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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.
Determine Bad debt from uncollected rent
Construct the projected income statement. Enter your answers in millions. For example, an answer of $1.2 million should be entered as 1.2, not 1,200,000. Round your answers to two decimal places.
Evaluate and discuss whether Boeing could benefit by using Activity Based Costing (ABC). The discussion should include what factor(s) influenced your decision, the ramifications of implementing ABC in the international business environment of Boeing,..
Prepare journal entries to record the purchase of the bonds, the first two interest receipts, and the sale of the bonds.
How many vinyl and laminate dining tables the company will manufacture in house and how many it will buy from another manufactory? How much would vinyl tables have to cost in order for the company to consider purchasing these items rather than mak..
Compare the financial reporting needs of the resource providers of government/not-for-profit organizations to the financial reporting needs of the resource providers of for-profit organizations. What are the reporting needs of each and what are the d..
question at the starting of its 2010 calendar-year accounting period abc inc. had retained earnings of 1500000. through
Record the necessary journal entries for Sudweeks Company on June 24, June 30, and July 20.
1.Assume that Amazon.com sells the MacBook Pro, a computer brand produced by Apple. Amazon arranges its operations such that customers receive products from Apple Stores rather than Amazon.
on july 1 2010 linux corporation a wholesaler of electronics equipment issued 45000000 of 10-year 10 bonds at an
Prepare an action analysis report in good form of a job that involves making 53 yards of drapes and has direct materials and direct labor cost of $1,480.
In order to help induce Jill Gregory to remain as president of the Reed Company, in 2000 it promises to pay her (or her estate) $200,000 per year for the next 15 years—even if she leaves the company or dies. Reed wants to ascertain if it can offset t..
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