Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Alien Ltd commenced previous metal mining operations in Western Australia on 1 July 2016. During the first year of exploration it incurred the following costs (in millions of dollars) in relation to 3 areas: Sun 20 Moon 18 Star 24 Total Costs 52 In 2018 uranium was discovered at site Star. Explorations continued at site Sun, however exploration at site Moon was not considered to be economically viable and was abandoned. In relation to exploratory expenditure 35% relates to intangibles and the remainder to property, plant and equipment. Up until 30 June 2018, the company incurred development costs of $2 million in relation to infrastructure and property, plant and equipment for site Star. Costs will be written off on a production basis. A further $1.5 million in exploration and evaluation costs were incurred at site Sun. On 1 July 2018 production commenced at site Star. It is estimated that the site contains 80,000 tonnes of uranium. The current sale price is $3,500 per tonne. Production to the 30 June 2019 extracted 6,500 tonnes of uranium incurring a production cost of $3 million. At the end of the financial year 5,000 tonnes of uranium had been sold. Management also decided that exploration at site Sun was no longer viable and abandoned work at this site. Alien Ltd's financial year ends on 30 June.
Required:
Problem 1: Prepare journal entries using the area of interest method for 2017, 2018 and 2019. Calculations should be rounded to the nearest dollar.
What do the liquidity, profitability, and solvency ratios reveal about the financial position of the company?
If Green made a distribution of 60,000 to its sole shareholder on August 1, how will the shareholder be taxed
The stock received by Karen has a fair market value of $550,000. What is the amount of the corporation basis in the land
Assuming that internal controls are not adequate in this area, comment on what the auditor should tell the client
in this assignment you will compose a written mock memo. 8 to 10 pages in length apa format original work not
According to the standards set for their business, each unit of pizza should require 250 grams of cheese, Calculate the price and quantity variances for cheese
ACC518 - Current Developments In Accounting Thought - critical review of developments in accounting theory and professional standards including the search for a conceptual framework, the evaluation and comparison of various accounting models and d..
The job was completed in 530 hours and the average actual labor rate was $18.50 per hour. What is the labor efficiency (quantity) variance
What are the facts? What are the short term effects of foreclosure in a region? What are the long term effects of foreclosure on a region?
What is the premium amortization for the first interest period?
production and purchases budgets pelican co. is forecasting sales of 40300 units of product for october. to make one
Define 'creative accounting', and its relationship with ethical dilemma for managers. What is the bonus hypothesis of PAT
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd