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Walden Green Company purchased land containing an estimated 4,000,000 tons of ore for $16,000,000. The land will be worth $2,400,000 without the ore after 8 years of active mining. Although the equipment needed for the mining will have a useful life of 20 years, it is not expected to be usable and will have no value after the mining on this site is complete. Compute the depletion charge per ton and the amount of deple- tion expense for the first year of operation, assuming that 600,000 tons of ore are mined and sold. Also, compute the first-year depreciation on the mining equipment using the production method, assuming a cost of $19,200,000 with no residual value.
Complete journal entries: Jan. 1 Accepted Kent's 90 days, 10% note, as settlement of an outstanding. Received payment in full from Sam's. for outstanding note & interest
Computers Inc. sells computers for $2,000 each and also gives each customer a 2-year warranty that requires the company to perform periodic services and to replace defective parts. During 2004, the company sold 700 computers. Based on past experience..
Garcia and Buffet, a local CPA firm, has budgeted $100,000 in fixed expenses per month for the tax department. It has also budgeted variable costs of $5 per tax return prepared for supplies, $35 per return for labor, and $10 per return for computer t..
data for december concerning dinnocenzo corporations two major business segments-fibers and feedstocks-appear showsales
Bongo Company reports a $25,000 increase in inventory and a $10,000 decrease in accounts payable during the year. Cost of Goods Sold for the year was $180,000. Using the direct method of reporting cash flows from operating activities, cash payments m..
Determine a firm's financial condition by calculating and benchmarking specified ratios against other companies in the industry.
Evaluate the division's margin, evaluate the division's turnover and What is the division's return on investment (ROI)?
The following accounts are taken from the December 31, 2010 adjusted trial balance of the Reed Company:
Lakers Company produces two products. The following information is available: Product X Product Y Selling price per unit $46 $36 Variable cost per unit $38 $24 Total fixed costs are $234,000. Lakers plans to sell 21,000 units of Product X and 7,000 u..
Make all journal entries necessary on Slidell's books in 2015 and 2016 to record this loan and the interestrate swap. On January 1, 2016, the interest rate is 6%.
Consider the following information for Maynor Company, which uses a perpetual inventory system.LIFO. ENDING INVENTORY AND COST OF GOOD SOLD.Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing ..
What are 2 control plans that you note in the flowchart above? Is this process an: (a) batch input, batch processing, (b) OLTE, batch processing, or (c) OLRT processing system? Provide evidence from the flowchart above that supports your choice in (2..
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