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Accounting
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Jan 9, 2024
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C14 – Natural Resources – TBS FCO 0199
Problem/Solution
Gear Inc. has significant investments in natural resources.
Accounting for natural
resources involves several accounts and requires journal entries throughout the year.
Two
acceptable methods of accounting for natural resource exploration costs are (1) the
successful efforts method (SE) and (2) the full costing method (FC).
For each of the following transactions listed in the first column, specify the account or
accounts to be debited.
Answer separately for each method (SE or FC).
Transaction or event
SE
FC
1.
Purchase mineral rights
Natural resources
Natural resources
2.
Explore for resource
Natural resources/Exploration expense
Natural resources
3.
Develop the site
Natural resources
Natural resources
4. Recognize asset
retirement obligation
Natural resources
Natural resources
5. Extract the resource
Inventory of resource
Inventory of resource
6. Recognize depletion
Inventory of resource
Inventory of resource
7. Sell the resource
Cost of goods sold
Cost of goods sold
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Related Questions
!
Required information
Sunrise Accounting provides basic tax services and "rent-a-controller" accounting services. Sunrise has identified three
activity pools, the related costs per pool, the cost driver for each pool, and the expected use for each pool.
Activity
Transportation costs
Electronic processing
Office support
Transportation costs
Electronic processing
Office support
Total Overhead
$
Total
Activity
Cost
$50,000 Mileage
75,000 Processing hours
20,000
$
Cost Driver
Using activity proportions, determine the amount of overhead assigned to Controller Services. (Do not round intermediate
calculations.)
25
75
12
112
Administrative hours
Expected Tax
Services Usage
5,000 miles
20,000 hours
3,500 hours
Expected
Controller
Services Usage
35,000 miles
30,000 hours
1,500 hours
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Required information
Sunrise Accounting provides basic tax services and "rent-a-controller" accounting services. Sunrise has identified three
activity pools, the related costs per pool, the cost driver for each pool, and the expected use for each pool.
Activity
Transportation costs
Electronic processing
office support
Transportation costs
Electronic processing
Office support
Total Overhead
Total
Activity
Cost
$
$ 154,880 Mileage:
$ 202,300
$ 158,700
Cost Driver
0
Processing
hours
Administrative
hours
Expected Tax
Services Usage
8,800 miles
23,800 hours
4,830 hours
Required:
Using activity proportions, determine the amount of overhead assigned to Controller Services.
Note: Do not round intermediate calculations.
Expected
Controller
Services Usage
61,600 miles
35,700 hours
2,070 hours
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Complete this question by entering your answers in the tabs below.
Req 1A
Reg 1B
Revenues
Variable expenses
Contribution margin
Traceable fixed expenses:
Prepare a properly formatted segmented income statement.
Depreciation
Liability insurance
Program administrators' salaries
Total traceable fixed expenses
Req 2A
Program segment margins
General administrative overhead
Net operating income (loss)
Req 2B
Total
0
0
0
0
0
0
0
House-
keeping
0
0
0
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3
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please answer the question on image. thank you.
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Don't provide answers in image format
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Required information
Sunrise Accounting provides basic tax services and "rent-a-controller" accounting services. Sunrise has identified three
activity pools, the related costs per pool, the cost driver for each pool, and the expected use for each pool.
Activity
Transportation costs
Electronic processing
office support
Activity
Transportation costs
Electronic processing
Office support
Total overhead assigned
Total
Activity
Cost
Cost Driver
$50,000 Mileage
$ 75,000 Processing hours
$ 20,000 Administrative hours.
Required:
Barry Gold, a tax client of Sunrise Accounting, requires 20 miles of transportation, 50 hours of processing time, and 3 hours of office
support, determine the amount of overhead assigned to Barry Gold.
Note: Round your intermediate calculations to 2 decimal places and your final answers to the nearest dollar amount.
Allocated
Overhead
$
Expected Tax
Services Usage
5,000 miles
20,000 hours
3,500 hours
Expected
Controller
Services Usage
35,000 miles
30,000 hours
1,500…
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Sub : AccountingPls answer very faast.I ll upvote. Thank You
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٢٣
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please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly
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Haresh
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Subject: AFAR
#36
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help me to answer with supportin gcomputation
What is the total amount of costs that will be expensed when incurred?
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S
[The following information applies to the questions displayed below.]
Hosmer Industries provides the following information about resources and usage:
Resources used
Materials
Power
Setups
Purchasing
Client assistance
Supervision
Facility cost
Resources supplied
Materials
Power
Setups
Purchasing
Client assistance
Supervision
Facility cost
Unused
Resources
Capacity
$ 6,600
3,924
2,160
4,680
18,600
8,520
7,080
$ 352,200
47,988
59,076
62, 280
38,520
74,568
128,040
Required:
a. Compute the cost driver rate for each resource.
Cost Driver Volume
6,400 pounds
272 hours
62 setups
64 purchase orders
40 inquiries
256 labor-hours
3,360 square meters
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1
viyalization-sustaining activity. The following COSTS will be assigned using the activity-based Costing system.
Driver and guard wages
Vehicle operating expense
Vehicle depreciation
Customer representative salaries
and expenses
oints
Office expenses
Administrative expenses
Total cost
$ 920,000
350,000
230,000
260,000
120,000
420,000
$2,300,000
eBook
The distribution of resource consumption across the activity cost pools is as follows:
Hint
Pickup
and
Travel
Delivery
Customer
Service
Other
Totals
Driver and guard wages
50%
35%
10%
5%
100%
Print
Vehicle operating expense
70%
5%
0%
25%
100%
Vehicle depreciation
60%
15%
0%
25%
100%
Customer representative salaries and
0%
0%
90%
10%
100%
expenses
Office expenses
0%
20%
30%
50%
100%
Administrative expenses
0%
5%
60%
35%
100%
Mc
Graw
Hill
Required:
Complete the first stage allocations of costs to activity cost pools.
Driver and guard wages
Vehicle operating expense
Vehicle depreciation
Customer representative salaries and expenses
Office…
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please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
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Critical path activities in this project?
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If the company records revenue at a point in time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31?
A. 5,100,000 C. 250,000B. 500,000 D. 100,000
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1F- Please solve these sub-parts of this question on urgent basis. Thanks
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Subject: accounting
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please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
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answer in text form please (without image)
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Google Iranslate
Company's A activity is to repair and maintaine the premises. Compan
an activity-based costing (ABC) system. Information on costs for the year is provided
in the Table 1 and distribution of resource consumption across activities in the Table 2.
Table 1
Amount
Wages and salaries
Disposal fees
Equipment depreciation
On-site supplies
Office expenses
Licensing and insurance
150 000 €
350 000 €
45 000 €
25 000 €
100 000 €
200 000 €
Working
Repair and Estimating
and job
on
maitenance
Other
Total
nonroutine
acitivity
setup
Table 2
Wages and salaries
Disposal fees
Equipment depreciation
On-site supplies
Office expenses
Licensing and insurance
jobs
30%
40%
20%
10%
10%
0%
50%
10%
100%
60%
0%
100%
40%
100%
100%
100%
5%
35%
60%
30%
0%
30%
25%
50%
10%
35%
30%
0%
20%
100%
Compute the total amount of costs of repair and maintenance activity's pool.
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Nn.60.
Subject :- Account
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Answer with explanation
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Please do not give solution in image format thanku
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