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Question - On January 1, 2009, Sass Company purchased a gold mine for P36,000,000 with removable ore deposit estimated at 2,160,000 tons. The property has an estimated value of P3,600,000 after the ore has been exhausted. The company incurred P10,800,000 of development costs in preparing the property for ore extraction. Also, the company has a contractual obligation to restore the mines after the ore reserve has been exhausted. The company estimates that a discounted amount of P3,600,000 will be incurred for this. During 2009, 270,000 tons were extracted and 240,000 tons were sold. What is the carrying value of the gold mines as of December 31, 2009?
Using the above information, determine which is fixed and which cost is variable. Then calculate the breakeven volume of cases in units for this period.
prepare journal entries to record Johnson Company's purchases if it pays on October 31.
Given the acquisition cost of product Z is $32.00, the net realizable value for product Z is $29.00, the normal profit for product Z is $2.50, and the market value (replacement cost) for product Z is $30.00, what is the proper per unit inventory p..
Explain to Mr. Davis the following: The cost of ending inventory under FIFO (provide calculations) and The cost of ending inventory under LIFO
Php 1,000 par value bond payable for six (6) years. The bonds were sold for P1,250. How much is the interest rate of the said bond in the market?
Prepare all of the relevant journal entries from the time of sale until the date indicated. Use the effective interest method for discount
Joint Products, Multiple Choice From a particular joint process, Demoulas company produces three products, A, B, and C. Each product may be sold at the point.
Discuss this week's objectives and the following concept comparing the GAAP to the IFRS. Explain how IFRS defines a contingent liability
Indicate the amount of Lyndon's deduction for state income taxes on his federal tax return assuming he elects to deduct state income taxes for 2019
To start a new partnership, Partner A contributed an asset worth $45,000 with a $5,000 debt secured by it. Partner B loaned an asset worth $40,000 with no loans against it. How much should be credited to Partner A's capital account and how muc..
the audiology department at randall clinic offers many services to the clinics patients. the three most common along
Apply strategic management processes to analyze and improve organizational performance. Formulate strategies based on an external and environmental analysis.
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