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Land containing a mine having an estimated 1,000,000 tons of economically extractable ore is purchased for USD 375,000. After the ore deposit is removed, the land will be worth USD 75,000. If 100,000 tons of ore are mined and sold during the first year, the depletion cost charged to expense for the year is:
a. USD 300,000.
b. USD 37,500.
c. USD 30,000.
d. USD 375,000.
Flip Company purchased a refrigerated delivery truck for $65,000 on April 1, 2016. The plan is to use the truck for 4 years and then replace it. At the end of it’s useful life the truck is expected to have a salvage value of $10,000. Prepare the depr..
Instalment sale method for tax purposes. Please (1) Find some company who used this in the recent past (2) provide a link that shows an explanation of why and on what they used it for and (3) state what (if any) their other options were
On October 1, 2014, Gator Inc assigns $1,600,000 of its accounts receivable to American Bank as collateral for a $1,200,000 loan. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 7%.
determine the unit costnbsp from the given data.erte inc. manufactures two models of high pressure steam valves the xr7
The total liabilities of Hogan's Company on the balance sheet are $270,000; this amount is equal to three-fourths of the total assets. What is the amount of owners' equity?
Chipper, a calendar-year corporation, purchased new machinery for $475,000 in February, 2010. In October, it purchased $725,000 of used machinery. What is Chipper™s maximum cost recovery deduction for 2010?
Hazel Holden and Cedric Dalton are organizing Calgary Metals Unlimited Inc. to undertake a high-risk gold-mining venture in Canada. Discuss whether Hazel and Cedric are behaving in a professional manner.
based on the information above, what is total amount of expenses allocated to each department(rounded to the nearest dollar)?
Determine how many new clients must visit the law office being considered by Terry Smith and his colleagues in order for the venture to break even during its first year of operations.
List and explain the reasons that many cases never make it to court as well as the reasons others may. at least 550 words please. cite sources.
ABC owns 100% of the outstanding shares of DEF Co. On January 1, Year One, ABC transfers a building to DEF for its fair value of $500,000. At that date, ABC was reporting this building at a net book value of $400,000 with no residual value and a rema..
Two property owners along Elm Street claimed a new sidewalk was constructed further from the street than where they had granted easements. A resurvey confirmed that the sidewalk was constructed in the wrong place, but the city did not believe that th..
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