any purchased mining property for $4,875,000 (assume no salvage value) containing an estimated 15,000,000 tons of ore.  In Year 1, it mined 689,000 tons of ore and in Year 2, it mined 935,000 tons.          1. What is the depletion rate per ton? ------------------->   Calculation:               2. What is the depletion expense for Year 1? ---------->   Calculation:

Q: The following information was included in the bank reconciliation for Phillip Company for October an...

A: The calculation is given below. 

Q: lier charges P500 per sa ies. It takes an average entory are funded thru

A: Here it is given that number of days is 365 and average unit sold per day is 60. Hence Total Require...

Q: LL Corporation will need a minimum of P1,500,000 cash for six months. It has the following options a...

A:

Q: hat is the accounts receivable cycle? Why is this task especially important for healthcare organizat...

A: Solution Concept Account receivable                 Account receivable is  a current asset and prese...

Q: TAARE ZAMEENPAR Company reported the following changes in the account balances for the current year,...

A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...

Q: Overhead Application, Overhead Variances, Journal Entries ONLY LAST PART PLEASE!!! Plimpton Company...

A: Journal entries shows the recording of the transactions during an accounting year and every transact...

Q: vendor showed that the company has only five suppliers which account for 90% of the total accounts p...

A: Materiality is important in audit to obtain reasonable assurance. If during audit auditor realize th...

Q: direct labo Required: 1 What is the standard labor-hours allowed (SH) to prepare 7,000 meals? 2 What...

A: Direct labour cost/spending variance: direct labour variance is variance analysis done by the compan...

Q: X Co. is engaged in constructing and renting office space to various businesses. On September 1, 200...

A: Revenue that related to future period of time, but received in advance is known as unearned revenue....

Q: e lease will not commence until the building is completed. Oliver completed the building at a total ...

A: Under outright method, improvement is recognized as income when the improvement is completed.  

Q: indicate why you would or would not want to be involved in a Limited Partnership investment

A: A limited partnership (LP), as opposed to a limited partnership (LLP), is a partnership formed by tw...

Q: Discuss the nature of this lease for both the lessee and the lessor. This is a select a type of lea...

A: Leases is a form of agreement or arrangement between two persons, in which one party provides its as...

Q: How much is the increase in the capital of Choy after taking into account all transactions?

A: Accounting equation is the element of equation, which shows that total assets must be equal to total...

Q: In 2O2O Coca Cola reported net operating revenues of P18.2 billion and cost of goods sold for P0.8 b...

A: The gross profit rate indicates the percentage of the profit earned by the business after deducting ...

Q: The amount of assets consumed during the performance of business operations in a period while delive...

A: Assets can be defined as any resource which has its own intrinsic economic value, owned and controll...

Q: How much is the cash balance after all transactions were taken into account? 2. How much is the acc...

A: Accounting equation is the equation which says that total assets must be equal to total liabilities ...

Q: Among the account balance of Jeffrey Corporation at December 31, 2009 are the following: Patent Inst...

A: A patent is the granting of a property right to the inventor by a sovereign authority. This grant pr...

Q: Angel owned a property costing Php. 2,000,000.00. She exchanged her property with the lot of Princes...

A: At the time of acquisition of assets, sometimes old asset needs to be exchanged and some amount of c...

Q: 1. How much is the total expense? 2. How much is the net income? 3. What is the balance of the endin...

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: On January 1, 2019, Ferrothorn Co. sold equipment, to its subsidiary, Klang Corp., for P115,000. The...

A: Actual cost of asset=125000 less Accumulated depreciation =45000 Value of asset as on 1.1.19= 80000 ...

Q: eal Leasing Company agrees to lease equipment to Flint Corporation on January 1, 2020. The following...

A: Economic Life 8         Fair Value $406000       Guaranteed Residual Value $36300       Cost P...

Q: Direct Materials, Direct Labor, and Overhead Variances, Journal Entries Rand Company produces dry f...

A: Direct Material- Direct material refers to the unprocessed materials that are directly used in the p...

Q: Partially correct answer icon Your answer is partially correct. Carla Corporation enters into a 7-ye...

A: SOLUTION WORKING - COMPUTING PRESENT VALUE OF LEASE LIABILITY- YEAR PAYMENTS PV OF $1 PV 0 3730...

Q: Basketball Co. wholly owns Volleyball Co. During the year, Basketball purchased inventory from Volle...

A: In intercompany transaction for Cost of goods sold, The parent company’s and subsidiary company’s ba...

Q: The following bank reconciliation is presented for HRCA Company for the month of November 2020: Bala...

A: Ideally cash balance as per cashbook and bank statement balance should reconcile with each other and...

Q: .ull Airtel TZ 3G 10:08 @ 12% I 4. The trial balance below was extracted from the books of CiciCaca ...

A: Hi student Since there are multiple questions, we will answer only first question.

Q: You are assigned to perform a review of minutes of meeting for the year end audit ending December 31...

A: Since, we only answer one question, we will answer the first question. Please resubmit the question ...

Q: y created a standard cost system to help control costs and has established the following standards f...

A: Material price variance = (Standard price - Actual price)*Actual quantity purchased Material quantit...

Q: 98 cases were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of...

A: First-in, first-out (FIFO) cost flow assumption - Under FIFO Method, Inventory purchased first is so...

Q: On December 30, Year 1, ABC Corporation sold a machine to DEF Corporation in exchange for a non-inte...

A: Non-interest bearing note is a debt instrument, for which there is no mandatory requirement or oblig...

Q: HomeLife Life Insurance Company has two service departments (actuarial and premium rating) and two p...

A:

Q: GBV Co. is preparing its November 30, 2015 bank reconciliation statement. The following information ...

A: Credit memos are those collections made by bank, which are not yet recorded in books of account. Thi...

Q: 2. ABC Corporation issued P1,000,000 in 8% bonds, maturing in ten years and paying interest semi-ann...

A: Solution Concept When the coupon rate of bond = market rate of interest  , bond is called a par valu...

Q: true or false: 1. The matching principle states that expenses are recognized when incurred in genera...

A: Accounting principles are those rules, regulations and policies which are used for accounting, recor...

Q: 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 tot...

A: Net Sales = 20,00,000 Purchases = 12,00,000 Opening Inventory = 2,00,000 Closing Inventory = 3,00,00...

Q: hould an organization take a discount of 1.5/10 N/30 on a $9,000 invoice or simply pay the bill when...

A: solution concept credit term 1.5/10 N/30            It means that if the payment is made within 10 d...

Q: A company has an operating leverage factor of 4. When its sales increase to P500,000, its profit bef...

A: solution given Operating leverage 4 Variable cost ratio 40% Fixed cost ?   Whe...

Q: Wynn Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional...

A: As per accrual basis income is recognised when they are earned and not when they received As per cas...

Q: The following are generally non-taxable income, except:  A. Stock Dividend B. Compensation for pers...

A: The person would not be taxed if the source of income is a stock dividend, receipt from farming, or ...

Q: Chanter 9 Receivables Receivables s: Series A PR 9-1A Entries related to uncollectible accounts OBJ....

A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for...

Q: Molander Corporation is a distributor of a sun umbrella used at resort hotels. Data concerning the n...

A: In accounting analysis and break-even analysis margin of safety is the difference between the expect...

Q: Wynn Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional...

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...

Q: a. Calculate the unit cost for each product using the appropriate cost drivers for each product. Not...

A: Solution Note : As per the Q&A guideline we are required to answer the first three subparts only...

Q: Choy, after receiving her degree in Hotel and Restaurant Management began her own business called Ch...

A: Accounting equation of the business is one of the important element of accounting. This says that to...

Q: 10. What is the net income under cash basis?

A: Cash basis of accounting is that accounting system under which only cash received are treated as inc...

Q: rts B and C

A: Net income is the amount that is left over after the company has paid all its expenses including int...

Q: are income and expenses included in the equity?

A: Lets understand the basics. Equity is a amount invested by the owner of the entity. In company, we c...

Q: Concept Review 3.4- Future Value of a Tax Savings Please turn to page 152 of the text and complete ...

A: How muche is taxes saving for current year? 

Q: 13 -A beauty salon presents the following data: • Monthly rent: R$6,000.00; Salaries: R$12,000.00 IP...

A: As requested to ignore break even point so we are only answering variable cost.

Q: reports income by the percentage of completion method. In 2019, Crevar started a P2,000,000 construc...

A: