate of returns and…
A: Expected rate of return is the Aggerate value of the Expected returns multiplied by their…
Q: What information are you given when you divide your current assets by your current liabilities?
A: Financial ratios are the ratios used by the company in evaluating and analyzing financial…
Step by step
Solved in 2 steps
- The following information is made available by Ye Farmlands, of its dairy livestock: Carrying amount, January 1, 2020, 450,000 FV less point of sale costs of livestock purchased during the period, 250,000 İncrease in FV less estimated point of sale cost attributable to physical changes, 220,000 Increase in FV less estimated point of sale costs attributable to price change, 64,000 Total selling price less point of sale costs of livestock sold during the period, 290,000 At what amount should biological assets be carried on the statement of financial position at December 31, 2020?After looking at the attachment, how much should Marko report as net gain from change in fair value of biological assets for the quarter?B-Meg Farms is engaged in raising dairy livestock. Information regarding its activities of its dairy livestock is found below: Carrying value at January 1, 2021 P10,000,000 FV less cost to sell of biological assets purchased 4,000,000 Gain arising from change in fair value less cost to sell attributable to price change 800,000 Gain arising from change in fair value less cost to sell attributable to physical change 1,500,000 Decrease due to sales 2,000,000 Decrease due to harvest 500,000 What is the carrying amount of B-Meg's biological assets on December 31, 2021 statement of financial position? а. P13,800,000 b. P14,300,000 с. P15,800,000 d. P16,300,000
- Marko Corporation has several assets for classification as biological assets. After reviewing the data gathered shown in the image, how much should Marko report as net gain from change in fair value of biological assets for the quarter? Cows and sheep Cocoa trees Cocoa pods kept in storage for the whole period Cost 300,000 400,000 Carrying Value, April 1, 2020 800,000 900,000 200,000 Increase or (decrease) in value from price change (40,000) (50,000) 20,000 Increase or (decrease) in value from physical change 100,000 180,000 50,000May I ask for an explanation and supporting solution in good accounting form to the problem for a better understanding. Thank you!Which of the following is included in determining the fair value of a biological asset that does not have an active market and which has a 5 year production cycle? 1. Revenue from sale in 5 years’ time2. Costs of growing for 5 years3. Financing costs on borrowings taken out to fund the growing costs4. Taxation on taxable income generated from sale in 5 years’ time5. Discount rate that reflects expected variability in cash flows.
- Salve Co is engaged in raising dairy livestock. The entity provided the following information during the current year: Carrying Amount - Beginning 5,000,000 Increase due to purchase 2,000,000 Gain arising from change in FV 1,000,000 Decrease due to sales 850,000 Decrease due to harvest 200,000 What is the carrying amount of the biological asset at year-end?Please show to me the proper solution in a good accounting form.2. What is the fair value of the biological assets on December 31, 2021?
- On December 31, 2020, Stars Company reported the following information involving its biological assets. Biological assets, at cost on December 31, 2018 P 6.000,000 Fair valuc surplus on initial recognition at fair value December 31, 2019 7,000,000 Change in fair value to December 31, 2020 1,000,000 Decrease in fair value due to harvest during 2020 900,000 What amount should the biological assets be reported in the December 31, 2020 statement of financial position?DEE Inc. purchased 600 milking cows on January 1, 2020 for P2,700,000. During 2020, the change in fair value due to physical and price changed amounted is P45,000 and the change in fair value due to harvest is (P5,000). Milk harvested but not yet sold had a net realizable value of P125,000. What is the correct entry to record the net gain from the change in fair value of biological asset. * A. Debit biological asset, credit gain from biological asset - P45,000 B. Debit biological asset, credit gain from biological asset - P165,000 C. Debit biological asset, credit gain from biological asset - P40,000 D. Debit inventory, credit gain from biological asset - P125,0006. 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?