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? Cocoa pods kept in storage for the whole period Cows and Cocoa Trees Sheep Cost P300,000 P400,000 Carrying Value, April 1, 2020 Increase or (decrease) in value from price change Increase or (decrease) in value from physical change 800,000 900,000 P 200,000 (40,000) (50,000) 20,000 100,000 180,000 50,000

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? Cocoa pods kept in storage for the whole period Cows and Cocoa Trees Sheep Cost P300,000 P400,000 Carrying Value, April 1, 2020 Increase or (decrease) in value from price change Increase or (decrease) in value from physical change 800,000 900,000 P 200,000 (40,000) (50,000) 20,000 100,000 180,000 50,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

an account should be referred to a professional collection agency if
describe the use of the results of the accounting process in security analysis.
Explain why financial planning is important and why regular review meetings with the financial planner are necessary.
Describe the role and responsibilities of auditor.
Which of the following is an example of "other information" that could be used by an auditor as evidential matter supporting the financial statements? Worksheets supporting cost allocations. Accounting manuals. Special journals. Confirmation of accounts receivable.
Which of the following sets of application characteristics of an accounting application might influence the selection of data entry devices and media for a computerized accounting system?a. Timing of feedback needs relative to input, need for documentation of an activity, and the necessity for reliability and accuracy.b. Cost considerations, volume of input, complexity of activity, and liquidity of assets involved. c. Need for documentation, necessity for accuracy and reliability, volume of output, and cost considerations. d. Relevancy of data, volume of input, cost considerations, volume of output, and timing of feedback needs relative to input. e. Type of file used, reliability of manufacturer’s service, volume of output, and cost considerations.