In 2013, the Marion Company purchased land containing a mineral mine for $1,900,000. Additional costs of $753,000 were incurred to develop the mine. Geologists estimated that 460,000 tons of ore would be extracted. After the ore is removed, the land will have a resale value of $100,000. To aid in the extraction, Marion built various structures and small storage buildings on the site at a cost of $186,300. These structures have a useful life of 10 years. The structures cannot be moved after the ore has been removed and will be left at the site. In addition, new equipment costing $86,800 was purchased and installed at the site. Marion does not plan to move the equipment to another site, but estimates that it can be sold at auction for $4,000 after the mining project is completed. In 2013, 56,000 tons of ore were extracted and sold. In 2014, the estimate of total tons of ore in the mine was revised from 460,000 to 547,500. During 2014, 86,000 tons were extracted, of which 66,000 tons were sold. Required: 1. Compute depletion and depreciation of the mine and the mining facilities and equipment for 2013 and 2014. Marion uses the units-of-production method to determine depreciation on mining facilities and equipment. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) 2013 2014 Depletion of mineral mine $ $ Depreciation of structures $ $ Depreciation of equipment $ $ 2. Compute the book value of the mineral mine, structures, and equipment as of December 31, 2014. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Book value Mineral mine $ Structures $ Equipment $
In: Accounting
In 2018, the Marion Company purchased land containing a mineral mine for $1,670,000. Additional costs of $638,000 were incurred to develop the mine. Geologists estimated that 400,000 tons of ore would be extracted. After the ore is removed, the land will have a resale value of $108,000. To aid in the extraction, Marion built various structures and small storage buildings on the site at a cost of $132,000. These structures have a useful life of 10 years. The structures cannot be moved after the ore has been removed and will be left at the site. In addition, new equipment costing $91,000 was purchased and installed at the site. Marion does not plan to move the equipment to another site, but estimates that it can be sold at auction for $3,000 after the mining project is completed. In 2018, 57,000 tons of ore were extracted and sold. In 2019, the estimate of total tons of ore in the mine was revised from 400,000 to 434,300. During 2019, 91,000 tons were extracted. Required: 1. Compute depletion and depreciation of the mine and the mining facilities and equipment for 2018 and 2019. Marion uses the units-of-production method to determine depreciation on mining facilities and equipment. 2. Compute the book value of the mineral mine, structures, and equipment as of December 31, 2019.
Compute depletion and depreciation of the mine and the mining facilities and equipment for 2018 and 2019. Marion uses the units-of-production method to determine depreciation on mining facilities and equipment. (Round the intermediate calculation to 3 decimal places.)
|
In: Accounting
What costs are relevant when determining how many pizzas a month Zume Pizza must sell to break even? Zume Pizza uses a combination of robots, artificial intelligence (AI), and GPS in its food trucks to deliver pizzas to customers’ houses just as the pizza is finished baking. Pizzas are actually prepared and baked in the Zume pizza truck by an employee assisted by robots. Zume Pizza started operations in April 2016 and is currently selling about 250 pizzas per day. The pizza delivery process starts with a customer using Zume Pizza’s app to order pizza. The pizza combinations offered by Zume have been derived by analyzing customer data to offer several popular options. These preset combination recipes are programmed into Zume’s computers, so that its robots can build and bake the pizzas efficiently. All pizza preparation and baking happens in the Zume pizza truck. Once the customer orders a pizza, a worker in the Zume food truck will toss the dough, cut the vegetables, and put on toppings. A robot will put on the pizza sauce. Each Zume pizza truck has 56 pizza ovens, which are each individually connected to the order system and the truck’s GPS. A robot will put the pizza into the designated oven exactly four minutes before the truck reaches the customer’s house. A worker will pull out the pizza when it is finished and place it into the cutter, where a robot will cut the pizza. The pizza is boxed and the pizza is delivered to the customer’s door, all within a few minutes of finishing baking. Eventually, Zume’s owners hope to use a robot to remove pizzas from the oven as well. Assume that average selling price per pizza is about $18. To follow are estimates of costs that might be incurred by Zume Pizza in its pizza business. Description of cost Cost estimate Ingredient cost per pizza $ 6.00 Truck fuel cost per delivery $ 3.00 Cost of pizza delivery truck (estimated useful life 5 years, no salvage value) $ 80,000 Cost of initial software development (estimated useful life 3 years) $ 30,000 Annual maintenance/update costs of software $ 25,000 Supplies cost per pizza (box, napkins, etc.) $ 1.00 Cost to park pizza delivery truck per year (garage facility) $ 24,000 Insurance and other regulatory costs per year $ 36,000 Cost of cofounders' salaries per year $ 150,000 Cost to rent restaurant kitchen facility for testing and food prep (per year) $ 45,000 Direct labor cost per pizza (driving truck and preparing pizza in truck) $ 5.00 Source: Wendy Tietz, PhD, CPA, CMA, AccountingintheHeadlines.com This work is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. Questions 1. From the list above, what costs would you classify as variable with respect to the cost of a Zume pizza? Are there any other variable costs you could envision that Zume might incur per pizza? Explain. 2. From the list above, what costs would you classify as fixed with respect to the cost of a Zume pizza? Are there any other fixed costs you could envision that Zume might incur in its pizza business? Explain. 3. What costs from the list and any costs you thought of for Questions #1 and #2 above would you use to calculate the break even number of pizzas that Zume Pizza must sell per day? Why did you included these costs? Calculate the break even number of pizzas. 4. Given your answer for the current break even number of pizzas, calculate Zume’s margin of safety in number of pizzas (if any margin of safety exists.) What does this margin of safety mean?
### i really need to an asnwer to this questions please for my better understanding .... can i please get some help solving this question as i am having hard time understanding this question and getting the right answer.. i would really appreciate it .. thank you
In: Accounting
Windsor Timber Inc., a small private company that follows ASPE, owns 9,500 hectares of timberland purchased in 2007 at a cost of $1,200 per hectare. At the time of purchase, the land without the timber was valued at $400 per hectare. In 2008, Windsor built fire lanes and roads, with a physical life of 30 years, at a cost of $84,000 and separately capitalized these costs. Every year, Windsor sprays to prevent disease at a cost of $5,000 per year and spends $14,000 to maintain the fire lanes and roads. During 2009, Windsor selectively logged and sold 400,000 cubic metres of the estimated 2.00 million cubic metres of timber. In 2010, Windsor planted new seedlings to replace the cut trees at a cost of $160,000.
Determine the depletion charge and the portion of depletion included in the cost of timber sold in 2010.
| Depletion charge | $enter the Depletion charge in dollars |
Provide the journal entries to record the depletion charged to
inventory (and subsequently to cost of goods sold) for the year.
(Credit account titles are automatically indented when
the amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter 0 for
the amounts. Round depletion rate to 2 decimal places, e.g. 15.75
and final answer to 0 decimal places, e.g.
1,525.)
|
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|
|
enter an account title to record depletion |
enter a debit amount |
enter a credit amount |
|
enter an account title to record depletion |
enter a debit amount |
enter a credit amount |
| (To record depletion) | ||
|
enter an account title to record cost of goods sold |
enter a debit amount |
enter a credit amount |
|
enter an account title to record cost of goods sold |
enter a debit amount |
enter a credit amount |
| (To record cost of goods sold) |
Windsor has not logged since 2009. Assume that Windsor logged 900,000 cubic metres of timber in 2020, of which 60% was sold in 2020 and the remainder sold in 2021. The timber cruiser (the appraiser) had estimated a total resource of 8 million cubic metres. Determine the cost of timber sold that relates to the depletion for 2020 and 2021.
| Cost of timber sold related to depletion | $enter the Cost of timber sold related to depletion in dollars |
Provide the journal entries to account for the cost of timber
produced in 2020 and subsequently sold in 2020 and 2021.
(Credit account titles are automatically indented when
the amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter 0 for
the amounts. Do not round intermediate calculations. Round answers
to 0 decimal places, e.g. 5,125.)
|
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|
|
enter an account title to record depletion |
enter a debit amount |
enter a credit amount |
|
enter an account title to record depletion |
enter a debit amount |
enter a credit amount |
| (To record depletion) | ||
|
enter an account title to record cost of goods sold |
enter a debit amount |
enter a credit amount |
|
enter an account title to record cost of goods sold |
enter a debit amount |
enter a credit amount |
| (To record cost of goods sold in 2020) | ||
|
enter an account title to record cost of goods sold |
enter a debit amount |
enter a credit amount |
|
enter an account title to record cost of goods sold |
enter a debit amount |
enter a credit amount |
| (To record cost of goods sold in 2021) |
Prepare the necessary journal entry to show how Windsor would account for the maintenance costs of the fire lanes and roads and the spraying of the timberland. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
|
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|
|
enter an account title |
enter a debit amount |
enter a credit amount |
|
enter an account title |
enter a debit amount |
enter a credit amount |
In: Accounting
Computing Present Values of Single Amounts and
Annuities
Refer to Tables 1 and 2 in Appendix A near the end of the book to
compute the present value for each of the following amounts.
Round answers to the nearest dollar.
a. $160,000 received 10 years hence if the annual interest rate
is:
| 1. 10% compounded annually. | $Answer |
| 2. 10% compounded semiannually. | $Answer |
b. $6,000 received at the end of each year for the next eight
years discounted at 8% compounded annually. $Answer
c. $1,200 received at the end of each six months for the next 15
years if the interest rate is 10% per year compounded semiannually.
$Answer
d. $290,000 received 10 years hence discounted at 10% per year
compounded annually. $Answer
In: Finance
***A 7-year-old Virginia boy set fire to a building. As a result of the blaze, a 66-year-old woman died. The boy was charged with second-degree murder. Could the boy be morally responsible for the crime of murder? If so, what circumstances might increase or diminish his responsibility?
***Five New Jersey teenagers were drinking beer by the railroad tracks near their home when they heard a train approaching. They decided to throw a track switch and sent the train careening off the tracks, down a siding, and through the brick wall of a building. The crash killed the engineer, critically injured one passenger, and caused an estimated $5.5 million in property damage. Discuss the teenagers’ moral responsibility for their act in light of the circumstances in which it took place.
In: Nursing
Ok, I've stumbled onto what I think is a bit of a paradox.
First off, say you had some computer in a very fast(near light speed) centrifuge. You provide power to this computer via a metal plate on the "wall" of the centrifuge's container, so it works similar to how subways and streetcars are powered.
If the computer normally would consume 200 watts, how much power would it consume at say 1/2 of light speed? Would it consume 400 watts from our still viewpoint?
Also, what if you were to be capable of communicating with this computer? Would the centrifuge-computer receive AND transmit messages faster from our still viewpoint? I'm a bit lost in even thinking about it.
In: Physics
Respond to the following in a minimum of 175 words:
The Tasty Sub Shop Case:
A business entrepreneur uses simple linear regression analysis to predict the yearly revenue for a potential restaurant site on the basis of the number of residents living near the site. The entrepreneur then uses the prediction to assess the profitability of the potential restaurant site.
And
The QHIC Case:
The marketing department at Quality Home Improvement Center (QHIC) uses simple linear regression analysis to predict home upkeep expenditure on the basis of home value. Predictions of home upkeep expenditures are used to help determine which homes should be sent advertising brochures promoting QHIC’s products and services.
Discuss the difference in the type of prediction in both cases and provide rational of the reasons that these predictions were used.
In: Statistics and Probability
Georgina has recently gone to her primary care provider for her annual physical. As part of routine examination a vision exam is given. Georgina has always had perfect vision but is having some difficulty with this test today. Upon further questioning, the medical assistant learns that Georgina has been experiencing blurred vision for quite some time and often sees what she describes as rings when she is near bright light. On physical examination the provider also notices a cloudy appearance to Georgina’s corneas.
What condition is Georgina likely experiencing?
What treatment options are available for the diagnosis you chose?
What is Georgina’s prognosis for a full recovery given the different treatment options you discussed?
In: Anatomy and Physiology
Kemboja Bhd, a local company which specializes in the manufacturing of surgical instruments, had recently been listed on the ACE Market of Bursa Malaysia. It has embarked on an aggressive strategy for expanding its activities into overseas market. Since a lot of cash is required to fund this ongoing venture, the company has decided not to pay any dividend to its shareholders. At least none are expected in the near future. The company is expected to earn RM2 million in net free cash flow next year. This cash flow is expected to grow at 10% during the next four years and then grow at 8% per year indefinitely. The company has RM20 million in debt and 500,000 shares outstanding. Calculate the intrinsic value of the stock using 15% discount rate.
In: Finance