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Myers Quarry produces gravel and sand in an 8.2 ratio. Joint costs for a month (volume = 9,000 tons and rock input) amount to $225,0000. Values at the split-off point are $30 per ton for gravel and $40 per ton for sand.
a. Allocate joint costs to the two products using the relative sales value to split off as the allocation basis.
b. Suppose Myers can run the sand through a sieve to remove small rocks and make fine sand used to fill sandboxes. The process will, however, reduce the yield of sand from 1,800 tons to 900 tons. This superior grade of sand ("sandbox" quality) retails for $160 per ton. However, Myer will incur $18,000 to process the sand into "sandbox" quality. Should Myers sell the coarse sand as is or process it further into sandbox quality sand?
on an involuntary conversion in which the taxpayer does not buy replacement property within the replacement period the gain on the involuntary conversion and any tax due must be reported.
The goal is to apply learned concepts and later build a strategic marketing plan for your product or service. You will not be allowed to mimic plans or ideas from larger or already "in-place" campaigns. You must think on your own two feet.
Prepare the journal entry(s) and defend your reasoning process for the admission of Flint to the partnership assuming Flint invested $400,000 for the ownership interest. Flint paid the money directly to Chang and to Danos for 50% of each of their ..
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What is the advantage of overestimating? What are the pitfalls of under-estimating?
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Descriptions of how your organization uses the accounting information for financial management improvement recommendations for you.
January $25,000; March, $5,000. For the fiscal year ended 12/31/08, what amount should be recognized as property tax revenues related to the 2007 levy on the governmental fund financial statements?
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