Reference no: EM132493675
Questions -
Q1. Bowie Company uses a calendar year and the straight line depreciation method. On December 31, 2018, after adjusting entries were posted, Bowie Company sold a machine which was originally purchased on January 1, 2015. The historical cost was $21,500, the salvage value assumed was $2,000 and the original estimated life was five years.. It was sold for $3,000 cash. Using this information, how much should be recorded on December 31 for the Gain or (Loss)? Round to whole dollars.
Q2. Frederick Mining Company owns a large parcel of land which costs $850,000. It is estimated to contain 2,000,000 tons of recoverable ore. It is estimated that the recovery of the ore will take 10 years and that after the ore is fully depleted the land will be sold for a market value of $100,000. In 2018, Frederick extracted and sold 125,000 tons of ore. Find the amount of depletion that should be recorded? Round total the nearest whole dollar.
Q3. On January 2, 2019, Adelphi Company purchased a patent for $270,000 plus $9,000 in legal fees. On that date, the patent had a remaining legal life of 13 years. Adelphi Company expects to use the patent for 7 years after which time it will be worthless. How much is the annual amortization expense for 2019? Round to nearest whole dollar.
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Explain the treatment of both of the payments in the books
: Explain the treatment of both of these payments in the books and disclosures in the financial statements, as on 31st March 2020
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What is the total value assigned to the new piece
: The new piece of equipment is expected to have a 10 year life and a salvage value of $15,000. What is the total value assigned to the new piece of equipment
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Explain why both nations with high living standards
: Explain why both nations with high living standards and nations with low living standards face the problem of scarcity. If you won $1 million in a lottery
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Prepare the necessary year-end adjusting entries as of dec
: Prepare the necessary year-end adjusting entries as of December 31, 2019. Show all calculations, if any. The December 31, 2019, trial balance of Highlighter Inc
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Find the amount of depletion that should be recorded
: In 2018, Frederick extracted and sold 125,000 tons of ore. Find the amount of depletion that should be recorded? Round total the nearest whole dollar
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Consider a directed graph g
: Consider a directed graph G. Does every Depth First Search of G (regardless of the order in which the vertices of G are examined, alphabetical or not)
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What is the salerno company current stock price
: What is the Salerno company current stock price? The Salerno Company's last dividend was $1.70. Its dividend growth rate is expected to be constant at 25%
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How much should be recorded as Goodwill
: Accounts Receivable assumed by buyer $135,000. Using this information, how much should be recorded as Goodwill for this transaction
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Minimize the decrease in prot
: How should the production of the three types of couches be adjusted to minimize the decrease in prot? Formulate this problem as a linear programming problem.
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