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On April 2, 2015, Montana Mining Co. pays $3,721,000 for an ore deposit containing 1,525,000 tons. The company installs machinery in the mine costing $213,500, with an estimated seven-year life and no salvage value. The machinery will be abandoned when the ore is completely mined. Montana begins mining on May 1, 2015, and mines and sells 166,200 tons of ore during the remaining eight months of 2015.
Prepare the December 31, 2015, entries to record both the ore deposit depletion and the mining machinery depreciation. Mining machinery depreciation should be in proportion to the mine’s depletion.
Which one of the following below should be added to net income in calculating net cash flow from operating activities using the indirect method?
costs must be included in inventory of a manufacturing company
Multiple choice questions on cash and cash equivalents - A company that increases its liquidity by holding more cash and marketable securities
Explain how full-absorption costing can be abused by management to misstate financial results and explain how CVP analysis may be helpful in evaluating whether it will be smart to buy a new machine that would reduce labor costs by 60%.
students should review the following statements and write 3-4 paragraphs that provide support for your answersmanagers
What is Kelly's deductible theft loss in the current year and what is Kelly's deductible theft loss in the current year if the theft is not discovered, until January of the following year?
Determine the adjustments needed and enter adjustment amount under Tax Adjustments.- Determine the accrual to cash adjustments for accounts receivable and accounts payable.
Think of Citibank’s new strategy (customer service and relationship banking). What were the limitations of the previous performance measurement system? Is the old system aligned to strategy? What changes were required to the system to better align to..
Sacred Heart Hospital (SHH) faces skyrocketing nursing costs, all of which relate to its two biggest nursing service lines - the Emergency Room (ER) and the Operating Room (OR). SHH's current cost system assigns total nursing costs to the ER and OR b..
GB Service Corporation has two service departments, Administration and Accounting, and two operating departments, East and West. Administration costs are allocated on the basis of employees, and Accounting costs are allocated on the basis of number o..
The expected return on plan assets and the settlement rate were both 8%. Determine the pension expense to be reported in 2011. Prepare the journal entry to record pension expense and the employers' contribution to the pension plan in 2011.
Kayla age 17, is claimed by her parents as a dependent. During 2015, she had interest income from a bank saving account of $2,000 and income from a part time job of $4,200. How much her taxable income is?
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