What type of assets for each of the above types of business, Accounting Basics

+44 141 628 6080
[email protected]

What type of assets for each of the above types of business

A business owns cows. How should the corporation record the cows, are they assets to the corporation ? if so, what type of assets to be classified as ?i.e. inventory, supplies, fixed asset, investment asset, or other assets?

Please recall definition of inventory you had learned in your /accounting 1A course you had and now we are in accounting 1B course, please compare the inventory asset to this ch.10, operating fixed asset in terms of it's purposes, nature, and management intention of "owning these assets" for their respective businesses.

1. the business is a cattle farm/dairy farm, producing meats, milk, and other dairy products.

2. the business is biotech science research firm experimenting genes and stem cells.

3. the business is an investment and trading firm specializing in live stocks in an open market.

4. the business is an entertainment firm in Spain, Toro Bravo (Spain Bull fighting festival)

Please discuss what type of assets for each of the above types of business and explain why?

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What type of assets for each of the above types of business

Reference No:- TGS0683541

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : Discuss the double-declining-balance method of depreciation

On January 1, a machine with a useful life of five years and a residual value of $40,000 was purchased for $120,000. What is the depreciation expense for year 2 under the double-declining-balance method of depreciation?

Q : Discuss the implications for comparing

You have determined that Foothill Corp. depreciates its plant assets over a 40-year life, whereas DeAnza Corp. depreciates its plant assets over a 20-year life.Discuss the implications this has for comparing the results of the two companies?

Q : Find probability that contractor will have to pay a penalty

If the due date of this project is set at 40 weeks, what is the probability that the contractor will have to pay a penalty (i.e., the project will not be finished on schedule)?

Q : What is the carrying value of the bonds on january

Sparks Company received proceeds of $423,000 on 10-year, 8% bonds issued on January 1, 2013. The bonds had a face value of $400,000, pay interest annually on December 31st, and have a call price of 102.

Q : What type of assets for each of the above types of business

A business owns (purchased) cows. How should the corporation record the cows, are they assets to the corporation ? if so, what type of assets to be classified as ? (i.e. inventory, supplies, fixed asset, investment asset, or other assets?

Q : Calculate the accounts receivable turnover for 2014

The following information is available for Patterson Company: 2014 2013 Accounts receivable $ 360,000 $ 340,000 Inventory 280,000 320,000 Net credit sales 3,000,000 2,600,000 Cost of goods sold 1,500,000 840,000.

Q : Explain the difference between an expense and a cash

As you all know, the ultimate effect of incurring an expense is to reduce stockholders' equity. In this chapter, we have learned that the declaration of a cash dividend also reduces stockholders' equity.

Q : How near to sale is the inventory on hand

Suppose you have landed successfully on a good career path full time position as a "Financial Analyst" with a multinational high tech corporation in our Silicon Valley hub.

Q : How should difference between the fair value of net assets

P Company purchased the net assets of S Company for $225,000. On the date of P's purchase, S Company had no investments in marketable securities and $30,000 (book and fair value) of liabilities.

1953460

Questions
Asked

3,689

Active Tutors

1428138

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What type of assets for each of the above types of business

Reference No:- TGS0683541

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Discuss the double-declining-balance method of depreciation

Q : Discuss the implications for comparing

Q : Find probability that contractor will have to pay a penalty

Q : What is the carrying value of the bonds on january

Q : What type of assets for each of the above types of business

Q : Calculate the accounts receivable turnover for 2014

Q : Explain the difference between an expense and a cash

Q : How near to sale is the inventory on hand

Q : How should difference between the fair value of net assets

Outline a social issue that is important to you

Review a social, behavioral, or cultural factor

Why you feel unpleasantly hot and sweaty

Is lifespan psychologists are unlikely to investigate

How teenagers in an impoverished urban area spend their time

Discussion about gender stereotyping

Identify one antecedent, one behaviour, and one consequence

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What type of assets for each of the above types of business

Reference No:- TGS0683541

Recent Questions Asked Accounting Basics

Q : Discuss the double-declining-balance method of depreciation

Q : Discuss the implications for comparing

Q : Find probability that contractor will have to pay a penalty

Q : What is the carrying value of the bonds on january

Q : What type of assets for each of the above types of business

Q : Calculate the accounts receivable turnover for 2014

Q : Explain the difference between an expense and a cash

Q : How near to sale is the inventory on hand

Q : How should difference between the fair value of net assets

Asked Questions