Monroe minerals company purchased a copper mine for a 126,500,000 the mine was expected to produce 50,000 tons of copper over its useful life during year won the company extracted 7300 tons of copper the copper was sold for $5800 per ton assuming that the company incurred 8,855,000 and operating expense during year one based on this information how much net income would Monroe report in year 1

Due to the fact that the firm is the only one that is operating in the community, the economic markets operated here is monopolistic.

This is a type of market that has only one company that is in charge of offering products or services to the public.

The market here is a cable tv and internet company that provides services to the community.

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The journal entry to record the purchase of the raw materials by Sheffield Company is as follows:

Debit Purchases $1,031,600

Credit Accounts Payable $1,031,600

The December adjusting entry can be revised with:

Debit Estimated Liability $53,300

Credit Unrealized holding Loss $53,300

In this instance, the unrealized holding loss arose from the fact that the market value of the raw materials is less than the purchase amount because of the noncancelable commitment.

Thus, the unrealized holding loss arose as the difference between the market value and the purchase amount.

Purchases $1,031,600 Accounts Payable $1,031,600

Estimated Liability $53,300 Unrealized holding Loss $53,300

Thus, the entry to record the purchase is a debit to the purchases account and a credit to accounts payable.

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Answer:

organization has a team oriented culture because it is collaborative and values teamwork and cooperation among employees.

Explanation:

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