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J. Larson & Company purchased the right to extract ore from a mineral deposit by paying $50,000 in cash and signing a $200,000 promissory note. Larson spent an additional $25,000 cash for a geological report that estimated the mineral deposit contained 110,000 tons of ore. Larson expects the asset to have a zero residual value when fully depleted. During the first year of operations, 34,000 tons of ore were mined.
Required:
a) Prepare the journal entries to record the purchase of the right to the mineral deposit..
b) The payment for the geological report.
c) The depletion of the mineral deposit for the first year.
Prepare a 2011 balance sheet for Cornell Corp. based on the following information: cash = $136,000; patents and copyrights = $630,000; accounts payable = $215,000;
The return on investment measure of performance: Answer Is relevant only to business enterprises. a) Is used by individuals to compare investment performance.
George Fine, owner of Fine Manufacturing, is considering the introduction of a new product line. George has considered factors such as costs of raw materials, new equipment, and requirements of a new production process.
Ronald and Roy formed an equal partnership, R&R Partnership, a general partnership, on January 1, 2012. Ronald contributed $100,000 in exchange for his one-half interest in R&R partnership.
Flood damage in the Brush Creek area averages $7,000 annually. Civil engineers with floodplain expertise have designed a series of small dams to restrain the flow. They will cost $25,000 and will involve annual maintenance charges of $500.
Which of the following is a contingency that should be accrued?
A company paid $37,800 plus a broker's fee of $525 to acquire 8% bonds with a $40,000 maturity value. The company intends to hold the bonds to maturity. The cash proceeds the company will receive when the bonds mature equal:
Compute the value added, nonvalue added, and the total lead time of the wreath process for both the old and the new manufacturing process.
The partnership does not have a natural business year. What is the required tax year-end for the partnership (if no Sec. 444 election is made)?
Describe the procedures Jeff should use in setting standards for direct labor and direct materials.
Nichols Company had 500 units of "Dink" in its inventory at a cost of $5 each. It purchased, for $2,400, 300 more units of "Dink". Nichols then sold 600 units at a selling price of $10 each, resulting in a gross profit of $2,100. The cost flow ass..
The accountants feedback is very important especially when it comes to maintaining adequate internal controls. What type of backend controls are required in an AIS to ensure reliable financial statements? Please provide concrete examples.
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