At the beginning of 2020, Pronghorn Company acquired a mine for $1,732,800. Of this amount, $112,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists have indicated that approximately 11,600,000 units of ore appear to be in the mine. Pronghorn incurred $190,400 of development costs associated with this mine prior to any extraction of minerals. It also determined that the fair value of its obligation to prepare the land for an alternative use when all of the mineral has been removed was $44,800. During 2020, 2,718,000 units of ore were extracted and 2,310,000 of these units were sold.

Required:
a. Compute the total amount of depletion for 2020.
b. Compute the amount that is charged as an expense for 2014 for the cost of the minerals sold during 2020.

Answer: a. $434880

b. $369,600

Explanation:

a. Compute the total amount of depletion for 2020.

Depletion Rate can be calculated as:

= (Mine cost - Value of land + Obligation + Development cost)/Ore extracted

= ($1,732,800 - $112,000 + $44,800 + $190,400)/$11,600,000

= $1856000/$11600000

= 0.16

Total amount of depletion for 2020 will now be calculated as:

= Depletion Rate × Ore extracted

= 0.16 × 2,718,000

= $434880

b. Compute the amount that is charged as an expense for 2014 for the cost of the minerals sold during 2020.

This will be calculated as the totsl depletion for 2014 divided by the value of the amount of ore that was extracted multiplied with amount of unit sold. This will be:

= (434,880/2,718,000) × 2,310,000

= 0.16 × 2,310,000

= $369,600

What is a balance sheet?

ABC Inc. made a $25,000 sale on account with the following terms: 2/10, n/30. If the company uses the net method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale

A $2 million jumbo CD is paying a quoted 3.55 percent interest rate on 180-day maturity CDs. How much money will you have at maturity if you invest in the CD

On April 1st, Bob the Builder entered into a contract of one-month duration to build a barn for Nolan. Bob is guaranteed to receive a base fee of $5,000 for his services in addition to a bonus depending on when the project is completed. Nolan created incentives for Bob to finish the barn as soon as he can without jeopardizing the structural integrity of the barn. Nolan offered to pay an additional 30% of the base fee if the project finished 2 weeks early and 10% if the project finished a week early. The probability of finishing 2 weeks early is 30% and the probability of finishing a week early is 60%.What is the expected transaction price with variable consideration estimated as the expected value?a. $4,750b. $5,000c. $5,750d. $5,50

Drag each label to the correct location on the table. Match the companies to their business categories.

Which costs are variable costs?
A. Rent
B. Machinery
C. Raw material
D. Marketing
E. Monthly salary

One of the Justices on the Supreme Court, stated that in this decision, the Supreme Court gave up power to gain power. What do you think this means?

Mason Corporation had $650,000 in invested assets, sales of $700,000, operating income amounting to $99,000, and a desired minimum return on investment of 15%. The investment turnover for Mason Corporation is

The defect rate for data entry of insurance claims at Sadegh Kazemi Insurance Co. has historically been about 1.50% This exercise contains only parts a, b, c, d, and e.
a. If you wish to use a sample size of 100, the 3-sigma control limits are: UCLD (enter your response as a number between 0 and 1, rounded to three decimal places).
b. what if the sample size used were 50, with 3 standard deviation?
c. what if the sample size used were 100, with 2 standard deviation?
d. what if the sample size used were 50, with 2 standard deviation?
e. what happens to standard deviation Ap when the sample size is larger?
f. explain why the lower control limits cannot be less then 0.

The operations of Winston Corporation are divided into the Blink Division and the Blur Division. Projections for the next year are as follows:

Blink Division Blur Division Total
Sales $280,000 $168,000 $448,000
Variable costs 98,000 77,000 175,000
Contribution margin $182,000 $91,000 $273,000
Direct fixed costs 84,000 70,000 154,000
Segment margin $98,000 $21,000 $119,000
Allocated common costs 42,000 31,500 73,500
Operating income (loss) $56,000 ($10,500) $45,500

Operating income for Winston Corporation as a whole if the Blur Division were dropped would be:

a. $66,500.
b. $56,000.
c. $45,500.
d, $24,500.

For 2014, Taxpayer (TP) wants to recognize a deduction. The deduction involves a statute that has not changed since enacted in 1920. TP is relying on a case called JONES, which is a case decided by the United States Tax Court in 1965 which held in favor of the taxpayer. The JONES case was decided by a United States Tax Court that lies in the 5th Circuit Court of Appeals. At the time the JONES case was decided, its holding was contrary to precedent set by the 5th Circuit Court of Appeals. Which of the following is correct:a. None of the other choices are correct.b. The Golsen rule is inapplicable here and is of no concern for TP.c. The Golsen rule applies here and weakens the legal justification for the deduction.d. The Golsen rule applies here and strengthens the legal justification for the deduction.

QUESTION 1
The prices for all furniture sold at American Furniture Warehouse end in $9.99, such as $599.99, $899.99, etc. American Furniture Warehouse uses
O a. odd-even pricing.
b.price lining
c. bundle pricing.
d. product-line pricing.
Oe. dynamic pricing.

Bill works at Peterbuilt on the assembly line producing truck frames. Bill is exceptionally knowledgeable about the equipment needed to do his job and often makes recommendations to management on the specifications for and alternative suppliers of needed equipment. Given Bill’s position on the assembly line as an operator, he probably functions in the buying center at Peterbuilt as a(n):

You are required to pay quarterly estimates of the tax liability for your company. If your first quarter payment for taxes was $6,500, how much was the total tax bill for the year if they were equal quarterly payments?

a) $6,500
b) $13,000
c) $19,500
d) $26,000

The Sheridan Inc., a manufacturer of low-sugar, low-sodium, low-cholesterol TV dinners, would like to increase its market share in the Sunbelt. In order to do so, Sheridan has decided to locate a new factory in the Panama City area. Sheridan will either buy or lease a site depending upon which is more advantageous. The site location committee has narrowed down the available sites to the following three very similar buildings that will meet their needs.
Building A: Purchase for a cash price of $612,100, useful life 26 years.
Building B: Lease for 26 years with annual lease payments of $71,490 being made at the beginning of the year.
Building C: Purchase for $655,200 cash. This building is larger than needed; however, the excess space can be sublet for 26 years at a net annual rental of $6,850. Rental payments will be received at the end of each year. The Sheridan Inc. has no aversion to being a landlord.
In which building would you recommend that The Sheridan Inc. locate, assuming a 11% cost of funds?

XYZ Company is union free. Because of increased costs and operational efficiency, it is in XYZ Company’s best interest to avoid unionization. While still in this non-unionized state, it is important for YYZ to do all EXCEPT which of the following?

HELP ME ASAP!!
_______ is the design of buildings and creation of building plans, or
blueprints.
O Construction
O Marketing
O Architecture
O Drafting

You purchase 15 shares of Initech stock at $25 per share. Later, you sell your shares when the price is $30 per share.
What is your dollar return? (Answer should be just a number. Do not include a dollar symbol.)

On June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the customer pays on June 20, select the correct entry to record the receipt of the customer's payment:

Prior to safely smoking meat for food preservation, what must an operation have?

Two-Stage ABC for Manufacturing
Detroit Foundry, a large manufacturer of heavy equipment components, has determined the following activity cost pools and cost driver levels for the year:
Activity Cost Pool Activity Cost Activity Cost Driver
Machine setup $720,000 12,000 setup hours
Material handling 120,000 3,000 material moves
Machine operation 680,000 10,000 machine hours
The following data are for the production of single batches of two products, C23 Cams and U2 Shafts during the month of August:
C23 Cams U2 Shafts
Units produced 500 300
Machine hours 4 5
Direct labor hours 200 400
Direct labor cost $5,000 $10,000
Direct materials cost $20,000 $15,000
Tons of materials 13 8
Setup hours 3 7
Determine the unit costs of C23 Cams and U2 Shafts using ABC.
Product Costs
C23 Cams U2 Shafts
Direct materials 30,000 $20,000
Direct labor 5,000 10,000
Manufacturing overhead
Machine setups 150 300
Material handling 780 480
Machine operation 100,000 X 75,000 X
Total job costs $135,930 X $105,830 X
Units produced 500 300
Cost per unit produced 271.86 352.77

A client heard through its hotline that John, the purchases journal clerk, periodically enters fictitious acquisitions. After John creates a fictitious purchase, he notifies Alice, the accounts payable ledger clerk, so she can enter them in her ledger. When the payables are processed, the payment is mailed to the nonexistent supplier’s address, a post office box rented by John. John deposits the check in an account he opened in the nonexistent supplier’s name.
Required
a. Define fraud, fraud deterrence, fraud detection, and fraud investigation.
b. List four personal (as opposed to organizational) fraud symptoms, or red flags, that indicate the possibility of fraud. Do not confine your answer to this example.
c. List two procedures you could follow to uncover John’s fraudulent behavior. (CIA Examination, adapted)

Nature's Garden Inc. produces wood chips, wood pulp, and mulch. These products are produced through harvesting trees and sending the logs through a wood chipper machine. One batch of logs produces 20,304 cubic yards of wood chips, 14,100 cubic yards of mulch, and 9,024 cubic yards of wood pulp. The joint production process costs a total of $32,000 per batch. After the split-off point, wood chips are immediately sold for $25 per cubic yard while wood pulp and mulch are processed further. The market value of the wood pulp and mulch at the split-off point is estimated to be $22 and $24 per cubic yard, respectively. The additional production process of the wood pulp costs $5 per cubic yard, after which it is sold for $30 per cubic yard. The additional production process of the mulch costs $4 per cubic yard, after which it is sold for $32 per cubic yard.
Allocate the joint costs of production to each product using the net realizable value method.
Joint Product Allocation
Wood chips $
Wood pulp
Mulch
Totals $

Following is information about consulting jobs for a company that is increasing in sales, but has not yet become profitable. The owner keeps financial records on yellow sticky notes stuck to the wall behind his desk. He has asked you to help him set up a costing system so that he can better understand his costs. The owner said that job 140 was completed, job 141 was started and completed, and job 142 was started this month. Professional labour hours for contracts in process consist of job 140 with 129 hours, job 141 with 258 hours, and job 142 with 137 hours. Professional labour was paid $23,580 for the month, and the professional employees are all paid the same rate per hour. Overhead is allocated using an estimated rate based on professional labour hours. The total cost for job 141 is $32,766. Actual overhead cost for the month was $53,448. What is labour paid per hour? Labour per hour. What is the estimated rate per labour hour used to allocate overhead? per hour. Overhead rate What are the total costs (before adjusting for overapplied or underapplied overhead) for Jobs 141, 142, and 143? Total cost Job 140 Job 141 Job 142 What are the amounts in cost of goods sold and work-in-process at the end of the month? Cost of goods sold Work-in-process What amount of overhead was overapplied or underapplied this month? Overhead If this month is typical, what is a reasonable overhead rate? Reasonable overhead rate per hour

The following selected accounts from the Bramble Corp.’s general ledger are presented below for the year ended December 31, 2022:

Advertising expense $54,000 Interest revenue $32,000
Common stock 249,000 Inventory 66,000
Cost of goods sold 1,084,000 Rent revenue 24,000
Depreciation expense 124,000 Retained earnings 534,000
Dividends 149,000 Salaries and wages expense 674,000
Freight-out 24,000 Sales discounts 8,600
Income tax expense 69,000 Sales returns and allowances 43,000
Insurance expense 15,000 Sales revenue 2,399,000
Interest expense 69,000

Required:
Prepare a multiple-step income statement BRAMBLE CORP.

The first budget customarily prepared as part of an entity's master budget is the _____ budget. a.cash b.production c.sales d.direct materials purchases

Twelve​ samples, each containing five​ parts, were taken from a process that produces steel rods at Emmanual​ Kodzi's factory. The length of each rod in the samples was determined. The results were tabulated and sample means and ranges were computed. The results​ were:
Sample Sample Mean​ (in.) Range​ (in.) Sample Sample Mean​ (in.) Range​ (in.)
1 11.204 0.033 7 11.201 0.041
2 11.204 0.041 8 11.203 0.034
3 11.189 0.034 9 11.197 0.027
4 11.208 0.051 10 11.201 0.029
5 11.195 0.031 11 11.201 0.039
6 11.197 0.036 12 11.206 0.047
For the given​ data, the x ​= nothing inches ​(round your response to four decimal​ places).
Based on the sampling​ done, the control limits for ​3-sigma x chart​ are:
Upper Control Limit ​(UCLx​) ​= nothing inches ​(round your response to four decimal​ places).
Lower Control Limit ​(LCLx​) ​= nothing inches ​(round your response to four decimal​ places).
Based on the x​-chart, is one or more samples beyond the control​ limits? ▼ Yes No .
For the given​ data, the R ​= nothing inches ​(round your response to four decimal​ places).
The control limits for the ​3-sigma​ R-chart are:
Upper Control Limit ​(UCLR​) ​= nothing inches ​(round your response to four decimal​ places).
Lower Control Limit ​(LCLR​) ​= nothing inches ​(round your response to four decimal​ places).
Based on the​ R-chart, is one or more samples beyond the control​ limits? ▼ Yes No .

Does anybody know if CPA is profitable. I have heard that it is an easy way to make a side income whilst at college. Even a full time income for some ?

Fechter Corporation had the following stockholders’ equity accounts on January 1, 2020: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par—Common Stock $200,000, and Retained Earnings $100,000. In 2020, the company had the following treasury stock transactions.

Mar. 1 Purchased 5,000 shares at $8 per share.
June 1 Sold 1,000 shares at $12 per share.
Sept. 1 Sold 2,000 shares at $10 per share.
Dec. 1 Sold 1,000 shares at $7 per share.

Fechter Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $30,000.

Required:
Journalize the treasury 2020, for net income.

5.85 percent coupon bond with 10 years left to maturity is priced to offer a yield to maturity of 6.7 percent. You believe that in one year, the yield to maturity will be 6.0 percent. What is the change in price the bond will experience in dollars