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On April 2, 2011, Idaho Mining Co. pays $3,506,670 for an ore deposit containing 1,417,000 tons. The company installs machinery in the mine costing $199,400, with an estimated seven-year life and no salvage value. The machinery will be abandoned when the ore is completely mined. Idaho begins mining on May 1, 2011, and mines and sells 137,400 tons of ore during the remaining eight months of 2011.
Prepare the December 31, 2011, entries to record both the ore deposit depletion and the mining machinery depreciation.Mining machinery depreciation should be in proportion to the mine%u2019s depletion.
integrating case 5-23balance sheetassetscash 15000accounts receivable net einventory dprepaid expenses and other
Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. Prepare the journal entry to record the purchase.
acme inc. is a wholesaler and distributor of electrical components. the most recent draft financial statements of the
jimmy chitwood inc. is considering a project that is estimated to generate annual cash inflows of 35000. the equipment
At the beginning of the year, Gal Company had liabilities of $50,000 and stockholders' equity of $96,000. If assets increased by $40,000 and liabilities decreased by $30,000, what was the stockholders' equity at the end of the year?
here is a comparative balance sheet for padgett company padgett company comparative balance sheet december 31 assets
1. when products held in inventory are solda.cost of goods sold is credited.b.work in process inventory is
Interest Revenue $5,000, Freight-out $1,500, Utilities Expense $7,400, Salaries Expense $18,500. Prepare the closing entries for the Dionne's accounts.
Inventory transactions.
Southern State University had the following account balances as of June 30,2012. Debits are not distinguished from credits, so assume all accounts have a "normal" balance: Prepare, in good form, a Statement of Net Assets for Southern State Universi..
production-cost cross-subsidization results fromallocating indirect costs to multiple products.assigning traced costs
For each of the situations, discuss the following and provide support for your conclusions: The type of accounting change. The manner of reporting the change under current generally accepted accounting principle. Where applicable, discuss how amounts..
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