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Western Carolina Coal Co. expects to produce 125,000 tons of coal annually for 15 years. The deposit cost $3M to acquire; the annual gross revenues are expected to be $9.50 per ton, and the net revenues are expected to be $4.25 per ton.
a) Compute the annual depletion on a cost basis.
b) Compute the annual depletion on a percentage basis.
Computer equipment (office equipment) purchased 6 1/2 years ago for $170,000, with an estimated life of 8 years and a residual value of $10,000, is now sold for $60,000 cash.
Fantastic Futons manufactures futons. The estimated number of futon sales for the first three months of 2014 are as follows: Finished goods inventory at the end of 2013 was 10,000 units. On average, 25% of the futons to be sold in the next month are ..
What is the present worth of a series of equal quarterly payments of $3,000 that extends over a period of 8 years if the interest rate is 10% compounded monthly?
The inventory methods that result in the most current costs in the income statement and balance sheet and In a period of rising prices, the inventory method that results in the lowest income tax payment
What are the major funds of your state or local government
Kara (owning 37.5% of Price) receives 14,000 shares (value $140,000) and $10,000. Jake and Kara each recognize gains to the extent of the cash they received. What is the character of Jake's and Kara's gains?
Crain Co. purchased 60, 6% George Company bonds for $60,000 cash. Interest is payable semiannually on July 1 and January 1. If 30 of the securities are sold on July 1 for $32,000, the entry would include a credit to Gain on Sale of Debt Investments f..
Where does the company disclose its revenue recognition policy? When does the company record revenues for the "sale" of gift cards?
The primary purpose of the auditors' study of internal control for a nonpublic entity is
classification of different cash flow activities.cash flow classificationsfor each of the following items indicate
what is the formula for calculating current ratio and acid test ratio after a transaction. For example, a Company has $1,000,000 of current assets.
Hazy Days Pool Park must replace its pool pump at a cost of $180,000. The pump has a useful life of 10 years with an $8,000 salvage value.
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