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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

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In 2019, Willow Corporation had three employees. Two of the employees worked full-time and earned salaries of $25,000 each. The
Lady_Fox [76]

Answer:

FUTA tax due from the corporation is $108

 

Explanation:

The First and Second employee earned 7000 each

The Third employee earn earns 4000

Paid under State Unemployment Tax by the employer is = (7000+7000+4000) x 5.40% =$972

How much FUTA tax is due from Willow Corporation for 2019?

Credit of tax paid in State Unemployment Tax is availabe for FUTA tax of 6%, thus FUTA due will be:

=(6% of 18000) - $972

=1080-972

=$108

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3 years ago
The amount of xylene that can be used in household paint is legally limited to 0.03 percent. Anything beyond this amount is haza
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Answer: B) economic responsibilities toward its shareholders

Explanation:

The primary purpose of a company is to maximize shareholder wealth. This means that it is to pursue strategy that would ensure the maximum return to its shareholders. This is also known as its economic responsibility towards shareholders.

Producing xylene-free paints reduces the dividends that are going to shareholders so it would seem that shareholder wealth is not being maximized and they are not getting the maximum return they could get so the company is violating its economic responsibilities towards shareholders. It is for a good cause though.

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2 years ago
Choose an example of a company you could start, and decide which business structure would make the most sense for that type of c
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Answer:

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behaving in an acceptance manner within a workplace environment is refered to as a workplace etiquette. true or false
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This statement is true
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3 years ago
The corporate charter of Martin Corporation allows the issuance of a maximum of 4,000, 000 shares of $1 par value common stock.
raketka [301]

Answer:

(a) 4,000,000

(b) 3,200,000

(c) 3,170,000

(d) $3,200,000

(e) $750,000

Explanation:

(a) Number of shares authorized = 4,000,000

(b) Number of shares issued = 3,200,000

(c) Number of shares outstanding:

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(d) Balance of the Common Stock account:

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