Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN: 9781285595047
Author: Weil
Publisher: Cengage
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You are working as the chief accountant of Ganyu Co., who does business in a specialized industry.Ganyu is into agriculture, the company owns a coffee plantation and raises animals for their meat andother produce. During the year, a farmland with a mango plantation and rice fields was also acquired.Information about the animals Ganyu held were as follows:Ganyu Co. has the following animals as of January 1, 2021:350 cows (average age, 2 years old)200 heifers (average age, 1-year old)Ganyu also purchased 175 heifers, average age 1-year old, on July 1, 2021Also, 75 animals were born on July 1, 2021.The unit values less estimated costs to sell were.1-year old animal at December 31, 2021 P12,2002-year old animal at December 31, 2021 14,5001.5-year old animal at December 31, 2021 12,6003-year old animal at December 31, 2021 15,0001-year old animal at January 1, 2021 and July 1, 2021 12,0002-year old animal at January 1, 2021 14,0000.5 year old at December 31, 2021 4,000Newborn at July 1,…
You are working as the chief accountant of Ganyu Co., who does business in a specialized industry.Ganyu is into agriculture, the company owns a coffee plantation and raises animals for their meat andother produce. During the year, a farmland with a mango plantation and rice fields was also acquired.
Information about the animals Ganyu held were as follows:Ganyu Co. has the following animals as of January 1, 2021:350 cows (average age, 2 years old)200 heifers (average age, 1-year old)Ganyu also purchased 175 heifers, average age 1-year old, on July 1, 2021Also, 75 animals were born on July 1, 2021.The unit values less estimated costs to sell were.1-year old animal at December 31, 2021 P12,2002-year old animal at December 31, 2021 14,5001.5-year old animal at December 31, 2021 12,6003-year old animal at December 31, 2021 15,0001-year old animal at January 1, 2021 and July 1, 2021 12,0002-year old animal at January 1, 2021 14,0000.5 year old at December 31, 2021 4,000Newborn at July 1,…
Suppose that Demont has been given a summer job as an intern at Isaac Aircams, a company that manufactures sophisticated spy cameras for remote-controlled military reconnaissance aircraft. The company, which is privately owned, has approached a bank for a loan to help it finance its growth. The bank requires financial statements before approving such a loan.
Classify each cost listed below as either product costs or period costs for the purpose of preparing the financial statements for the bank.
Cost Product Cost/Period Cost1. Depreciation on chairs and tables in the factory lunchroom 2. The wages of the receptionist in the administrative offices 3. Cost of leasing the corporate jet used by the company's executives 4. The cost of renting rooms at a Florida resort for the annual sales conference 5. The cost of packaging the company's product
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