The indulgence system was formalized by Pope Urban II (1035–1099) during the Council of Clermont in 1095. If an individual performed enough good deeds to earn a full or ‘Plenary’ indulgence from the Pope or lesser ranks of churchmen, all their sins (and punishment) would be erased. What Pope didRead More →

Philmont Scout Ranch was donated to the Boy Scouts in 1938 and has since become a popular destination for scouts and hikers alike. The 140,000-acre ranch will continue to operate while the national chapter undergoes its bankruptcy proceeding. Who bought Philmont Ranch? In 1922, Tulsa oilman Waite Phillips purchased whatRead More →

Selling and administrative expenses even include non-cash expenses such as depreciation and amortization. To calculate selling and administrative expenses, one simply needs to add up all the expenses not directly related to the production of the company’s product, including but not limited to those listed here. Where are administrative expensesRead More →