Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - Wildhorse Ltd. acquired the rights to use 1,500 hectares of land in northern Alberta to mine for uranium. The cost of the land was $90,000, exploration costs were $210,000, and the development costs incurred were $690,000. All of these costs were capitalized. The company estimated that the mine would produce about 198,000 ounces of uranium. In the first year, 24,750 ounces were extracted from the mine, of which 12,000 were sold. At the beginning of year two, the company revised its estimate and determined that the mine would produce a remaining amount of 138,600 ounces of uranium. In the second year, 32,000 ounces were extracted from the mine.
Required -
1. Calculate the year two depletion cost.
2. Prepare the journal entry for the year two depletion cost.
Determine the number of personal and dependency exemptions for 2012 in each of the following independent situations: A) Marcus, (age 68)
Taxpayer receives stock as a gift from his uncle. The adjusted basis of the stock is $20,000 and the fair market value is $37,000. Taxpayer trades the stock for bonds with a fair market value of $35,000 and $2,000 cash. What is his recognized gain..
Carolyn works as a freelance journalist. In November 20X1 she wrote an article for a magazine. The article appeared in the February 20X2 issue and she was paid in March 20X2. She draws up her financial statements to 31 December.
Calculate accounts receivable turnover, and days (sales) in receivables for the year. What does this information tell you about Villas' ability to collect
What is the percentage of the misstatement in (a) to the reported income of $1,001,000,000? Round to one decimal place.
A company estimates that ordering costs are $2.00 per order, picking costs are $1.00 per unique item ordered, packing costs are $0.07 per item, and return costs are $40.00 per return. A customer orders $8,000 worth of goods with direct costs of $6..
Select and discuss one of the following internal controls below you would implement to help prevent future employee fraud/theft?
Prepare a statement of cash flows for the first year using the direct method in the Operating Activities section
Prepare the appropriate entries for both Western Soya and Rhone-Metro on December 31, 2012 (the second rent payment and depreciation).
The income of the corporation for tax purposes consisted of $620,000 of active business income. Find the maximum charitable donation deduction for Adam Inc
Given: During FY 18 Aco reported sales of $300,000, a contribution margin of $10.00 per unit, Determine number of units Aco sold during FY18
What is the fair value of the pension plan assets on December 31, 2002
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd