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- Entity A sells a machine that is classified as PPE for ₱1,700,000. Entity A pays the broker a 10% commission. Information on the machine is as follows: Carrying amount ₱1,900,000 Revaluation surplus 400,000 How much is the gain (loss) from the sale? (200,000) c. (30,000) (370,000) d. 30,000Chicken 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?The following trial balance relates to Golden Ltd at 30th September 2018GHS'000GHS'000Sales (a)760,000Material purchases (b) 128,000Production labour (b) 248,000Factory overheads (b) 160,000Distribution costs 28,400Administrative expenses (c) 92,800Finance costs 700Investment income1,600Leased property - at cost (b) 100,000Plant and equipment - at cost (b) 89,000Accumulated amortisation/depreciation at 1/10/2017- leased property20,000- plant and equipment29,000Equity investments (e) 36,000Inventory at 1/10/17 93,400Trade receivables 67,100Trade payables55,600Bank4,600Stated capital (GHS0.2)100,000Income surplus (1/10/2017)67,200Deferred tax (f)5,4001,043,4001,043,400The following notes are relevant:(a) Sales include goods sold and dispatched in September 2018 on a 30-day right of return basis. Their sellingprice was GHS4.8m and they were sold at a gross profit margin of 25%. In the past, Golden Ltd’scustomers have always met their obligations under this type of agreement.(b)…
- 11. The following information pertains to Nonagon Company's biological assets at December 31, 2021: Price of assets in an active market , P 5,000,000 Estimated broker's and dealer's commissions, P 50,000 Transport and other costs expected to be incurred to bring the assets to the market, P 40,000 Selling price in a binding sale agreement, P 5,100,000 At what amount should the biological assets be presented on the statement of financial position?Requirements: If the sales price is P1,000,000 which is equal to fair value compute the following under the buyer-lessor accounting Gross Investment Net Investment Unearned Interest Income Journal entries on January 1, 20x1The following information is provided for Sunland Company and Culver Corporation. (in $ millions) Sunland Company Culver Corporation Net income 2022 $155 $405 Net sales 2022 1595 4530 Total assets 12/31/20 1040 2130 Total assets 12/31/21 1260 3020 Total assets 12/31/22 1165 4100 What is Sunland's asset turnover for 2022? (Round answer to 2 decimal places, e.g. 15.20.) 0.68 times 1.32 times 0.25 times 3.94 times
- Jolas Realty Corp. in the course of the trade sells real property. During the month of January 2007 had the following data per sales document (VAT included): Cash sales P 560,000 Sale on deferred payment basis (initial payments exceed 25% of the selling price) 336,000 The real property sold for cash had a zonal value of P600,000 (excluding VAT) and the property sold under deferred payment basis had a fair market value of P200,000 (excluding VAT) How much is the output VAT on the sale of real property?Zhane Company exchanged a car from its inventory for a computer system to be used in its technological upgrading project. The following information relates to this exchange that took place on July 16, 2021.Listed selling price of the car-900,000FV of the computer system-860,000Carrying amount of the car-600,000If Zhane Company recognized a gain on this exchange of P160,000, how much was the amount paid to complete the transaction? 100,000 260,000 140,000 Cannot be determined21.Zhane Company exchanged a car from its inventory for a computer system to be used in its technological upgrading project. The following information relates to this exchange that took place on July 16, 2021.Listed selling price of the car-900,000FV of the computer system-860,000Carrying amount of the car-600,000If Zhane Company recognized a gain on this exchange of P160,000, how much was the amount paid to complete the transaction? a. 100,000 b. 260,000 c. 140,000 d. Cannot be determined
- Please answer the exercise step by step and clear. Thank you. Sony Corporation paid $350,000 cash for 42% of the voting common stock of Micro Inc. on January 1, 2021. Book value and fair value information for Inc. in this date is as follows: Assets Cash Accounts receivable Inventories Equipment Book Values $60,000 120,000 80,000 340,000 $ 600,000 Fair Values $60,00 Instructions: 1. Prepare the journal entries for purchased investment. 2. Prepare the analysis of the cost versus the book value of the net assets of the investment bought in Micro Inc by Sony Corporation. 3. Prepare the schedule with the differences between the book value and the fair value of the identifiable net assets of Micro Inc. 4. At the end of the year, Micro Inc was: a. Net Income for $300,000 b. Paid dividends at Dec 31, 2021 for $35,000 Prepare the journal entries related with net income and dividends received Sony Corporation for Micro Inc.Erika Company operates a customer loyalty program. The entity grants loyalty points for goods purchased. The loyalty points can be used by the customers in exchange for goods of the entity. The points have no expiry date. During 2020, the entity issued 50,000 award credits and expects that 80% of these award credits shall be redeemed. The fair value of the award credits granted is reliably measured at P2,000,000. In 2020, the entity sold goods to customers for a total consideration of P9,000,000 based on stand-alone selling price. The award credits redeemed and the total award credits expected to be redeemed each year are as follows: Redeemed Expected to be Redeemed 2020 15,000 80% 2021 7,950 85% 2022 2,550 85% 2023 15,000 90% Required: Prepare journal entries from 2020 to 2023.Line Company exchanged a car from its inventory for a computer system to be used in its technological upgrading project. The following information relates to this exchange that took place on July 16, 2021.Listed selling price of the car-900,000FV of the computer system-860,000Carrying amount of the car-600,000If Line Company recognized a gain on this exchange of P160,000, how much was the amount paid to complete the transaction?
