Question 4 Uranium Mining Company, founded in 1982 to mine and market unranium, purchased a mine in 1983 for $900 million. It estimated that the uranium had a market value of $150 per ounce. By 2012, the market value had increased to $300 per ounce. Records for 2012 indicate the following: Not yet answered Points out of 1.00 Production 200,000 ounces Flag question .Sales 230,000 ounces Deliveries Cash collection Cost of production including depletion Selling expense Administrative expenses 190,000 ounces 210,000 ounces $50,000,000 $ 2,000,000 $1,250,000 Tax rate 50% -Production cost per has maintained the same production level. ounce has remianed constant over the last few years, and the company Compute the income for 2012, using the receipt of cash Answer: Question 5 Uranium Mining Company, founded in 1982 to mine and market unranium, purchased a mine in 1983 for $900 million. It estimated that the uranium had a market value of $150 per ounce. By 2012, the market value had increased to $300 per ounce. Records for 2012 indicate the following: Production Not yet answered Points out of 1.00 200,000 ounces P Flag question 230,000 ounces 190,000 ounces 210,000 ounces $50,000,000 $ 2,000,000 $1,250,000 Sales Deliveries Cash collection Cost of production including depletion Selling expense Administrative expenses Tax rate 50% Production cost per ounce has remianed constant over the last few years, and the company has maintained the same production level. Compute the income for 2012, using the point of sale Answer: Question 6 Uranium Mining Company, founded in 1982 to mine and market unranium, purchased a mine in 1983 for $900 million. It estimated that the uranium had a market value of $150 per ounce. By 2012, the market value had increased to $300 per ounce. Records for 2012 indicate the following: Not yet answered Points out of 1.00 Production Sales Deliveries Cash collection Cost of production including depletion Selling expense Administrative expenses Tax rate 200,000 ounces 230,000 ounces 190,000 ounces 210,000 ounces $50,000,000 P Flag question $2,000,000 $1,250,000 50% -Production cost per ounce has remianed constant over the last few years, and the company has maintained the same production level. Compute the income for 2012, using the end of production Answer Question 7 Uranium Mining Company, founded in 1982 to mine and market unranium, purchased a mine in 1983 for $900 million. It estimated that the uranium had a market value of $150 per ounce. By 2012, the market value had increased to $300 per ounce. Records for 2012 indicate the following: Not yet answered Points out of 1.00 Production 200,000 ounces P Flag question 230,000 ounces 190,000 ounces 210,000 ounces Sales Deliveries Cash collection Cost of production including depletion Selling expense Administrative expenses Tax rate $50,000,000 $ 2,000,000 $1,250,000 50% Production cost per ounce has remianed constant over the last few years, and the company has maintained the same production level. Compute the income for 2012, based on delivery Answer: Question 8 Each of the following statements represents a decision made by the acountant of Growth Industries. State whether you agree or Not yet disagree with each decision. answered Points out of Land was purchsed 10 years ago for $50,000. The accountant adjusts the land account to $100,000, which is the estimated current value. The value of equipment increased this year, so no depreciation of equipment was recorded this year 1.00 Choose... P Flag Choose... question disagree used company funds recorded on the company's The president of the company, who owns the business, to buy a car for personal use. The car was agree books. During the year, inventory that cost $5,000 was stolen by employees. This loss has been included in the cost of goods sold for the financial statements. The total amount of the cost of goods sold was $1 million. Choose... A tornado destoyed $200,00 in uninsured inventory. This loss is included in the cost of good sold. Choose... The cost of machinery and equipment is charged to a fixed account. The machinery and equipment will be expensed over the period of use. Choose