Homework Answers
| Answer: b. timber, metal ores, and minerals |
| This is because the timber, metal ores and minerals are the natural |
| resources and also other options a,c&d includes trademarks, patents |
| and supplies which are not natural resources. |
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The natural resources of some companies include a. minerals, trademarks, and land b. timber, metal ores,...
In a world of scarcity we will never Natural resources, or land. can include the fertility...
In a world of scarcity we will never Natural resources, or land. can include the fertility of the land minerals below it and what other aspects?
a. Timber rights on atract of land were purchased for $700,000 on February 16. The stand...
a. Timber rights on atract of land were purchased for $700,000 on February 16. The stand of timber is estimated at 5,000,000 board feet. During the current year, 1,400,000 board feet of timber were cut and sold. b. On December 31, the company determined that $850,000 of goodwill was impaired c. Governmental and legal costs of $5,000,000 were incurred on April 3 in obtaining a patent with an estimated economic life of 15 years. Amortization is to be for three...
Option #2: Accounting for Intangible Assets and Natural Resources Part 1 a. Assume you are the...
Option #2: Accounting for Intangible Assets and Natural Resources Part 1 a. Assume you are the chief accountant of Exxon Mobil. Describe to the Board of Directors the accounting for natural resources, including their acquisition, and cost allocation (depletion). Use a real-world example to explain your answers. b. Assume you are the chief accountant of Microsoft Corporation, Describe to the Board of Directors the accounting for intangible assets, including their acquisition and cost allocation (amortization). Use an example in your...
11. Which of the following are not intangible assets a. Patents b. Copyrights c. Trademarks d....
11. Which of the following are not intangible assets a. Patents b. Copyrights c. Trademarks d. Contracts e. None of the above f. All of the above 12. Which of the following are not considered as PPE a. Undeveloped land b. .. c. .. d. Warehouse e. None of the above f. All of the above 13. Which of the following financial ratios is considered as efficiency a. ROS b. ROA c. ROE d. EPS e. None of the above...
Option #2: Accounting for Intangible Assets and Natural Resources Part 1 Assume you are the chief...
Option #2: Accounting for Intangible Assets and Natural Resources Part 1 Assume you are the chief accountant of Exxon Mobil. Describe to the Board of Directors the accounting for natural resources, including their acquisition, and cost allocation (depletion). Use a real-world example to explain your answers. Assume you are the chief accountant of Microsoft Corporation. Describe to the Board of Directors the accounting for intangible assets, including their acquisition and cost allocation (amortization). Use an example in your explanations. On...
Option #2: Accounting for Intangible Assets and Natural Resources Part 1 Assume you are the chief...
Option #2: Accounting for Intangible Assets and Natural
Resources
Part 1
Assume you are the chief accountant of Exxon Mobil. Describe to
the Board of Directors the accounting for natural resources,
including their acquisition, and cost allocation (depletion). Use a
real-world example to explain your answers.
Assume you are the chief accountant of Microsoft Corporation.
Describe to the Board of Directors the accounting for intangible
assets, including their acquisition and cost allocation
(amortization). Use an example in your explanations.
On...
21) Which of the following t h earlier years than in later years! A) the double-declining...
21) Which of the following t h earlier years than in later years! A) the double-declining balance method C) the units-of-production method e cales a higher amount of depreciation in game 27) D) the first in first- w hed 28) A fully depreciated plant asset A) is no longer reported on the balance sheet B) can no longer be used in the business C) is removed from the counting records D) can be discarded, sold or exchanged for another plant...
Identify the following as intangible assets, natural resources, or some other asset. a. Franchise b. Software Leasehold...
Identify the following as intangible assets, natural resources, or some other asset. a. Franchise b. Software Leasehold d. License e. Coal mine f. Salt mine g. Trademark h. Oilfield i. Noncompete covenant
1. _____ are an organization's most important resources. a. Physical resources b. Human resources c. Natural...
1. _____ are an organization's most important resources. a. Physical resources b. Human resources c. Natural resources d. Monetary resources 2. Jasper is a manager at an electronic equipment manufacturing firm. He supervises assembly-line workers and manages inventory. He also assigns employees to various tasks and assignments. In the given scenario, Jasper can be traditionally considered to be a(n) _____. a. staff manager b. ancillary worker c. line manager d. blue-collar worker 3. Which of the following was an effect...
Which of the following is NOT true? A. The financial statement which reports information helpful in...
Which of the following is NOT true? A. The financial statement which reports information helpful in calculating the current ratio would be the balance sheet. B. A gain on the sale of land is included in net income from operations in a multi-step income statement. C. The governmental agency that has broad powers to prescribe accounting practices to public companies that trade on the major stock exchanges is the Securities Exchange Commission. D. Current assets will be typically be converted...
In a world of scarcity we will never Natural resources, or land. can include the fertility of the land minerals below it and what other aspects?
a. Timber rights on atract of land were purchased for $700,000 on February 16. The stand of timber is estimated at 5,000,000 board feet. During the current year, 1,400,000 board feet of timber were cut and sold. b. On December 31, the company determined that $850,000 of goodwill was impaired c. Governmental and legal costs of $5,000,000 were incurred on April 3 in obtaining a patent with an estimated economic life of 15 years. Amortization is to be for three...
Option #2: Accounting for Intangible Assets and Natural Resources Part 1 a. Assume you are the chief accountant of Exxon Mobil. Describe to the Board of Directors the accounting for natural resources, including their acquisition, and cost allocation (depletion). Use a real-world example to explain your answers. b. Assume you are the chief accountant of Microsoft Corporation, Describe to the Board of Directors the accounting for intangible assets, including their acquisition and cost allocation (amortization). Use an example in your...
Option #2: Accounting for Intangible Assets and Natural
Resources
Part 1
Assume you are the chief accountant of Exxon Mobil. Describe to
the Board of Directors the accounting for natural resources,
including their acquisition, and cost allocation (depletion). Use a
real-world example to explain your answers.
Assume you are the chief accountant of Microsoft Corporation.
Describe to the Board of Directors the accounting for intangible
assets, including their acquisition and cost allocation
(amortization). Use an example in your explanations.
On...
21) Which of the following t h earlier years than in later years! A) the double-declining balance method C) the units-of-production method e cales a higher amount of depreciation in game 27) D) the first in first- w hed 28) A fully depreciated plant asset A) is no longer reported on the balance sheet B) can no longer be used in the business C) is removed from the counting records D) can be discarded, sold or exchanged for another plant...
Identify the following as intangible assets, natural resources, or some other asset. a. Franchise b. Software Leasehold d. License e. Coal mine f. Salt mine g. Trademark h. Oilfield i. Noncompete covenant
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