On May 1, 2018, Hecala Mining entered into an agreement with the state of New Mexico to obtain the rights to operate a mineral mine in New Mexico for $9.9 million. Additional costs and purchases included the following (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.):

After the minerals are removed from the mine, the equipment will be sold for an estimated residual value of $12,000. The structures will be torn down.

Geologists estimate that 790,000 tons of ore can be extracted from the mine. After the ore is removed the land will revert back to the state of New Mexico.

The contract with the state requires Hecala to restore the land to its original condition after mining operations are completed in approximately four years. Management has provided the following possible outflows for the restoration costs:

Hecala’s credit-adjusted risk-free interest rate is 7%. During 2018, Hecala extracted 119,000 tons of ore from the mine. The company’s fiscal year ends on December 31.

Required:

1. Determine the amount at which Hecala will record the mine.(Round your final answer to nearest whole dollar.)

2. Calculate the depletion of the mine and the depreciation of the mining facilities and equipment for 2018, assuming that Hecala uses the units-of-production method for both depreciation and depletion. (Do not round your intermediate calculations. Round "Depreciation" and "Depletion" rates to 4 decimal places. Round your final answers to the nearest whole dollar.)

3. How much accretion expense will the company record in its income statement for the 2018 fiscal year? (Do not round intermediate calculations. Round your final answer to nearest whole dollar.)

4. Are depletion of the mine and depreciation of the mining facilities and equipment reported as separate expenses in the income statement?

5. During 2019, Hecala changed its estimate of the total amount of ore originally in the mine from 790,000 to 990,000 tons. Calculate the depletion of the mine and depreciation of the mining facilities and equipment for 2019 assuming Hecala extracted 149,000 tons of ore in 2019.(Do not round your intermediate calculations. Round "Depreciation" and "Depletion" rates to 4 decimal places. Round your final answers to the nearest whole dollar.)

Foxx Corporation acquired all of Greenburg Company’s outstanding stock on January 1, 2016, for $724,000 cash. Greenburg’s accounting records showed net assets on that date of $560,000, although equipment with a 10-year life was undervalued on the records by $87,500. Any recognized goodwill is considered to have an indefinite life.

Greenburg reports net income in 2016 of $108,500 and $121,000 in 2017. The subsidiary declared dividends of $20,000 in each of these two years.

Account balances for the year ending December 31, 2018, follow. Credit balances are indicated by parentheses.

1. Determine parent's investment income for 2018 under partial equity method and equity method.

2. What would be Foxx’s balance for retained earnings as of January 1, 2018, if each of the following methods had been in use?

• 	d. Investment Income e. Retained Earnings Initial value method $1,236,000 Partial equity method Equity method

Trump, Clinton, and Mueller are forming a partnership.                                                                              

Trump and Clinton are each contributing $100,000 while Mueller is contributing $70,000 and his expertise.                                                                                      

They will be equal partners and each will show the same beginning capital account.             

REQUIRED: A) MAKE THE JOURNAL ENTRY USING THE BONUS METHOD                                                               

                      B) MAKE THE JOURNAL ENTRY USING THE GOODWILL METHOD

The Polaris Company uses a job-order costing system. The following transactions occurred in October:

1. Raw materials purchased on account, $209,000.
2. Raw materials used in production, $192,000 ($153,600 direct materials and $38,400 indirect materials).
3. Accrued direct labor cost of $49,000 and indirect labor cost of $21,000.
4. Depreciation recorded on factory equipment, $104,000.
5. Other manufacturing overhead costs accrued during October, $129,000.
6. The company applies manufacturing overhead cost to production using a predetermined rate of $7 per machine-hour. A total of 76,500 machine-hours were used in October.
7. Jobs costing $514,000 according to their job cost sheets were completed during October and transferred to Finished Goods.
8. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 32% above cost.

Required:

1. Prepare journal entries to record the transactions given above.

2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $37,000.

The Accounts Receivable balance for Gold​, Inc. at December​ 31, 2017​, was $27,000. During 2018​, Gold earned revenue of 461,000 on account and collected $326,000 on account. Gold wrote off $6,400 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 2​% of accounts receivable.

1. Assume Gold had an unadjusted $1,800 credit balance in Allowance for Bad Debts at December ​31, 2018. Journalize Gold​'s December ​31, 2018​, adjustment to record bad debts expense using the​ percent-of-receivables method.

2.  Assume Gold had an unadjusted $1,500 debit balance in Allowance for Bad Debts at December ​31, 2018. Journalize Gold​'s December ​31, 2018​, adjustment to record bad debts expense using the​ percent-of-receivables method.

Chaz Corporation has taxable income in 2018 of $312,000 for purposes of computing the §179 expense and acquired the following assets during the year: Placed in Asset Service Basis Office furniture September 12 $ 780,000 Computer equipment February 10 930,000 Delivery truck August 21 68,000 Qualified improvement property September 30 1,500,000 Total $ 3,278,000 What is the maximum total depreciation deduction that Chaz may deduct in 2018?

Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company’s costs:

For example, electricity costs are $1,400 per month plus $0.09 per car washed. The company expects to wash 8,500 cars in August and to collect an average of $6.00 per car washed.

The actual operating results for August appear below.

Required:

Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

Domino Co. has the following data related to an item of inventory: Beginning Inventory, March 1 - 100 units @ $2.10 Purchase, March 7 - 350 @ $2.20 Purchase, March 16 - 70 @ $2.25 Ending Inventory, March 31 - 130 The value assigned to cost of goods sold if Domino uses FIFO is The value assigned to ending inventory if Domino uses LIFO is

Can anyone please explain the steps and thinking order to get the answers? I know the answers but still don't understand.

Examine the shortcomings of GDP in measuring a country’s economic health?

Using financial leverage: All of the following are correct except:

5. Jasper Corp, has the following Stockholders’ Equity account balances and activity for Year 2.

Earnings per share =         __________________ / ___________________* = ________

* Compute Denominator: Weighted average common shares outstanding

Did performance improve in Year 2 as compared to Year 1? _________________Why?

Polaski Company manufactures and sells a single product called a Ret. Operating at capacity, the company can produce and sell 36,000 Rets per year. Costs associated with this level of production and sales are given below:

The Rets normally sell for $50 each. Fixed manufacturing overhead is $324,000 per year within the range of 30,000 through 36,000 Rets per year.

Required:

1. Assume that due to a recession, Polaski Company expects to sell only 30,000 Rets through regular channels next year. A large retail chain has offered to purchase 6,000 Rets if Polaski is willing to accept a 16% discount off the regular price. There would be no sales commissions on this order; thus, variable selling expenses would be slashed by 75%. However, Polaski Company would have to purchase a special machine to engrave the retail chain’s name on the 6,000 units. This machine would cost $12,000. Polaski Company has no assurance that the retail chain will purchase additional units in the future. What is the financial advantage (disadvantage) of accepting the special order? (Round your intermediate calculations to 2 decimal places.)

2. Refer to the original data. Assume again that Polaski Company expects to sell only 30,000 Rets through regular channels next year. The U.S. Army would like to make a one-time-only purchase of 6,000 Rets. The Army would pay a fixed fee of $1.80 per Ret, and it would reimburse Polaski Company for all costs of production (variable and fixed) associated with the units. Because the army would pick up the Rets with its own trucks, there would be no variable selling expenses associated with this order. What is the financial advantage (disadvantage) of accepting the U.S. Army's special order?

3. Assume the same situation as described in (2) above, except that the company expects to sell 36,000 Rets through regular channels next year. Thus, accepting the U.S. Army’s order would require giving up regular sales of 6,000 Rets. Given this new information, what is the financial advantage (disadvantage) of accepting the U.S. Army's special order?

Find the present value of an annuity due that pays $1,600.00 at the beginning of each quarter for 4 years, if interest is earned at a rate of 4%, compounded quarterly.

The present value is $___ (Round to 2 decimal places.)

Forecast Sales Volume and Sales Budget

For 20Y6, Raphael Frame Company prepared the sales budget that follows.

At the end of December 20Y6, the following unit sales data were reported for the year:

For the year ending December 31, 20Y7, unit sales are expected to follow the patterns established during the year ending December 31, 20Y6. The unit selling price for the 8" × 10" frame is expected to increase to $17 and the unit selling price for the 12" × 16" frame is expected to increase to $32, effective January 1, 20Y7.

Required:

1. Compute the increase or decrease of actual unit sales for the year ended December 31, 20Y6, over budget.

Enter any decreases beginning with a minus (-) sign.

2. Assuming that the increase or decrease in actual sales to budget indicated in part (1) is to continue in 20Y7, compute the unit sales volume to be used for preparing the sales budget for the year ending December 31, 20Y7.

Enter any decreases beginning with a minus (-) sign. Round budgeted units to the nearest whole unit.

3.  Prepare a sales budget for the year ending December 31, 20Y7.

On “Bring Your Children to Work Day” at Wing Corporation, Susan Gills, a Wing employee, brought her ten-year-old daughter to work. ACE was installing Wing’s new computer system on that day. After installation, when Susan attempted to adjust the monitor connected to her new computer, she inadvertently knocked the monitor off the desk and onto the floor. The screen shattered causing a shard of glass to strike the child’s toe resulting in four stitches. Susan has blamed the installer, ACE, for placing the monitor in a dangerous position near the back edge of her desk. The damages to this point have been minimal as Susan drove her child to their physician and paid the $20 copay for an office visit. Yet, the Gills family has sued ACE for the following:

Likely future plastic surgery $ 5,000 Emotional distress to Child 500,000 Emotional distress to Susan 1,200,000 Total $1,705,000

ACE’s lawyers believe that this case, with the possible exception of the plastic surgery (for which the HMO won’t pay), is frivolous. ACE has no insurance to cover this sort of liability. If this case goes to court, ACE’s on staff attorneys will handle the case. To eliminate any possible bad press from this case, ACE’s lawyers suggested settling for a “nuisance value” of $10,000. The family rejected this offer out of hand and asked for $200,000 to settle this out of court. ACE has decided, at least at this point, to refuse any further settlement offer.

In the lawyer’s letter to you, ACE’s lawyers indicated that they believe that ACE has “just and meritorious defense available” to fight this case. Furthermore, ACE’s legal counsel for the case indicated that while she agrees that this case is largely frivolous, litigation involving a young child is somewhat of a gamble and that making a definite prediction on the outcome of the case is impossible. In the end she believes the judgment will likely be $5,000 for the plastic surgery. What entry or disclosure, if any, is necessary in this circumstance?   

Also what standard would go along with this?