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Problem - Concord Company owns 9,000 acres of timberland purchased in 2006 at a cost of $1,484 per acre. At the time of purchase, the land without the timber was valued at $424 per acre. In 2007, Concord built fire lanes and roads, with a life of 30 years, at a cost of $89,040. Every year, Concord sprays to prevent disease at a cost of $3,180 per year and spends $7,420 to maintain the fire lanes and roads. During 2008, Concord selectively logged and sold 742,000 board feet of timber, of the estimated 3,710,000 board feet. In 2009, Concord planted new seedlings to replace the trees cut at a cost of $106,000.
Required - Determine the depreciation expense and the cost of timber sold related to depletion for 2008.
Pechstein Corporation issued 2,780 shares of $8 par value common stock upon conversion of 1,200 shares of $50 par value preferred stock. The preferred stock was originally issued at $58 per share. The common stock is trading at $27 per share at the t..
X industries has used the LIFO inventory since it started business 10 years ago. It has decided that it would comply with the IFRS standard and would switch to the FIFO method effective January 1, 2014 for the 2014 financial year. International uses ..
If an analysis of the general ledger accounts indicates that equipment, which had cost $168,000 and on which accumulated depreciation totalled $135,000 on the October 1st was sold for $20,000. During 2009 the depreciation on the equipment was $30,000..
A Ltd, B Ltd and C Ltd owned 60%, 20% and 20%, respectively, of the voting shares of X Ltd. There were ten members on the board of directors of X Ltd. A shareholder with 10% shareholding is allowed to appoint one board director in X Ltd. Explain the ..
computation of cash collection from notes.on september1 riva co assigns specific receivables totaling 750000 to pacific
Prepare a schedule to determine the estimated income tax of Mondock Corporation for the first quarter.
Problem being, over the last five years, they never used 100% of that budget. What steps would you take to help that manager come to a more realistic budget?
Price: $74 per unit Variable expense: $35 per unit: Fixed expenses: $33,000 per month Operating income: $5,610 Calculate the flexible budget variance for fixed expenses.
In 2015, Webtel Corporation donated $50,000 to a qualifying charity. For the year, it reported taxable income of $310,000, which included the following: the $50,000 charitable contribution (before limitation), a $100,000 dividends received deduction,..
Define direct costs. Define Indirect costs. Why are direct and indirect costs important to management? Would you describe your current job today as a direct cost or a indirect cost? Why?
The following is the unadjusted trial balance for James Trading Pty Ltd as at the close of the financial year ended 30 June 2011. In addition the following entries had not been applied to the general ledger.
Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides for estimated revenues of $2,700,000 as follows: prop..
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