Homework Answers
Expenses amortised during the period from which benefit arrived. If assume benefit for only one year then $5000000 amortised during the first year. If benefit more than one year then amortised calculated accordingly
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c) A corporate mine development cost of $5,000,000 is incurred during the 7 month of the...
Xenon Company incurred $1,000,000 in research and development costs over an 18 month period to develop...
Xenon Company incurred $1,000,000 in research and development costs over an 18 month period to develop product X1. Sales of product X1 will begin at the end of the 18 month period. The sales price of product X1 will be $20 per unit. Fixed costs are $140,000 per month. Xenon’s expected return on sales (margin after fixed and variable costs) target is 25%. Sales volume is projected to be 20,000 units per month. a. Compute the target cost per unit...
4-4 A government monument is expected to last forever. The first cost is $5,000,000. At the end o...
4-4 A government monument is expected to last forever. The first cost is $5,000,000. At the end of year 7 there will be a one-time remodeling cost of $300,000. At the end of every 12 years there will be a major remodeling cost of $500,000. Annual Operating& Maintenance Costs will total $15,000 for each year i-4% per year. a. Calculate the capitalized cost. b. Calculate the equivalent uniform annual cost (do not use the calculated capitalized cost in c. Draw...
4-4 A government monument is expected to last forever. The first cost is $5,000,000. At the...
4-4 A government monument is expected to last forever. The first cost is $5,000,000. At the end of year 7 there will be a one-time remodeling cost of $300,000. At the end of every 12 years there will be a major remodeling cost of $500,000. Annual Operating& Maintenance Costs will total $15,000 for each year i-4% per year. a. Calculate the capitalized cost. b. Calculate the equivalent uniform annual cost (do not use the calculated capitalized cost in c. Draw...
During 2017, JL copper mine built the infrastructure for an open pit copper mine in a...
During 2017, JL copper mine built the infrastructure for an open pit copper mine in a remote area in Northern British Columbia at a total cost of $20 million , paid in cash. The mine is expected to produce 800,000 tonnes of copper over its estimated useful life of 10 years. The BC government's approval granted to JL was conditional upon the company remediating the site and establishing a wildlife reserve . The estimated cost of remediation is $5 million...
ERP has been operating a large Platinum mine for many years. The company wants to acquire...
ERP has been operating a large Platinum mine for many years. The company wants to acquire newly available equipment that will allow it to extract platinum ore from a currently inaccessible area of the mine. Cooper Sperrylite ERP controller, has gathered the following data: a. The initial cost of the extraction equipment is $2,500,000. In addition to this cost, the equipment will require a large concrete foundation at a cost of $300,000. The vendor has quoted an additional cost of...
axpayer. 17. Blue Corporation incurred the following expenses in connection with the development of a new...
axpayer. 17. Blue Corporation incurred the following expenses in connection with the development of a new product: Salaries $100,000 Utilities 18,000 Materials 25,000 Advertising 5,000 Market survey 3,000 Depreciation on machine 9,000 Blue expects to begin selling the product next year. If Blue elects to amortize research and experimental expenditures over 60 months, determine the amount of the deduction for research and experimental expenditures for the current year. a. $0 b. $118,000 c. $143,000 d. $152,000 18. Grape Corporation purchased...
manufacturer incurred the following costs last month (in thousands of dollars); the loon to view the...
manufacturer incurred the following costs last month (in thousands of dollars); the loon to view the costs) requirements action supervisors' salaries eciation on forklifts in factory ine lubricants wry janitors' wages mbly workers' wages erty tax on corporate marketing offices utilities of warranty repairs nine operators' health insurance eciation on administrative offices of designing new plant layout ngines - Data Table ment 2. Calculate total manufact ermine the formula, then calculate nd not in dollars) $ 300 b. $ 180...
Expenses incurred prior to September and paid during September Expenses incurred and paid in September Expenses...
Expenses incurred prior to September and paid during September Expenses incurred and paid in September Expenses incurred in September but not paid in September Expenses for supplies used and insurance (not included above) applicable to September 6.500 36,250 5,000 2.000 65. On January 1, Newman Company estimated its property tax to be $5,100 for the year. (a) How much should the company accrue each month for property taxes? (b) Calculate the balance in Property Tax Payable as of August 31....
Problem 11-6 (Algorithmic) Special Deductions and Limitations (LO 11.3) Beech Corporation, an accrual basis calendar year...
Problem 11-6 (Algorithmic) Special Deductions and Limitations (LO 11.3) Beech Corporation, an accrual basis calendar year taxpayer, was organized and began business on August 1st of the current calendar tax year. During the current year, the corporation incurred the following expenses: State fees for incorporation $ 1,105 Legal and accounting fees incident to organization 3,868 Expenses for the sale of stock 4,420 Organizational meeting expenses 1,658 Assuming that Beech Corporation does not elect to expense but chooses to amortize organizational...
Problem 11-6 Special Deductions and Umitations (LO 11.3) Beech Corporation, an accrual basis calendar year taxpayer...
Problem 11-6 Special Deductions and Umitations (LO 11.3) Beech Corporation, an accrual basis calendar year taxpayer, was organized and began business on August 1st of the current calendar tax year. During the current year, the corporation incurred the following expenses: State fees for incorporation Legal and accounting fees incident to organization Expenses for the sale of stock Organizational meeting expenses $ 500 4,150 2,100 Assuming that Beech Corporation does not elect to expense but chooses to amortize organizational expenditures over...
4-4 A government monument is expected to last forever. The first cost is $5,000,000. At the end of year 7 there will be a one-time remodeling cost of $300,000. At the end of every 12 years there will be a major remodeling cost of $500,000. Annual Operating& Maintenance Costs will total $15,000 for each year i-4% per year. a. Calculate the capitalized cost. b. Calculate the equivalent uniform annual cost (do not use the calculated capitalized cost in c. Draw...
4-4 A government monument is expected to last forever. The first cost is $5,000,000. At the end of year 7 there will be a one-time remodeling cost of $300,000. At the end of every 12 years there will be a major remodeling cost of $500,000. Annual Operating& Maintenance Costs will total $15,000 for each year i-4% per year. a. Calculate the capitalized cost. b. Calculate the equivalent uniform annual cost (do not use the calculated capitalized cost in c. Draw...
axpayer. 17. Blue Corporation incurred the following expenses in connection with the development of a new product: Salaries $100,000 Utilities 18,000 Materials 25,000 Advertising 5,000 Market survey 3,000 Depreciation on machine 9,000 Blue expects to begin selling the product next year. If Blue elects to amortize research and experimental expenditures over 60 months, determine the amount of the deduction for research and experimental expenditures for the current year. a. $0 b. $118,000 c. $143,000 d. $152,000 18. Grape Corporation purchased...
manufacturer incurred the following costs last month (in thousands of dollars); the loon to view the costs) requirements action supervisors' salaries eciation on forklifts in factory ine lubricants wry janitors' wages mbly workers' wages erty tax on corporate marketing offices utilities of warranty repairs nine operators' health insurance eciation on administrative offices of designing new plant layout ngines - Data Table ment 2. Calculate total manufact ermine the formula, then calculate nd not in dollars) $ 300 b. $ 180...
Expenses incurred prior to September and paid during September Expenses incurred and paid in September Expenses incurred in September but not paid in September Expenses for supplies used and insurance (not included above) applicable to September 6.500 36,250 5,000 2.000 65. On January 1, Newman Company estimated its property tax to be $5,100 for the year. (a) How much should the company accrue each month for property taxes? (b) Calculate the balance in Property Tax Payable as of August 31....
Problem 11-6 Special Deductions and Umitations (LO 11.3) Beech Corporation, an accrual basis calendar year taxpayer, was organized and began business on August 1st of the current calendar tax year. During the current year, the corporation incurred the following expenses: State fees for incorporation Legal and accounting fees incident to organization Expenses for the sale of stock Organizational meeting expenses $ 500 4,150 2,100 Assuming that Beech Corporation does not elect to expense but chooses to amortize organizational expenditures over...
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