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At the beginning of 2014, Aristotle Company acquired a mine for $845,160. Of this amount, $96,400 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists have indicated that approximately 11,890,000 units of the ore appear to be in the mine. Aristotle incurred $163,880 of development costs associated with this mine prior to any extraction of minerals. It also determined that the fair value of its obligation to prepare the land for an alternative use when all of the mineral has been removed was $38,560. During 2014, 2,570,000 units of ore were extracted and 2,189,000 of these units were sold.
(a) Compute the total amount of depletion for 2014.
(b) Compute the amount that is charged as an expense for 2014 for the cost of the minerals sold during 2014.
Why do bond prices go down when interest rates go up? Don't lenders like high interest rates and what coupon rate would they have to pay in order to sell at par if they paid their coupons anually?
calculate the amount of each transaction: Purchases of inventories on account, Collections of accounts receivable and Payments to suppliers and others.
Documents that comprise GAAP, provides a consensus on how to account for new and unusual financial transactions?
Flip manufactures footballs. The forecasted income statement for the year before any special orders included sales of $4,000,000 (sales price is $10 per unit.) Manufacturing cost of goods sold is anticipated to be $3,200,000. Selling expenses are exp..
If an investor were considering an investment in one of these companies, which would you recommend based on this data? Explain your response.
Explain how Magrath should account for and report the accounts receivable factored on April 3, 2007. Why is this accounting treatment appropriate?
using different partners and teams with separate reporting lines for the provision of non-assurance services to an assurance client.
if you had only 1 of the 4 subsequent financial statements available to study to assess the financial health of company
Smith Corp issues bonds dated January 1, 2011, that pay interest semi annually on June 30 and December 31. The bonds have a $300,000 par value and an annual contract rate of 10%. They mature in 5 years. Determine the cash issue price for the bonds. W..
Computation of total setup and carrying costs associated with the Economic Order Quantity - Evaluate the total setup and carrying costs associated with the economic order quantity?
What income and deductions will Monte and Allie report from Raider's current year activities? Evaluate Monte's stock basis on December 31?
Timmer Bachman founded the Bachman Corporation over 25 years ago. The company's genesis was spurred by the unique climbing apparatus developed by Timmer, an avid mountaineer. Bachman Corporation has continued to produce that first product, but it has..
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