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Landmark Coal operates a mine. During July, the company obtained 500 tons of ore, which yielded 250 pounds of gold and 63,700 pounds of copper. The joint cost related to the operation was $500,000. Gold sells for $325 per ounce and copper sells for $0.87 per pound. Allocate the joint costs using the relative sales values. With these costs, what is the profit or loss associated with Copper?
Mason Company purchased a new machine on January 1, 1991 for $33,000. At the time of acquisition, the machine was estimated to have a service life of ten years and a salvage value of $6,000. Calculate the amount of the loss recorded on the sale.
Describe and distinguish "fair market value" and "fair value" valuation methods in terms of when each method should be used, and how method estimates value. Distinguish methods used by financial auditors and fraud auditors, and relate the differences..
On October 15, 2012, the board of directors of Ensor Materials Corporation approved a stock option plan for key executives. On January 1, 2013, 23 million stock options were granted, exercisable for 23 million shares of Ensor's $1 par common stock. D..
In your opinion, as a body of rules and regulations, Describe whether or not the rules and regulations are sufficient to minimize fraudulent activities in organizations.
What non-cash transactions does the company have on its cash flow statement? What are some other examples of non-cash transactions?
What was the cost of the packages transferred to Finished Goods Inventory during June? What was cost of the ending Work in Process Inventory for June?
Antique Inc. employs a normal job order costing system, using direct labor cost to apply manufacturing overhead. The following information is available for 2012 :
On his deathbed, Chester Chubb gave his live-in maid $1,213,000 of listed bonds, incurring a gift tax liability of $90,000. After Chester expired, the executor of his will fi led a gift tax return and remitted the gift tax to the IRS. Explain how..
Acme purchased a property that included both land and a building for $200,000. Acme hired an appraiser who determined that the market value of the land was $140,000 and the market value of the building was $50,000. At what amount should Acme record t..
summary analysis of the business options selecting optimum business portfolio.the date is july 2009 just prior to qaim
how much will the capital accounts of McCune, Oakley and Nall increases, correspondingly, due to the revaluation of the assets and recognition of goodwill?
warner company started business on january 1 2011. the following transactions and events occurred in 2011 and 2012. for
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