(Answered) Whether each of the following should be listed as an

Accounting

Whether each of the following should be listed as an assets?

a. ingalls has legal title to a coal mine in a remote location. Historically, the mine has yielded more than 25 million in coal. engineering estimates suggest that no additional coal is economically extractable from the mine.

b. ingalls employs a team of five geologist who are widely recognize as worldwide leaders in their fields.

c. several years ago, ingall purchased a large meteor crater on the advise of a geologist who had developed a theory claiming that vast deposit of iron ore lay underneath the crater. the crater has no other economic use. no ore has been found, and the geologist theory is not generally accepted.

d. ingalls claims ownership of a large peice of real estate ina foreign country. the real estate has a current market value of over 225 million. the country expropriated the land 35 years ago. and no representative of ingalls has been allowed on the property since.

e. ingalls is currently negotiating the purchase of an oil field with proven oil reserves totaling 5 billion barrels.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92584339
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - during fy 2016 alpha company sold 500 units for

Question - During FY 2016, Alpha Company sold 500 units for total sales of $20,000. Manufacturing costs consisted of direct labor $2,500, direct materials $4,400, variable factory overhead $1,100, and fixed factory overh ...

Question - cypress ltd inc purchased a 7-year asset in july

Question - Cypress LTD Inc. purchased a 7-year asset in July for $200,000. More than 40% of the total additions for that year were placed in service during the fourth quarter. Neither the straight-line method nor the 150 ...

Question - midland oil has 1000 par value bonds outstanding

Question - Midland Oil has $1,000 par value bonds outstanding at 12 percent interest. The bonds will mature in 15 years. What is current price of the bonds if the present yield to maturity is 10%, 15%, and 18%?

Question what is meant by the term tax morality if for

Question: What is meant by the term "tax morality"? If for example, your company has a subsidiary in Russia where some believe tax evasion is a fine art, should you comply with Russian tax laws or violate the laws as do ...

Question - clean sweep inc started the month of june with

Question - Clean Sweep, Inc. started the month of June with $800 worth of cleaning supplies. During the month, Clean Sweep purchased $300 of supplies for cash. At June 30, $200 worth of supplies was unused. How much clea ...

Question - make a statement of comprehensive income from

Question - Make a statement of comprehensive income from the following data? Sales revenue $40,000,000 General and administrative expenses 8,200,000 Deferred revenue 100,000 Interest expense 65,000 Selling expenses 1,800 ...

Accounting question - financial data for joel de paris inc

Accounting Question - Financial data for Joel de Paris, Inc, for last year follows Joel de Paris, Inc Balance Sheet Beginning Balance Ending Balance Assets Cash $125,000 $133,000 Accounts receivable 348,000 483,000 Inv ...

Financial accounting processes assignment -assignment

Financial Accounting Processes Assignment - ASSIGNMENT DETAILS - STATEMENT OF CASH FLOWS The financial statements of Pharmacy Adelaide Ltd attached. Additional information: 1. Property, Plant and Equipment costing $141,0 ...

Questions -q1 tom is employed by aa ltd in the usa which is

Questions - Q1. Tom is employed by AA Ltd in the USA which is the parent company located in Los Angelos. Tom was transferred on the 30th of December 2017 to the subsidiary company in Brunswick Melbourne Victoria. AA Ltd ...

Question - a married couple received 7200 of social

Question - A married couple received $7,200 of social security benefits. a - Calculate the taxable amount of those benefits if the couple's provisional income is $33,000. b - Calculate the taxable amount of those benefit ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert