User Account

All Pages

What amount of net gain or loss should be recorded

Assignment Help Financial Accounting
Reference no: EM132792291

Fortune Company purchased Diary cattle at an auction for P300,000 on July 1, 2024. Cost of transporting the cattle back to the company's farm was P3,000 and the company would have to incur similar transportation cost if it was to sell the cattle in the auction, in addition to an auctioneer's fee of 2% of sales price.

  • On December 31, 2024, after taking into account the location, the fair value of the biological assets had increased to P500,000 (that is the market price including the cost of transporting the asset).

Problem 1: What amount of net gain or loss should be recorded?

a. 190,000
b. 194, 000
c. 196, 000
d. 200, 000

Reference no: EM132792291

Questions Cloud

Explain role of accreditation in mitigating risk compliance : Explain the role of accreditation in mitigating risk compliance issues. Provide an example of a health care organization that was placed on probation.
Why is it important to lead yourself well first : Why is it important to lead yourself well first? Please include examples of some things you should do to lead yourself well.
Find the annual interest paid to the bondholder : A bond with a face value of P330,000 and a 4% coupon has a 5-year maturity period. Find the annual interest paid to the bondholder.
How the risk management program addresses social media : Briefly describe how the risk management program at the organization where you work (or at that of a typical health care organization) addresses social media.
What amount of net gain or loss should be recorded : What amount of net gain or loss should be recorded? Fortune Company purchased Diary cattle at an auction for P300,000 on July 1, 2024.
Distinguish between sexual identity-desire and behavior : Please explain why scholars of sexuality have found it necessary to distinguish between sexual identity, desire, and behavior.
Analyze a health care risk management program : The purpose of this assignment is to analyze a health care risk management program. Conduct research on approaches to risk management processes, policies.
How payment to ynes included bonus from remaining partners : Julia, Alpha and Ynes are partners who share profits and losses in a 5:3:2 ratio. How payment to Ynes included bonus from remaining partners amounting to?
Describe clinical findings that may be present in a patient : Describe the clinical findings that may be present in a patient with this issue. Are there any diagnostic studies that should be ordered on this patient? Why?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd