Project #15152 - PROJECT

You are an accountant at Zoo World, a for profit recreational facility in Orlando, Florida.  Zoo World specializes in creating a family fun atmosphere where children and adults can observe, learn about, and interact with hundreds of different species of animals.  In addition to entrance fees, Zoo World collects revenue from gift shops, hotel rooms, food stands, and amusement rides. 

After years of profitable operations, Zoo World has plans to expand operations and create a Wild Africa exhibit.  The focal point of this exhibit will be allowing customers to feed lettuce to giraffes.  In creating this exhibit, Zoo World has purchased 10 giraffes at $25,000 each.   With the significant cost of purchasing these animals, the CFO at Zoo World has asked you to create a memorandum documenting the correct accounting for live animals.  In particular, the CFO wants you to address the following possibilities;

A.      The original purchase of the 10 giraffes.

B.      Any annual journal entries that would have to be made.

C.      Journal entries from the birth of baby giraffes, any breeding which occurs at Zoo World would be unplanned.  The baby giraffes would remain in the tower and the only expenses related to the birth would be normal veterinary expenses.  

D.      Journal entries from any unfortunate deaths of giraffes.

E.       Any journal entries from the sale or donation of giraffes. 

  

·      USE  FASB codification site, http://aaahq.org/ascLogin.cfm

Subject Business
Due By (Pacific Time) 10/23/2013 12:00 am
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