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1. Montana Mining Co. acquired mineral rights for $120,000,000. The mineral deposit is estimated at 200,000,000 tons. During the current year, 31,155,000 tons were mined and sold.
(a) Determine the depletion rate.
(b) Determine the amount of depletion expense for the current year.
(c) Journalize the adjusting entry on December 31 to recognize the depletion expense.
assume that you have a company with 35400 on deposit with no outstanding checks or uncleared deposits. one day you
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Stan Sewell paid $50,000 for a franchise that entitled him to market software programs in the countries o the European Union. Sewell intended to sell individual franchises for the major language groups of Western Europe - German, French, English, ..
Cindy Lore, his accountant, says that more information is needed to determine the firm's financial well being. Analyze the situation and determine who is correct and support your position.
the following misstatement is included in the inventory and related records of westbox manufacturing companythe clerk
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Define cost estimation
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the ledger of danieal rental agency on march 31 of the current year includes the selected accounts shown below before
Q-Chip Plus has variable costs per unit of $35 and a selling price of $65. Konerko's fixed costs are $540,000. How many units of Q-Chip would be sold at the break-even point?
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