1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Rudik [331]
3 years ago
15

Depletion Down Deep Mining Co. acquired mineral rights for $81,250,000. The mineral deposit is estimated at 65,000,000 tons. Dur

ing the current year, 17,550,000 tons were mined and sold.
a. Determine the depletion rate. If required, round your answer to two decimal places. $ per ton
b. Determine the amount of depletion expense for the current year. $ Feedback
c. Journalize the adjusting entry on December 31 to recognize the depletion expense. Dec. 31
Depletion Expense Accumulated Depletion"
Business
1 answer:
sveta [45]3 years ago
7 0

Answer and Explanation:

The computation is shown below:

a. For depletion rate

= Acquired mineral rights ÷ estimated mineral deposits

= $81,250,000 ÷ 65,000,000 tons

= $1.25

b. For the amount of depletion expense for the current year is

= Depletion rate × current year mined

= $1.25 × 17,550,000 tons

= $21,937,500

c. The journal entry is shown below:

Depletion Expense $21,937,500

        To Accumulated Depletion $21,937,500

(Being the depletion expense is recorded)

For recording this we debited the depletion expense as it increased the expense and credited the accumulated depletion as it reduced the assets

You might be interested in
New Business is just being formed by 10 investors, each of whom will own 10% of the business. The firm is expected to earn $500,
Triss [41]

Answer:

additional income is $11050  if the business is organized as a partnership rather than as a corporation

Explanation:

given data

investors = 10

own = 10%

earn =  $500000

corporate tax rate = 34%

personal tax rate = 35 %

to find out

How much additional spendable income

solution

we find here first income if formed as corporation in hand  that is

income if formed as corporation = earn × own ( 1 -  corporate tax ) × ( 1 - personal tax )

income if formed as corporation = 500000 × 10% ( 1 - 34% ) × ( 1 - 35% )

income if formed as corporation =$21450

and

income will be taxable if form partnership that is

income if formed partnership = earn × own ( 1 - personal tax )

put here value

income if formed partnership = 500000 × 10% ( 1 - 35% )

income if formed partnership = $32500

so

additional income is $32500 - $21450

additional income is $11050

4 0
3 years ago
which type of economy are individuals least likely to determine which products they consume, and why?
Ket [755]
That would be a command economy because in this economy type the government has complete control over all economic decisions. vote me brainliest :)
3 0
3 years ago
2. Describe one long-term goal that you have and at least two things you will need to do in order to accomplish that goal.
Artist 52 [7]

Answer:

be a music producer

Explanation:

3 0
3 years ago
Sweetpea Corporation sold a tiller that it used in its landscaping business. The tiller cost $5,000 and Sweetpea had taken $2,00
astraxan [27]

Answer:

Sweetpea have a gain of $1,000

Explanation:

When the depreciable property is sold, then the gain or loss will be computed to the extent on the difference among the selling price and the adjusted basis.

So, the adjusted basis will be

= Cost of the basis - Depreciation

= $5,000 - $2,000

= $3.000

Therefore,

Gain or Loss = Selling Price - Adjusted basis

                     = $4,000 - $3,000

                     = $1,000

Hence, it is a gain of $1,000.

6 0
3 years ago
For the purpose of process analysis, which of the following measures would be considered an appropriate flow unit for analyzing
ira [324]

Answer:

a. Sales Dollars

d. number of customers served per day

Explanation:

In process analysis, flow unit can be described as the fundamental unit of analysis in any scenario whatsoever. This can include the customers, phone call, money, goods produced etc. Furthermore, the flow rate is simply the number of flow units. From the example, Sales Dollars and the number of customers served per day are appropriate flow units, while gasoline pumps and employees working are all resources and not flow units.

4 0
3 years ago
Read 2 more answers
Other questions:
  • If f(x)=7-3x and g(x)=3x-7, what is the value of f(1) + g(1)
    7·1 answer
  • According to the video, what are some things that Human Resources Managers do? Check all that apply.
    5·2 answers
  • Rebecca wants to buy a new saddle for her horse. The one she wants usually costs $600, but this week it is on sale for $490. She
    11·1 answer
  • Max Weber believed that a company that is a bureaucracy never achieves a competitive advantage because it is inefficient and is
    8·1 answer
  • If a country has positive net capital outflows, then its net exports are a. positive, and its saving is larger than its domestic
    5·1 answer
  • Explain how money encourages specialization, and how specialization improves everyone's standard of living.
    8·1 answer
  • (A) If variances are prorated at the end of the accounting period, an unfavorable direct materials price variance will, when pro
    12·1 answer
  • 2. Why might this be the perfect advice for beginning investors?
    8·1 answer
  • AN IMPLIED CONTRACT CAN BEST BE DEFINED AS: WILL NOT BE RECOGNIZED AS ENFORCEABLE BY THE COURTS A TRUE FORM OF A FORMAL CONTRACT
    5·1 answer
  • Mr. alvarez studied the soap products on the store shelf. he looked for products with a familiar logo. this is an example of whi
    8·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!