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yawa3891 [41]
3 years ago
13

Manfred Mining Company is required to restore a piece of land to its original condition after it completes extraction of preciou

s metals. From a financial reporting perspective, the related obligation is referred to as an asset _________.
a. development cost.
b. exploration obligation.
c. retirement obligation.
d. restoration cost.
Business
1 answer:
Yanka [14]3 years ago
4 0

Answer:

D

Explanation:

The term is asset restoration cost,it implies the cost of ensuring the environment where the exploration does is harmless to the residents of the area.

It is normally part of the asset costs from day one.It is expected to be discounted to present value and the discounting factor is applied to the present value each to determine the increase in asset which is added to asset value,in other words by the end of useful life,the asset would have its restoration cost required to restore the site.

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Riley Inc.'s charter authorizes 1,000 shares of stock at a stated value of $10 per share. Riley issues 50 shares of stock at its
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Answer:

$500 credit

Explanation:

Given that

Number of authorized shares = 1,000 shares

Stated value per share = $10

Issued shares = 50 shares

Initial offering = $20 per share

So based on above information, the journal entry is

Cash $500    (50 shares × $10)

     To Common stock $500

(Being the common stock is issued is recorded)

While recording this transaction we debited the cash account as it increased the asset side and credited the common stock as the equity is increased so that the proper posting could be done

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Mopsun, a garment store, sells customized hoodies at $7 per unit. The total fixed costs add up to $8,000 per year, and the varia
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2000 is the correct answer.

Explanation:

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2 years ago
Two ships leave port at the same time, Ship X is heading due north and Ship Y is heading due east. Thirteen hours later they are
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Answer: B


Explanation:

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3 years ago
Read 2 more answers
Case Study: Melanie’s Breakeven Analysis Melanie is considering opening a not-for-profit child care and education center and wan
aliina [53]

Answer:

$800

Explanation:

Calculation for how much would she need to charge per month for tuition in order to break even

Using this formula

Amount to charge to break even=[(Monthly Fixed Costs+Salary and Benefits Costs+Estimated Food Costs)÷Number of Children Served]

Let plug in the formula

Amount to charge to break even=[($4,000+$7,000+$1,000)÷15]

Amount to charge to break even=$12,000/15

Amount to charge to break even=$800 per month

Therefore the amount she would need to charge per month for tuition in order to break even will be $800

6 0
3 years ago
You've decided to buy a house that is valued at $1 million. You have $150,000 to use as a down payment on the house, and you tak
Sergeeva-Olga [200]

Answer:

a. $6,237.

Explanation:

We use the PMT formula i.e shown in the attachment below:

Data provided in the question

Present value = $850,000

Future value = $0

Rate of interest = 8% ÷ 12 months = 0.66666%

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= PMT(Rate;NPER;-PV;FV;type)

The present value come in negative

So, after solving this, the  monthly mortgage payment is $6,237

3 0
3 years ago
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