User Account

All Pages

Find what is carrying value of gold mines as of december

Assignment Help Financial Accounting
Reference no: EM132956390

Problem 1: On January 1, 2009, Sass Company purchased a gold mine for P36,000,000 with removable ore deposit estimated at 2,160,000 tons. The property has an estimated value of P3,600,000 after the ore has been exhausted. The company incurred P10,800,000 of development costs in preparing the property for ore extraction. Also, the company has a contractual obligation to restore the mines after the ore reserve has been exhausted. The company estimates that a discounted amount of P3,600,000 will be incurred for this. During 2009, 270,000 tons were extracted and 240,000 tons were sold. What is the carrying value of the gold mines as of December 31, 2009?

Reference no: EM132956390

Questions Cloud

Why is a communication or education plan necessary : 1.Why is a communication or education plan necessary and with whom should you consult when developing the plan?
Importance of good corporate and tax planning : What is the importance of good corporate and tax planning for a business group? Please elaborate in 2 to 3 paragraphs.
Find how much shall be credited to the inventory account : An entity has determined that its fine China Division is cash generating unit. The entity calculated value, How much shall be credited to the Inventory account?
What would be the percentage rate of return earned : The current market price for common shares, If the stock's market price rose to $17 what would be the percentage rate of return earned on these put options?
Find what is carrying value of gold mines as of december : On January 1, 2009, Sass Company purchased a gold mine for P36,000,000. What is the carrying value of the gold mines as of December 31, 2009?
Name three ways that the lease may be terminated : Name three ways that the lease may be terminated. real-estate victoria
Explain what factors might have caused the market value : Explain what factors might have caused the market value of debt to change and the market value of equity to change from the accounting balance sheet numbers
Effective implementation of the strategic plan : How do team members hold each other accountable for the effective implementation of the strategic plan? For example, how does accountability for lead measures a
What forms do most companies file with the sec in connection : What forms do most companies file with the SEC in connection with the offering of securities to the public? What are the general steps involved in filing.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd