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Problem 1: Masinloc Company purchased a tract of resource land in 2015 for 39,600,000. The content of the tract was estimated at 1,200,000 units. When the resource has been exhausted, it is estimated that the land will be worth 1,200,000. Fixed installations were set up at a cost 9,600,000. Mining equipment was purchased on January 2, 2016 for 12,400,000. The life of the fixed installations is 8 years and the equipment, 4 years. In 2016, 120,000 units have been extracted. This was one half of the annual extraction which can be expected following the first year of operations. Masinloc Company should record depletion for 2016 at
a company manufactures a sells and product it for 120 per unit. the net fixed costs of manufacturing and selling the
Jordan and Taylor became friends after meeting on a reality cooking show. They have recently decided to start an Internet business to sell their delicious chocolate brownies. Their knowledge of business, unlike their totally awesome culinary skills, ..
What are the main reason for a firm's financial policies? What did AT&T do to maintain constant access to the capital market
Provide the journal entries that would appear in Tea Tree Bay Ltd's books to account for the acquisition of the Gizmo Machine.Solve the acquisition cost
The total variable costs will be $700,000, total sales will be $1,050,000, and fixed costs will be $135,000. What is the breakeven point in sales dollars?
Prepare journal entries to record these liquidation transactions - When the liquidation commenced, expenses of $20,000 were anticipated as being necessary to dispose of all property. Prepare a predistribution plan for the partnership.
How would you go about indicating to investors that all account balances are valid and free from potential errors? What types of financial records and information would you use to support your claims? Explain.
Calculate Denise's Boutique's inventory-on-hand period under both LIFO and FIFO. Which method generates the 'better' inventory-on-hand' ratio?
question kingline company produces three products in a joint process costing 1000000. product 1 sells for 0.35ounce
Today Thomas deposited $130,000 in a three-year, 8% CD that compounds quarterly. What is the maturity value of the CD? A company issued $ 100,000 5-year, 7.00% bonds and received $ 101,137 in cash. The market rate of interest when the bonds were issu..
Journalize and post the July transactions.Paid $1,000 cash on amount owed on truck and $800 on amount owed on cleaning supplies.
Mason Farms purchased a building for $729,000 eight years ago. Six years ago, repairs were made to the building which cost $136,000. The annual taxes on the property are $11,000. The building has a current market value of $825,000 and a current book ..
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