How much is classified as biological assets that are accounted for under PAS 41 Agriculture?*The following information pertains to Cake Co.SheepP500,000Rubber products10,000Trees in a timber plantation95,000Maize plants40,000Lumber62,000200,00020,00010,0005,00025,00045,000800,000PigsRoasted peanutsCotton plantsPeanut plantsSugarcaneTobacco plantsTea bushesDairy cattleFruit treesTeaRubber treesYarnCarpetLogsWheat plantsCheese.1,000,000600,00043,000300,00022,00033,00045,00060,00075,00088,000WoolThreadFelled treesClothingMilkCarcassSugarHarvested cottonHarvested peanutsHarvested canePicked leavesOil palmsPicked grapesPicked fruitGrape vinesHarvested latexCured tobaccoWineProcessed fruitPalm oilBean plantsCured hams6,0003,0008,000150,0009,0007,00067,00013,000140,00022,0003,000300,0002,00010,0002,000,00010,000320,000500,00020,00050,00020,00092,000SausagesHow much is classified as biological assets that are accounted for under PAS 41 Agriculture?

Biological assets is one of the important component of balance sheet of business. It includes all…

How much is classified as biological assets that are accounted for under PAS 41 Agriculture? * The following information pertains to Cake Co. Sheep P500,000 Rubber products 10,000 Trees in a timber plantation 95,000 Maize plants 40,000 Lumber 62,000 200,000 20,000 10,000 5,000 25,000 45,000 800,000 1,000,000 600,000 43,000 300,000 22,000 33,000 Pigs Roasted peanuts Cotton plants Peanut plants Sugarcane Tobacco plants Tea bushes Dairy cattle Fruit trees Tea Rubber trees Yarn Carpet Logs Wheat plants Cheese 45,000 60,000 75,000 88,000 Wool Thread Felled trees Clothing Milk Carcass Sugar Harvested cotton Harvested peanuts Harvested cane Picked leaves Oil palms Picked grapes Picked fruit Grape vines Harvested latex Cured tobacco Wine Processed fruit Palm oil Bean plants Cured hams P 6,000 3,000 8,000 150,000 9,000 7,000 67,000 13,000 140,000 22,000 3,000 300,000 2,000 10,000 2,000,000 10,000 320,000 500,000 20,000 50,000 20,000 92,000 Sausages How much is classified as biological assets that are accounted for under PAS 41 Agriculture?

How much is classified as biological assets that are accounted for under PAS 41 Agriculture? * The following information pertains to Cake Co. Sheep P500,000 Rubber products 10,000 Trees in a timber plantation 95,000 Maize plants 40,000 Lumber 62,000 200,000 20,000 10,000 5,000 25,000 45,000 800,000 1,000,000 600,000 43,000 300,000 22,000 33,000 Pigs Roasted peanuts Cotton plants Peanut plants Sugarcane Tobacco plants Tea bushes Dairy cattle Fruit trees Tea Rubber trees Yarn Carpet Logs Wheat plants Cheese 45,000 60,000 75,000 88,000 Wool Thread Felled trees Clothing Milk Carcass Sugar Harvested cotton Harvested peanuts Harvested cane Picked leaves Oil palms Picked grapes Picked fruit Grape vines Harvested latex Cured tobacco Wine Processed fruit Palm oil Bean plants Cured hams P 6,000 3,000 8,000 150,000 9,000 7,000 67,000 13,000 140,000 22,000 3,000 300,000 2,000 10,000 2,000,000 10,000 320,000 500,000 20,000 50,000 20,000 92,000 Sausages How much is classified as biological assets that are accounted for under PAS 41 Agriculture?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Use the following information for the next three questions: ABC Co. has the following assets. Maize plants 40,000 Wool 6,000 Processed fruit 20,000 Logs 60,000 Trees in a timber plantation 200,000 Grape vines 120,000 Cotton plants 20,000 Picked fruit 20,000 Harvested latex 30,000 Roasted peanuts 20,000 How much is classified as biological assets that are accounted for under PAS 41 Agriculture? How much is classified as property, plant and equipment that are accounted for under PAS 16 Property, Plant and Equipment? How much is classified as agricultural produce? How much is classified as inventory?
Forester Co provided the following assets in a forest plantation and farm Freestanding trees 5,000,000 Land under trees 600,000 Roads in forest 300,000 Animals related to recreational activities 1,000,000 Bearer plants 1,500,000 Bearer animals 2,000,000 Agricultural produce on bearer plants 800,000 Agricultural produce harvested 1,200,000 Plants with dual use 1,400,000 What total amount should be reported as biological assets? What total amount should be included in PPE?
F4 Co. on adoption of PAS 41 has reclassified certain assets as biological assets. The total value of the forest assets is P6,000,000 which is comprised of: Freestanding trees P5,100,000 Land under trees P600,000 Roads in forests P300,000 In F4 Co.’s statement of financial position, how much of the forests would be classified as biological assets
Six situations are given below concerning a plant asset currently used in operations.CA-Carrying amount; ViU-Value in use; FV-CTS-Fair value less costs to sellCase CA ViU FV-CTS1 120,000 180,000 135,0002 135,000 195,000 120,0003 150,000 180,000 255,0004 180,000 120,000 90,0005 210,000 165,000 195,0006 225,000 195,000 255,000Which among the cases, if any, require impairment loss recognition?
1.What is the difference between Agricultural activity and biological assets? Name two examples of either activity. 2. Entity ‘A’ raises cattle, slaughters them at its abattoirs and sells the carcasses to the local meat market. Which of the activities are in the scope of IAS 41? 3. Entity ‘B’ grows vines, harvest grapes and produces wine. Which of these activities are in the scope of IAS 41? NB: This question consist of 1-3, please to answer them seperately.
1. Biological assets, bearer plants, and agricultural produce are the three focal points of the scope ofIAS 41. Briefly discuss and compare each. 2. Dupont Corp. recently discontinued operations on one of its four branches. The branch is nowconducting a clearance sale. The fixed assets in the discontinued branch are now being offered forsale, and a buyer has been identified. The sale can take place within a year.Despite all this, the management insists on presenting all the fixed assets, including those thatbelong to the disposal group, as PPE as it would give an impression of large manufacturingcapacity. They are not in favor of presenting any amount of revenues from discontinuedoperations. Explain to them why these assets are no longer PPE and should be separated as assets-held-for-sale and why income on discontinued operation should be separated from continuing operation. 3. Apart from the benefits required by legislation, what benefit can a company expect from offeringadditional…
Which of the following is considered as a biological asset under PAS 41? a. Carcass b. Ham c. Pig d. Piggy bank Which of the following is considered as an agricultural produce under PAS 41? a. eggs to be hatched into chicks b. condensed milk c. dairy cow d. felled tress Which of the following is considered as inventory to be accounted for under PAS 2? a. Harvested cotton b. harvested cane c. Tea d. Picked leaves
Clonal, Inc., a biotechnology company, developed and patented a diagnostic product called Trouver. Clonal purchased some research equipment to be used exclusively for Trouver and subsequent research projects. Clonaldefeated a legal challenge to its Trouver patent, and began production and marketing operations for the project.Corporate headquarters’ costs were allocated to Clonal’s research division as a percentage of the division’ssalaries.Required:1. How should the equipment purchased for Trouver be reported in Clonal’s income statements and statementsof financial position?2. a. Describe the accounting treatment of research and development costs
Indicate in the blank spaces below, the appropriate group heading for financial reporting purposes. Use the following code to identify your answer: PPE Property, Plant, and Equipment NR Natural Resources I Intangible Assets O Other N/A Not on the balance sheet Goodwill7.Timberlands Land improvements8.Franchises Development costs for a patented product 9.Licences Accumulated depreciation—buildings10.Equipment Trademarks11.Depreciation expense Research costs12.Land
If you are told that LSJ Company’s plant property and equipment value at 12/31/2023 is $750,000 of the company’s total assets of $1,000,000 …Apply your vertical analysis skills and calculate what percentage the PPE represents of total assets.
On July 16, 20YI1, Wyatt Corp. purchased acres of land for $350. The land has been held for a future plant site until the current date, December 31 20Y9. On December 18, 20Y9, TexoPete Inc. purchased 40 acres of land for $2,000,000 to be used for a distribution center. the TexoPete land is located next to the Wyatt corp. land. thus, both Wyatt corp. and TexoPete inc. own nearly identical pieces of land. What are the valuation of land on the balance sheets of Wyatt corp. and TexoPete inc. using generally accepted accounting principles? how might fair value accounting aid comparability when evaluating these two companies?
Blue & Grey Company is a producer of coffee. The entity is considering the valuation of its harvested coffee beans. Industry practice is to value the coffee beans at market value and uses as reference a local publication "Accounting for Successful Farms". On December 31, 2018, the entity has harvested coffee beans costing P3,000,000 and with fair value less cost to sell of P3,500,000 at the point harvest. Because of long aging and maturation process after harvest, the harvested coffee beans were still on hand on December 31,2018. On such date, the fair value less cost to sell is P3,900,000 and the net realizable value is P3,200,000. The coffee beans inventory shall be measured at? A. P3,200,000 B. P3,000,000 C. P3,900,000 D. P3,500,000