What is the Carrying Amount of the biological assests on December 31?
Q: ed by JANE on December 31, 20x6?
A: Given: To calculate the total revenue in which recognized by JANE in the year Dec 31, 20x6 as,
Q: PG&E will bill Craig on January 1 for the prior year December utility services provided of $99.…
A: Accrual basis: Under accrual basis of accounting, revenue and expenses are recognized when they are…
Q: What is the annual report, and what two types of information does it provide?
A: Annual report is a statement published by companies to report the operations and financial position…
Q: What is the last account that should be listed in the Post Closing Trial Balance? a. Income Summary…
A: Post-closing trial balance: After passing all the journal entries and the closing entries are made…
Q: nual reports and why ar
A: To explain the items of annual report as,
Q: Which of the following is done last in the fiscal year end accounting process? Group of answer…
A: Accounting process refers to recording, posting and classification of financial transaction in an…
Q: viewing insurance policies revealed that a single policy was purchased on August 1, for one year’s…
A: Solution 1: Amount of prepaid insurance that has expired (from August 1 to Dec 31, 5 months) = Total…
Q: From the following trial balance of Ayesha, draw up a Statement of Comprehensive Income for the year…
A: Given:
Q: The following transactions, among others, occurred during August. Which transaction represented an…
A: Answer
Q: Identify which of the following accounts would be included in a post-closing trial balance. Salaries…
A: Post-Closing Trial Balance: After passing all the journal entries and the closing entries of the…
Q: what is the correcting entry for.. billing a customer for $2500 for photocopy work
A: Billing seems to be the step-by-step procedure of obtaining money from consumers through the…
Q: From the given trial balance of Al-Ward Shop, prepare a. Income statement for the year 2021 b.…
A: Al-Ward Shop Income Statement For the Year 2021 Particulars Amount Amount Revenue:…
Q: For the following, prepare a correcting entry, showing your work. Your final answer must be ONE…
A: Promissory Note: A promissory note is a marked record containing a composed guarantee to pay an…
Q: Would the following account appear on the Post-Closing Trial Balance? Income from Services
A: Post-closing trial balance: The post-closing trial balance is a summary of all ledger accounts, and…
Q: Which of the following accounts will. It be closed to the capital account at the end of the year ?…
A: At the end of accounting period, all revenues and expenses accounts are closed and their balances…
Q: The revenue recognition principle dictates that revenue should be recognized in the accounting…
A: Under accrual-basis accounting, events that change a company's financial statements are recognized…
Q: Below is the adjusted trial balance which was extracted from the books of Ready Hospital Supplies on…
A: Required financial statements are given below:
Q: used for the prior five years-see Analys me statement, identify with numbers the a isposal on se ne…
A: Income statement (IS) is the statement which states the position at the end of the fiscal year or…
Q: In work sheet Net loss of $ 100,000 should be shown as a. Debit balance in the Balance sheet O b.…
A: Income statement is a part of financial statements of a company. It shows the company’s income and…
Q: How do I answer this problem? How to compute the month/ total on the blank tables?
A: Answer: Amount in PhP Week Revenue Expenses Profit/loss 1 44,725.00…
Q: How does receiving a bill to be paid next month for services received affect the accounting…
A: Accounting equation: Owner's equity + Liabilities = Assets
Q: Paid the owner $45 for office supplies purchased with the owner's own funds. The office supplies are…
A: Journal entry: Journal is a book of prime entry or a book of original entry in which transactions…
Q: is fixed at 4% tten off.
A: The income statement is given as,
Q: Johnny Soong provides consultancy services to Health & Safety companies. His Trial Balance for the…
A: Income statement: It shows the net profit of the company covers all items which are in Revenue in…
Q: Johnny Soong provides consultancy services to Health & Safety companies. His Trial Balance for the…
A: Income Statement: Income statement is one of the most important financial statement of the company.…
Q: What is the purpose of making profit and loss account and what accounting items will be reported in…
A: The financial statements of the company are the records that summarizes the transactions made by the…
Q: Which of the following accounts should be shown on the post-closing trial balance? a.All expense…
A: The post-closing trial balance verifies the balances of total debit and total credit to be equal…
Q: Prepare the adjusting entries on January 31. Performed services for patients who had dental plan…
A: Journal: Recording of a business transactions in a chronological order.
Q: Reviewing insurance policies revealed that a single policy was purchased on October 1st, for one…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: How does receiving a utility bill to be paid next month affect the accounting equation?
A: Accounting equation: Assets = Liabilities + Stockholders' equity
Q: What is the Balance for December 31?
A: Accounting equation shows the effectiveness of double entry books system where each transaction…
Q: Which of the following is the closing balance of a ledger account which is written at the end of the…
A: Ledger accounts are prepared after journal entries to classify all the recorded entries in specific…
Q: Assume that a lawyer bills her clients $15,000 on June 30, for services rendered during June. The…
A: Revenue: Revenue is the amount earned by the company by selling goods or providing services to the…
Q: How will affect in Accounting equation the paid salaries for the month.
A: Accounting equation will consists of three important elements. These are assets, liabilities and…
Q: nd post to the general ledger. Adjusting Entries: a, Expired insurance for the period , $500. b,…
A:
Q: determine how much revenue is recognized in December using Acura basic accounting on December 7th…
A: Accrual basis of accounting requires recognition of revenues and expenses as and when it is due…
Q: Calculate the first year's net income under the accrual basis of accounting.
A: In accrual basis of accounting, the revenue earned and expenses incurred in current period would be…
Q: Complete the ledger T-accounts, find december 1 balances and post the December transactions.
A:
Q: income statement
A: Company prepares a financial statement at the end of year to calculate its net loss or net profit…
Q: Which of the following account is not a temporary account while closing all temporary accounts In…
A: Temporary accounts in closing process includes accounts like all the revenues and expenses…
Q: Which accounts remain open at end of year and carried over to the following year?
A: Introduction: Temporary accounts: At the end of the accounting period all temporary accounts are…
Q: Which of the following entries will be necessary to close the Insurance Expense account at the end…
A: Solution: "Debit Income Summary and credit Insurance Expense" will be necessary to close the…
Q: , first help her balance her monthly transactions by filling in the last column on the table below.…
A: A personal or household budget is a summary that compares and tracks your income and expenses for a…
Q: a. What is the compensation b. What is the compensation expense for the year ended December 31,…
A: Year 1 (31st Dec 20X1): Expense = total no of SAR*FV at year end*estimate of % that will best / no…
Q: Determine Picasso Art School's Net Income for February using the accrual basis of accounting?
A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the financial…
Q: Prepare the general ledger by using statement format (column) and then record in trial balance as on…
A: Rent' A/c Date Particulars Amt (Dr) Date Particulars Amt (Cr) 15-09-2020 To Maybank A/c 1400…
Q: Which of the following accounts ordinarily appears in the post-closing trial balance? Hint:…
A: The financial statement shows the financial data of the company that is used by various financial…
Q: The entry to record the purchase of Supplies on December 2 would be:
A: 1. On December 1, owner has contributed cash to business in which case there would be cash inflow…
Q: Assume that Muscular Consulting erroneously recorded the payment of $7,500 of owner withdrawals as a…
A: (a) Errors not affecting trial balance: An error is a mistake committed in the process of…
What is the Carrying Amount of the biological assests on December 31?
Please show me the solution in a good accounting form.
Step by step
Solved in 2 steps with 2 images
- 5. During the current year an entity sold a piece of equipment used in production. The equipment had been accounted for using the revaluation method and details of the accounts and sale are presented below: Sales price P100,000 Equipment carrying amount (net) 90,000 Revaluation surplus 20,000 Which of the following is correct regarding recording the sale? Group of answer choices The gain that should be recorded in other comprehensive income is P10,000 The gain that should be recorded in profit and loss is P10,000; the P20,000 revaluation surplus may be transferred to retained earnings. The gain that should be recorded in other comprehensive income is P30,000 The gain that should be recorded in profit and loss is P30,000The Company provided the following data: Value of biological asset at acquisition cost on 12/31/19, P 600,000 Fair valuation surplus on initial recognition at fair value on 12/31/19 P 700,000 Change in fair value to 12/31/20 due to growth and price fluctuation, P 100,000 Decrease in fair value due to harvest, P 90,000 What is the carrying amount of the biological asset on December 31, 2020? What is the gain from change in fair value of biological assets in 2020?During the current year an entity sold a piece of equipment used in production. The equipment had been accounted for using the revaluation method and details of the accounts and sale are presented below: Sales price P100,000 Equipment carrying amount (net) 90,000 Revaluation surplus 20,000 Which of the following is correct regarding recording the sale? O The gain that should be recorded in profit and loss is P30,000 O The gain that should be recorded in other comprehensive income is P10,000 O The gain that should be recorded in other comprehensive income is P30,000 O The gain that should be recorded in profit and loss is P10,000; the P20,000 revaluation surplus may be transferred to retained earnings.
- HAPPY Corp. assets have a carrying amount of P100,000 before year end adjustments. The PFRSs require these assets to be measured at fair value at each reporting date. Location is a characteristic of the assets. Information at year end is as follows: Active Market #i Quoted Price P340,000, Transport Cost-P25,000, Cost to Sell -P35,000 and Active Market #2 Quoted Price - P387,000, Transport Cost -29,000. Cost to Sell- 18,000. A} If Active Market #1 is the principal market for Entity A's biological assets, how much is the fair value? B)If neither Active Market#1 nor Active Market #2 is the principal market, how much is the fair value? A. P315,000; P358,000 B. P280,000; P358,000 C. P315,000; P340,000 D. P280,000;P340,000HAPPY Corp. assets have a carrying amount of P100,000 before year end adjustments. The PFRSs require these assets to be measured at fair value at each reporting date. Location is a characteristic of the assets. Information at year end is as follows: Active Market #i Quoted Price P340,000, Transport Cost-P25,000, Cost to Sell -P35,000 and Active Market #2 Quoted Price - P387,000, Transport Cost -29,000. Cost to Sell- 18,000. A} If Active Market #1 is the principal market for Entity A's biological assets, how much is the fair value? B)If neither Active Market#1 nor Active Market #2 is the principal market, how much is the fair value?Chicken Wings Inc. incurred the following expenditures relating to its biological assets during the current year:Commissions to brokers, P5,500; Transportation costs to the market, P3,850; Levies by commodity exchange, P1,650; Transfer taxes and duties, P2,750; Advertising costs, P1,100What total amount shall be classified as costs to sell in accordance with IAS 41 Agriculture?
- Dairy Company provided the following information for the Problem 13-9 (IFRS) Dairy Company provided the following information current year: Cash Trade and other receivables Inventories Dairy liveatock immature Dairy livestock mature Property, plant and equipment, net Trade and other payables Note payable - long-term Share capital Retained earnings beginning Fair value of milk produced Gain from change in fair value Inventories used Staff costs Depreciation expense Other operating expenses Income tax expense 500,000 1,500,000 100,000 50,000 400,000 1,400,000 520,000 1,500,000 1,000,000 800,000 600,000 50,000 140,000 120,000 15,000 190,000 55,000 1. What amount should be reported as net income for the current year? a. 650,000 b. 600,000 c. 130,000 d. 185,000 2. What amount should be reported as fair value of biological assets at year-end? a. 550,000 b. 450,000 с. 500,000 d. 400,000For letters a to d, identify how much to add or deduct from the Investment in Associate account of ABC based on the following transactions or events: a. As of Jan. 1, 2021, the fair value of the inventory of X was P100,000 higher than its carrying value. All of the inventory were sold as of the end of the year. b. The fair value of equipment held by X is P500,000 while its carrying value is P360,000 as of the beginning of the year. It has a remaining useful life of 3 years as of Dec. 31, 2021. c. X sold inventories costing P150,000 to ABC for P200,000. Only 75% of these inventories were sold by ABC to third parties as of the end of the year. d. Actuarial gains for the year totaled P400,000.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
- amount. An entity reported the following data for the current year. What net amount in OCI that may not be recycled to profit or loss? * Net sales Cost of goods sold Selling expenses Administrative expenses P9.500,000 4,000,000 1,000,000 1,200,000 Interest expense 700,000 Gain from expropriation of land 500,000 Income tax 800,000 Income from discontinued operations Unrealized gain on equity investment at FVOCI Unrealized loss on futures contract designated as a cash flow hedge Increase in projected benefit obligation due to actuarial assumptions Foreign translation adjustment- debit Revaluation surplus 600,000 900,000 400,000 300,000 100,000 2,500,000South Union Township store has acquired a transferable license to sell alcohol in Pennsylvania for $80 million. Which of the following will cause South Union Township to show a lower amount of amortization of intangible assets in the first year after the acquisition? Select one: O a. A higher residual value O b. A higher amortization rate O c. A shorter useful lifeDEE 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 - P125,000