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ratelena [41]
3 years ago
15

On April 2, 2018, Montana Mining Co. pays $3,721,000 for an ore deposit containing 1,525,000 tons. The company installs machiner

y in the mine costing $213,500, with an estimated seven-year life and no salvage value. The machinery will be abandoned when the ore is completely mined. Montana begins mining on May 1, 2018, and mines and sells 166,200 tons of ore during the remaining eight months of 2018. Prepare the December 31, 2018, entries to record both the ore deposit depletion and the mining machinery depreciation. Mining machinery depreciation should be in proportion to the mine’s depletion. (Round your unit depreciation and depletion rates to 2 decimal places.)
Business
1 answer:
Illusion [34]3 years ago
8 0

Answer:

Dep expense 428,796

    Acc Depp Machine 23,268

    Acc dep deposit 405,528

Explanation:

213,5000 machine used in the ore deposit, so it will depreciate at the same rate.

3,721,000 ore deposit

166,200/1,525,000 = 0.108983606

213,500 x 0.108983606 = 23,268

3,721,000 x 0.108983606 = 405,528

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A new accountant at Leftwich Inc. is trying to identify which of the amounts shown below should be reported as the current asset
natima [27]

Answer:

The correct answer is $17,620.

Explanation:

According to the scenario, the computation of the given data are as follows:

We will include the following transaction as a cash and cash equivalents:

1.$60 of currency and coin in a locked box.

2.A $10,000 U.S. Treasury bill.

3.$260 of April-dated checks that Leftwich has received from customers.

5.$2,500 in the company’s checking account.

6.$4,800 in its savings account.

So, we can calculate the cash and cash equivalents by using following formula:

Cash and Cash equivalents = Amount in point 1 + Amount in point 2 + Amount in point 3 + Amount in point 5 + Amount in point 6

By putting the value, we get

= $60 + $10,000 + $260 + $2,500 + $4,800

= $17,620

4 0
3 years ago
MEMORANDUM TO: Human Resources Director FROM: Mark Taylor, Department Head SUBJECT: Promotions of Margaret Adams and Beth Taylor
emmasim [6.3K]

In the case above since the cases with the two people are similar,  we should Promote neither Margaret nor Beth.

<h3>What is promotion in an office?</h3>

The act of getting promoted is one that connote that a person have step into a leadership position.

Note that the more people, that person will have to be responsible for, and also more jobs goes with it and it is vital that your communication skills will be sharpened.

Note that since promotion will require more time which both individuals are not willing to give,  so therefore, In the case above since the cases with the two people are similar,  we should Promote neither Margaret nor Beth.

Learn more about Promotion from

brainly.com/question/11131986

#SPJ1

4 0
2 years ago
A university officer wants to know the proportion of registered students that spend more than 20 minutes to get to school. He se
vlada-n [284]

Answer:

1) We need a random sample. For this case we assume that the sample selected was obtained using the simple random sampling method.

2) We need to satisfy the following inequalities:

n\hat p =25*0.52= 13 \geq 10

n(1-\hat p) = 25*(1-0.52) =12 \geq 10

So then we satisfy this condition

3) 10% condition. For this case we assume that the random sample selected n represent less than 10% of the population size N . And for this case we can assume this condition.

So then since all the conditions are satisfied we can conclude that we can apply the normal approximation given by:

p \sim N (\hat p, \sqrt{\frac{\hat p (1-\hat p)}{n}})

So then the answer for this case would be:

a. Yes.

Explanation:

For this case we assume that the question is: If in the experiment described we can use the normal approximation for the proportion of interest.

For this case we have a sample of n =25

And we are interested in the proportion of registered students that spend more than 20 minutes to get to school.

X = 13 represent the number of students in the sample selected that have a time more than 20 min.

And then the estimated proportion of interest would be:

\hat p = \frac{X}{n}= \frac{13}{25}= 0.52

And we want to check if we can use the normal approximation given by:

p \sim N (\hat p, \sqrt{\frac{\hat p (1-\hat p)}{n}})

So in order to do this approximation we need to satisfy some conditions listed below:

1) We need a random sample. For this case we assume that the sample selected was obtained using the simple random sampling method.

2) We need to satisfy the following inequalities:

n\hat p =25*0.52= 13 \geq 10

n(1-\hat p) = 25*(1-0.52) =12 \geq 10

So then we satisfy this condition:

3) 10% condition. For this case we assume that the random sample selected n represent less than 10% of the population size N . And for this case we can assume this condition.

So then since all the conditions are satisfied we can conclude that we can apply the normal approximation given by:

p \sim N (\hat p, \sqrt{\frac{\hat p (1-\hat p)}{n}})

So then the answer for this case would be:

a. Yes.

3 0
3 years ago
Installing an automated production system costing $278,000 is initially expected to save Zia Corporation $52,000 in expenses ann
rusak2 [61]

Answer:

11.63%

Explanation:

Internal rate of return is the discount rate that equates the after tax cash flows from an investment to the amount invested.

IRR can be calculated using a financial calculator:

Cash flow in year 0 = $-278,000

Cash flow each year from year 1 to 9 = $52,000 - $5, 000 = $47,000

Cash flow in year 10 = $47,000 + $25,000 = $72,000

IRR = 11.63%

To find the IRR using a financial calacutor:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the IRR button and then press the compute button.

I hope my answer helps you

8 0
3 years ago
Ahrends Corporation makes 70,000 units per year of a part it uses in the products it manufactures. The unit product cost of this
Kazeer [188]

Answer:

$147,000

Explanation:

The computation of the financial advantage (disadvantage) of purchasing the part rather than making it is shown below;

<u>Particulars                  Make                 Buy </u>

Direct material      $1,246,000 (70,000 × $17.80)  

Direct labour         $1,330,000 (70,000 × $17.80)  

Variable manufacturing

overhead               $70,000 (70,000 × $1)  

Fixed manufacturing

overhead             $623,000 (70,000 × ($17.10 - $8.20))  

Purchase cost                                       $3,395,000 (70,000 × $48.50)  

Opportunity cost $273,000  

Total cost             $3,542,000            $3,395,000

So, the Advantage is

=  ($3,542,000 - $3,395,000)

= $147,000

7 0
3 years ago
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