Question 

1
Lisa Company began operations in 2018. For the year ended December 31, 2018, Lisa made
available the following information:
 
Total merchandise purchases for the year                                            7,000,000
Merchandise inventory at December 31                                                 1,400,000
Collection from customers                                                                        4,000,000
 
All merchandise was marke Mr. Klaus Company has a herd of 10 2-year old animals on January
1, 2018. One animal aged 2.5 years was purchased on July 1, 2018 for P108, and one animal was
born on July 1, 2018. No animals were sold or disposed of during the year. The fair value less
cost to sell per unit as follows:
 
2 – year old animal on January 1                                  100
2.5 – year old animal on July 1                                    108
New born animal on July 1                                           70
2-year old animal on December 31                           105
2.5 – year old animal on December 31                    111
New born animal on December 31                           72
3 – year old animal on December 31                        120
0.5 – year old animal on December 31                    80
 
What is the fair value of the biological assets on December 31, 2018?

1,400
Question 4
Noelle Company provided the following data:
 
Value of biological asset at acquisition cost on December 31, 2018                             600,000
Fair valuation surplus on initial recognition at FV on December 31, 2018                  700,000
Change in FV to December 31, 2019 due to growth and price fluctuation                    100,000
Decrease in FV due to harvest                                                                                                  
90,000
 
What is the carrying amount of the biological asset on December 31, 2019?

1,310,000
d to sell at 40% above cost. All sales are on a credit basis and all receivables are collectible.
 
What is the balance of accounts receivable on December 31, 2018? 

3,840,000