QUESTION During July, the company obtained 500 tons of ore, which yielded 250 pounds of gold and 63,700 pounds of copper. The joint cost related to the operation was $500,000. Gold sells for $325 per ounce and copper sells for $0.89 per pound. Allocate the joint costs using relative weight. With these costs, what is the profit or loss associated with Copper? ANSWER Joint Cost […]

QUESTION Asked by MajorSummerWolf11 What are the steps in personal financial planning? Describe each step. What are the steps in personal financial planning? Describe each step. Identify a financial goal that you or someone else might have. What are the risks or costs associated with this goal? What are the advantages and disadvantages to shared decision-making? Why is it important to try to make financial […]

QUESTION Tanner-UNF Corporation acquired as a long-term investment $160 million of 5% bonds, dated July 1, on July 1, 2024. Company management has the positive intent and ability to hold the bonds until maturity, but when the bonds were acquired, Tanner-UNF decided to elect the fair value option for accounting for its investment. The market interest rate (yield) was 8% for bonds of similar risk […]

QUESTION Enterprise Solutions Inc. licenses its productivity software to Blackmon Company for $100,000, payable at con- tract inception. Enterprise agrees to provide semiannual software upgrades over the 5-year length of the contract to enable Blackmon to benefit from any technological advancement. Enterprise concludes that the software license is not distinct from the promised upgrades. What journal entries are necessary for Enterprise to account for this […]

QUESTION respond to discussion To compute the accounts receivable as a percentage of revenue for Starbucks and General Electric, we need to look at their most recent Annual Reports or Form 10-K filings. By taking the total for each year and dividing it by the total net revenue and multiplying it by 100 we get the percentages below. 2022 A/R Starbucks = 27.4% GE = […]

QUESTION respond to discussion Property and Equipment, Net The property and equipment are claimed at cost less accumulated depreciation and amortization, which are recorded on a straight-line basis over the useful lives of the assets. Amazon’s property and equipment vendors offer incentives that are recorded as reductions to the costs. Examples of the properties are buildings and land, which are both owned by Amazon, and […]

QUESTION Jim decides to start a small business that he runs himself as a sole trader. The following then occurs: 1.Capital of K20, 000 was introduced by the Jim. 2. Goods were purchased for K3000 for resale. 3. Sales of K4000 were made of goods that had cost K2500. 4. Rent was paid at a cost of K700. 5. A non-current asset was purchased for […]

QUESTION Instructions from the Accountant You have received an email from Joanne Bloggs with all of the following tasks to be completed for FY 2022: Check that the system is set to quarterly GST reporting on an Accruals basis. Add a new liability account for ‘Deductions: Union Fees’ using account code 865 Add a new expense account called ‘Workers Compensation’ using account code 495 You […]

QUESTION What is your opinion on this discussion? Please respond in three to five sentences only. Two primary legal concerns I might have when considering the terms and conditions of a fast-food franchise contract are: Intellectual property ownership and restrictions: The franchisor will typically own all intellectual property associated with the franchise, such as trademarks, copyrights, and trade secrets. This can limit the franchisee’s ability […]

QUESTION Assume that there are two firms competing for business in the same market producing a specialty chemical used in the polymer industry. They have identical cost structures and move simultaneously. The cost function of each firm is below: TCi = 500 + 3 qi + qi2, where i stands for either firm A or B The demand curve is defined as: P = 300 […]