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In 2013, the Marion Company purchased land containing a mineral mine for $1,600,000. Additional costs of $600,000 were incurred to develop the mine. Geologists estimated that 400,000 tons of ore would be extracted.After the ore is removed, the land will have a resale value of $100,000.To aid in the extraction, Marion built various structures and small storage buildings on the site at a cost of $150,000. These structures have a useful life of 10 years. The structures cannot be moved after the ore has been removed and will be left at the site. In addition, new equipment costing $80,000 was purchased and installed at the site. Marion does not plan to move the equipment to another site, but estimates that it can be sold at auction for $4,000 after the mining project is completed.In 2013, 50,000 tons of ore were extracted and sold. In 2014, the estimate of total tons of ore in the mine was revised from 400,000 to 487,500. During 2014, 80,000 tons were extracted.Required:1. Compute depletion and depreciation of the mine and the mining facilities and equipment for 2013 and 2014. Marion uses the units of production method to determine depreciation on mining facilities and equipment.2. Compute the book value of the mineral mine, structures, and equipment as of December 31, 2014.
construct a balance sheet for saylors tables given the following data assume that the items listed below are the only
compare the two companies about the ratios. does it seems high ratio- low receivicing day and reverse?2011deckskkratio
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Ligon Enterprises has prepared a production budget for October. Management has determined that the total required production for October is 800,000 units when an ending inventory of 10,000 units is desired and the beginning inventory is 6,000 unit..
you are considering two options for producing a product that will sell for 100.option 1 will have variable cost 50 and
Evaluate the statements made by Walker. Comment specifically on Walker's computation of the manufacturing cost of units sold and on whether it appears that the reduction in the cost of finished goods sold was achieved through more efficient operat..
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Please describe Organizational Behavior (OB) AND 2-3 of the interdisciplinary areas that have strong ties to OB.
Prepare journal entries that summarize sales of the circuits (assume all credit sales) and any aspects of the warranty that should be recorded during 2013.
these last two questions are giving me trouble. if anyone has any help to give me i would truly appreciate it.exercise
ssold for csh one model a1100 kawasaki jet ski personal wtercraft. this model retails for 9375.00 plus 8 sales tax.note
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