Topic: AGRICULTURERequirements: 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? PROBLEM 6: MULTIPLE CHOICE - COMPUTATIONALUse the following information for the next four questions:The following information pertains to Madagascar Co.SheepRubber productsTrees in a timber plantationMaize plantsLumberPigsRoasted peanuts500,000 Wool6,00010,000 Thread3,00095,000 Felled trees8,00040,000 Clothing62,000 Milk200,000 Carcass150,0009,0007,00020,000 Sugar67,000 13,000140,000Cotton plantsPeanut plantsSugarcaneTobacco plants10,000 Harvested cotton5,000 Harvested peanuts25,000 Harvested cane45,000 Picked leaves22,0003,000300,000800,000 Oil palms1,000,000 Picked grapes600,000 Picked fruitTea bushes2,000Dairy cattle10,000Fruit trees2,000,00043,000 Grape vines300,000 Harvested latex22,000 Cured tobacco33,000 Wine45,000 Processed fruit60,000 Palm oil75,000 Bean plantsTea10,000Rubber trees320,000500,00020,00050,00020,000YarnCarpetLogsWheat plantsCheese88,000 Cured hams92,000Sausages

Biological assets seem to be resources that really are alive in the natural world. It comprises…

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?

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?

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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All of the following are characteristics of plant assets EXCEPT which one? They are long term in nature They posess physical substance They are acquired for use in the operatations of the business They are held for resale
When is livestock considered section 1231 property?
Plant assets are recorded at historical cost. What does the historical cost of a plant asset include?
Which of the following is not dealt with by PAS 41? [A] the accounting for biological assets [B] the subsequentmeasurement of agricultural produce harvested from biological assets [C] the accounting treatment of government grant received in respect of biological assets [D] all of the choices are dealt with by PAS 41.
Explain how to report and analyze property, plant, equipment, and natural resources.
Identify the main difference between (a) plant assets and current assets, (b) plant assets and inventory, and (c) plant assets and long-term investments.
Plant Asset Cost Listed below are certain costs (or discounts) incurred in the purchase or construction of new plant assets. (1) Indicate whether the costs should be expensed or capitalized (meaning they are included in the cost of the plant assets on the balance sheet). (2) For costs that should be included in plant assets, indicate in which category of plant assets (Equipment, Building, or Land) the related costs should be recorded on the balance sheet. Expensed or Capitalized Asset Category 1. Charges incurred to train employees to use new equipment 2. Invoice cost to purchase new equipment 3. Deduction for an early payment discount taken on the purchase of new equipment 4. Real estate commissions incurred on land purchased for a new plant 5. Property taxes on land incurred after it was purchased 6. Costs of tune-up for the truck used to deliver new equipment 7. Costs to lay the foundation for a new building 8. Insurance on a new building during the construction phase
what is Land classified as on the Income statement in the Revenue section?
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The four subdivisions for plant assets are: a. land, land improvements, buildings, and equipment b. intangibles, land, buildings, and equipment c. furnishings and fixtures, land, buildings, and equipment d. property, plant, equipment, and land