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Compute the depletion expense in 2013 and 2014 for financial accounting purposes. What accounts will be diebited and credited to record the depletion? In 2013, 20,500 ton of ore were sold for $2,050,000. For tax purposes, operating expenses delpetion, which for the type ire produced is 8% of production sold from the mine. (Assume, however, that percentage depletion is limited to the amount of net income from the property) What would be the amount of percentage depletion allowable in 2013?
Allocate the Heating Department cost to the products using the physical quantities method.
Warner tool company produces class rins to sell to collegeand high school students. These rings sell for $75.00 each, andcost $35 each to produce. Warner tool company has fixed costs of $50,000. a) calculate warner tool company's breakeven point?
What are the two methods for accounting for purchase discounts?
At the end of the year, 20% of the goods were still in X-Beams' inventory. Kent's reported net income was $300,000. What was the non-controlling interest in Kent's net income?
Suppose you believe that the economy is just entering a recession. Your firm must raise capital immediately, and debt will be used. Should you borrow on a long-term or a short-term basis? Why?
Critically evaluate the existing compensation plan and recommend any changes.
The actual variable overhead cost last month was $3,380 and the actual fixed overhead cost was $8,780. In the clinic's flexible budget performance report for last month, what would have been the variance for the total overhead cost?
Find two annual reports from competing publicly traded companies of your choice. Prepare an overview of the two companies including a brief synopsis of the industry the companies are in, the market share each company holds, and the length of time ..
Wild's Flowers sells $400 of flowers for a wedding and the customer pays with a bank credit card (e.g., VISA). Wild's Flowers must pay 3% to the credit card company for credit card transactions.
Please show your work. Thurco corp had revenues of $120,000 and expenses of $70,000 if thurco had $250,000 of equipment and other operating assets last year what is thurcos margin?
What are some ways that auditors can be sure that the sample sizes will be fair enough to provide a look at internal controls, yet comprehensive enough to detect any irregularities? Is there a way?
What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates?
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