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Mr. H. Salt purchased a 1/8 interest in a producing oil well for $45,000. Recoverable oil reserves for the well were estimated at that time at 15,000 barrels 1/8 of which represented Mr. Salt's share of the reserves. During the subsequent year, Mr. Salt received $12,000 as his 1/8 share of the gross income from the sale of 1000 barrels of oil. From this amount, he had to pay $3000 as his share of the expense of producing the oil. Compute Mr. Salt's depletion allowance for the year.
Explain the purpose of consolidated financial statements. Why does depreciation appear as a line item in the reconciliation of operating profit with cash flow?
During July, the company purchases and uses 3,800 pounds of materials costing $19,570 in making 1,530 units of finished product. Compute the total, price, and quantity materials variances.
Compute the following: Cash receipts per books during August Cash disbursements per books during August and Unadjusted cash balance per ledger at August 31, 2016
Hazel Holden and Cedric Dalton are organizing Calgary Metals Unlimited Inc. to undertake a high-risk gold-mining venture in Canada. Discuss whether Hazel and Cedric are behaving in a professional manner.
Obtain either Walmart, Apple and General Motors most recent annual report from the company website. Research the footnotes, balance sheet, and income statement and describe the information you find regarding depletion, principles of accounting, conti..
Assume that managers are rewarded for reducing product costs as calculated by the accounting system. In keeping with the theme that "you get what you measure,” if a company switches its overhead application basis from machine hours to direct labor ho..
you have been assigned to evaluate the stock market performance of firms who manufacture accounting software products.
Using the following information, what is the amount of gross profit
Phelps, Inc. had assets of $125,140, liabilities of $25,972, and 17,722 shares of outstanding common stock at December 31, 2014. Net income for 2015 was $13,114. The company had assets of $146,857, liabilities of $31,165, 12,913 shares of outstanding
kimm company has gathered the subsequent information about its product.direct materials each unit of product contains
Your firm needs a machine which costs $260,000, and requires $41,000 in maintenance for each year of its 5 year life. After 3 years, this machine will be replaced. The machine falls into the MACRS 5-year class life category. Assume a tax rate of 30% ..
Beka Company owns equipment that cost $50,000 when purchased on January 1, 2008. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years.
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