Problem II Steel Company has the following assets: Co ffee plants 100,000 Harve sted coffee beans 40,000 Harve sted mangoes 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

Problem II Steel Company has the following assets: Co ffee plants 100,000 Harve sted coffee beans 40,000 Harve sted mangoes 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

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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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?
I need help understanding PP&E please, thank you!
How much is the total amount that would normally be reported as investment property? A. 130,000,000 B. 128,000,000 C. 137,000,000 D. 106,000,000 Show solution
This question relate with MFRS 116 (Property, Plant and Equipment)
Information for two alternative projects involving machinery investments follows. Project 1 requires an initial investment of $229,500. Project 2 requires an initial investment of $156,000. Annual Amounts Project 1 Project 2 Sales of new product $ 148,000 $ 128,000 Expenses Materials, labor, and overhead (except depreciation) 77,000 44,000 Depreciation—Machinery 32,000 30,000 Selling, general, and administrative expenses 20,000 32,000 Income $ 19,000 $ 22,000 (a) Compute each project’s annual net cash flow.(b) Compute payback period for each investment.
The capital investment committee of Ellis Transport and Storage Inc. is considering two investment projects. The estimated income from operations and net cash flows from each investment are as follows:
1 account treatment opotiom: capitalized/ depreciated or expensed
4- A storage company constructed a small building to store its unused vehicles and other moveable assets. The costs incurred in constructing the building include the following: Contractor's costs Direct materials and labour Technical overheads General administrative overheads Interest costs in financing the construction RM 300,000 50,000 12,520 8,000 3,000 373,520 The company purchased RM 50,000 of materials for the construction: however due to technical inaccuracies in estimating the necessary number of materials for the construction, only RM 48,000 of materials were used. In addition, during the construction, several labours were affected with an infectious disease. The disease had disrupted the construction and cost the company a further RM 15,000. Determine the cost of the building for capitalization.
i need the answer quickly
(a) Niasha Stores recently imported an item of plant from Grenadines Plants Ltd. The following information has been made available with regards to the purchase: Details $ Basic list price 3,000,000 Other costs: Transportation and handling 100,000 Pre-production testing 200,000 Holding structure for plant 350,000 Electrical inputs for plant 120,000 Own labour costs 250,000 Estimated maintenance costs for 5 years 300,000 The plant is expected to be useful for 8 years. At the end of this time, it will cost $180,000 to dismantle the plant and $140,000 to restore the site to its original state and use. Trade discount applicable to the purchase of the plant was 15% on the list price. Niasha Stores had made an error in purchasing electrical inputs amounting to $20,000. This cost was included in the above figure. In order to get the plant into the country Niasha Stores was charged 20% import duties on the basic list price. Niasha…
Property, plant and equipment Ian has provided you with the details of the delivery trucks included in the PPE above, as summarised below: Delivery trucks Urban Swift Metro Mover Total $ $ At cost 114,000 85,000 199,000 Accumulated depreciation - 31 March 2023 (34,200) (4,250) (38,450) Carrying amount – 1 April 2023 79,800 80,750 160,550 Depreciation (11,400) (8,500) (19,900) Carrying amount – 31 March 2024 68,400 72,250 140,650 Remaining useful life as at 1 April 2024 6 years 8.5 years Urban Swift is a Ford F-150 four-door pickup truck with an open cargo at the rear. Ford Australia has stopped producing this model of vehicle and its resale value has improved given the constant demand for this type of truck. Metro Mover is an 18-wheeler truck used for long-distance transport on highways. Both the delivery trucks are depreciated at 10% on a straight-line basis. No acquisitions,…
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