I do not have the questions yet. It is a 3-4 journal entry/Inventory evaluation questions. I need someone to do them with me during the 3 hours I have. I need someone today.
Consider a large dairy farming company that reports under IFRS. Beyond manufacturing, farm property, and equipment, the farm’s main assets are the dairy cows and the milk that they produce. Describe how these assets may be presented on the financial statements. Additionally, discuss the accounting treatments of the following events: a)A new dairy cow is bought by the farm. [2 Marks] b)A cow owned by the farm loses its ability to produce milk. [3 Marks] c)How would this differ if the farm reported under ASPE? Comment on which standard you believe provides better presentation of the assets, and why. [4 marks] Be sure to label part a, b, and c in your answer 2. D Ltd.'s December 31, Year 22, Statement of financial Position reported inventory of $55,000. There were 10,000 units of inventory on hand at December 31, Year 22. During Year 23. D Ltd. engaged in the following inventory transactions: Jan. 31 bought 6,000 units for $27,000; Feb. 20 sold 4,000 units for $32,000; Mar. 30 sold 2,000 units for $16,500; June 29 bought 6,000 units for $28,800; Aug. 4 sold 12,000 units for $102,000; and Oct. 15 bought 9,000 units for $36,000. Calculate D Ltd.'s ending inventory and reported gross profit from the above inventory transactions assuming that D Ltd. uses: a) FIFO Periodic [3 Marks] b) Weighted Average Periodic [4 Marks] c) FIFO Perpetual [3 Marks] d) Moving Weughted Average Perpetual [5 Marks] 3. On February 1, Year 1, Dandan Inc. obtained a contract to build an athletic stadium. The stadium was to be built at a total cost of $5.4 million and was scheduled for completion by September 1, Year 4. Contract price was $6.6 million. Below are the data pertaining to the construction period. Year 1Year 2Year 3 Costs to date$1,782,000$3,850,000$6,300,000 Estimated costs to complete$3,618,000$2,650,000$900,000 Progress billings to date$1,200,000$3,100,000$5,000,000 Cash collected to date$1,000,000$2,800,000$4,500,000 Required: a) Using the percentage-of-completion method, calculate the estimated gross profit recognized in the years one, two, and three. (Show all of your work to earn part and full marks). [3 Marks] b) Prepare all journal entries for the years one, two, and three relative to this contract. (label your journal entries with Dr. and Cr.; show calculations where necessary) [21 Marks] 4. a. Current Assets; b. Investments; c. Property, Plant, and Equipment; d. Intangible Assets; e. Other Assets; f. Current Liabilities; g. Long-term Debt; h. Capital Shares; i. Retained Earnings. Income or Retained Earnings Statement j. Sales Revenue; k. Cost of Goods Sold; l. Operating Expenses; m. Other Revenues and Gains; n. Other Expenses and Losses; o. Retained Earnings; p. Not on the statements. Instructions: Specify to the left of each account or item below, the letter of the financial statement classification the account would appear in. Use only the classifications shown. 1. Preferred Shares 2. Loss on disposal of equipment 3. Buildings 4. Office supplies expense 5. Allowance for doubtful accounts 6. Notes payable - Short term 7. Accumulated depreciation- Building 8. Mortgage payable due 2027 9. Depletion expense 10. Freight-out 11. Sales 12. Dividends declared 13. Retained earnings 14. Cash 15. Sales discounts 16. Merchandise inventory 17. Salaries and wages expense 18. Merchandise on order with supplier 19. Interest revenue 20. Selling expense 21. Interest expense 22. Taxes payable 23. Insurance expense 24. Advertising expense 25. Long-term investments 26. Accounts receivable 27. Land 28. Accounts payable 29. Error made in calculating prior year's depreciation expense Simran