Homework Help is Here – Start Your Trial Now!
Business
Accounting
SANTA ROSA

SANTA ROSA

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Help me to answer the completely the Required 1 & 2 of this problem. Thank you so much!

SANTA ROSA COMPANY has a herd of twenty(20) 2-year old animals on Jan. 1. 2020. One(1) animal aged 2-5 years was purchased on July 1, 2020, and one(!) animal was born on the same date. Two(2) of the 2-year old anima!s were sold last Feb. 14, 2020 at P250 cach, while another two(2) from the 2-year old group died on Nov. 2, 2020. The fair values less estimated point of sale cost per head were: P208 2 year old animal on Jan. 1, 2020 2-5 year old animal on July 1, 2020 New born animal on July 1, 2020 old animal on Dec. 31, 2020 224 148 218 year 2-5 year old animal on Dec. 31, 2020 New born animal on Dec. 31, 2020 3 year old animal on Dec. 31, 2020 ½ year old animal on Dec. 31, 2020 230 152 248 168 REQUIRED: 1. Prepare all the indicated entries for 2020 to recognize the transactions relating to biological assets. 2. Indicate the financial statement presentation of the accounts relating to biological assets.
Transcribed Image Text:SANTA ROSA COMPANY has a herd of twenty(20) 2-year old animals on Jan. 1. 2020. One(1) animal aged 2-5 years was purchased on July 1, 2020, and one(!) animal was born on the same date. Two(2) of the 2-year old anima!s were sold last Feb. 14, 2020 at P250 cach, while another two(2) from the 2-year old group died on Nov. 2, 2020. The fair values less estimated point of sale cost per head were: P208 2 year old animal on Jan. 1, 2020 2-5 year old animal on July 1, 2020 New born animal on July 1, 2020 old animal on Dec. 31, 2020 224 148 218 year 2-5 year old animal on Dec. 31, 2020 New born animal on Dec. 31, 2020 3 year old animal on Dec. 31, 2020 ½ year old animal on Dec. 31, 2020 230 152 248 168 REQUIRED: 1. Prepare all the indicated entries for 2020 to recognize the transactions relating to biological assets. 2. Indicate the financial statement presentation of the accounts relating to biological assets.
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS