ACC – Uranium Mining Company

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 200,000 ounces•Sales 230,000 ounces•Deliveries 190,000 ounces•Cash collection 210,000 ounces•Cost of production including depletion* $50,000,000•Selling expense $ 2,000,000•Administrative expenses $ 1,250,000•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 receipt of cashAnswer:Question 5Not yet answeredMarked out of 1.00Flag questionQuestion textUranium 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 200,000 ounces•Sales 230,000 ounces•Deliveries 190,000 ounces•Cash collection 210,000 ounces•Cost of production including depletion* $50,000,000•Selling expense $ 2,000,000•Administrative expenses $ 1,250,000•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 saleAnswer:Question 6Not yet answeredMarked out of 1.00Flag questionQuestion textUranium 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 200,000 ounces•Sales 230,000 ounces•Deliveries 190,000 ounces•Cash collection 210,000 ounces•Cost of production including depletion* $50,000,000•Selling expense $ 2,000,000•Administrative expenses $ 1,250,000•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 end of productionAnswer:Question 7Not yet answeredMarked out of 1.00Flag questionQuestion textUranium 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 200,000 ounces•Sales 230,000 ounces•Deliveries 190,000 ounces•Cash collection 210,000 ounces•Cost of production including depletion* $50,000,000•Selling expense $ 2,000,000•Administrative expenses $ 1,250,000•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, based on delivery