CourseLover

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    Devry University
    Sep-2004 - Aug-2010

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    NatSteel Holdings Pte Ltd
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Category > Business & Finance Posted 07 Dec 2017 My Price 10.00

Provide the necessary journal entries for Central Site

In October 2014, Middletensen Company started exploration and evaluation activities for iron ore in its Central Site. The company incurred $48 million of exploration and evaluation costs during the year ending 30 June 2015, of which 75 percent relates to property, plant and equipment and 25 percent relate to intangible assets.

 

During the financial year ending 30 June 2016, iron ore was discovered at Central Site and estimated at 20 million tonnes. The company incurred $24 million of development costs that were to be written off on a production basis. $18 million of the development costs relates to property, plant and equipment and $6 million relates to intangible assets.

 

By 30 June 2016, the company had extracted 5 million tonnes and sold 3 million tonnes. The production costs of $4 million were accounted for as part of the inventory cost. The selling price was $20 per tonne. 

 

Required:

 

i) Provide the necessary journal entries for Central Site. (16 marks) Include narrations and calculations for each entry and present your journals in a word document using a similar table as presented below. ( table is in the attachment)

 

ii) Calculate gross profit for Central Site. (2 marks)

 

iii) Calculate the gross profit ratio for Central Site. (2 marks)

 

pdf with the slides will help you know the method of calculations and presentations and use AASB framework

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Answers

CourseLover
(12)
Status NEW Posted 07 Dec 2017 02:12 PM My Price 10.00

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