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Rufina [12.5K]
3 years ago
10

With regard to the OIP,Multiple Choice

Business
1 answer:
Gekata [30.6K]3 years ago
4 0

Answer:

D:  None of the options

Explanation:

All the three options are not true with regards to OIP

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Depletion glacier mining co. acquired mineral rights for $494,000,000. the mineral deposit is estimated at 475,000,000 tons. dur
Snezhnost [94]

Answer:

a.

1.04 per ton

b.

$32,760,000

c.

Dr. Depletion Expense           $32,760,000

Cr. Accumulated Depletion   $32,760,000

Explanation:

Depletion is an estimated cost of a natural resource that is extracted. This resource is expensed as the extraction is made.

As per given data

Value of Rights = $494,000,000

Estimated resources = 475,000,000 tons

Resources extracted in the period = 31,500,000 tons

Depletion expense is based on ratio of the amount of extraction in period to the total expected resource.

a.

Depletion Rate = $494,000,000 / 475,000,000 tons = $1.04 per ton

b.

Depletion Expenses = $1.04 x 31,500,000 tons = $32,760,000

c.

Depletion Expense is recorded by the debit entry because the expenses has the debit nature and accumulated depletion is credited because it is an contra asset account which have credit nature.

8 0
3 years ago
Brad will graduate next year. When he begins working, he plans to deposit $6000 at the end of each year into a retirement accoun
Dovator [93]

Answer:

$92,8571.7937

Explanation:

The computation of the amount after 40 deposits is shown below:

= (((1 + interest rate)^number of years - 1) ÷ interest rate)× principal

= (((1 + 0.06)^40-1) ÷ 0.06) × $6,000

= $92,8571.7937

We simply applied the above formula and the same is to be considered

We considered all the things given in the question

8 0
3 years ago
What is a contact list
marysya [2.9K]

Answer:

a collection of screen names, like on your phone where you keep all your friends' phone number

8 0
3 years ago
Read 2 more answers
Helppppppppppppp
Neko [114]

Answer:

Explanation:

You need 2 people to have a conversation, not just words. You can’t just be in and empty room and just talk. You need someone else to talk to you.

8 0
2 years ago
Production estimates for August for Jay Company are as follows:
dimaraw [331]

Answer:

c.$1,080,000 for A; $648,000 for B

Explanation:

For computing the total direct material purchase first we have to find out the production units which are shown below:

As we know that

Production units = Ending inventory units + sales units - beginning inventory units

= 9,000 units + 75,000 units - 12,000 units

= 72,000 units

Now the total direct material purchase for Material A and Material B is

For Material A

= 72,000 units × 3 lbs × $5 per lb

= $1,080,000

For Material B

= 72,000 units × 0.5 lbs × $18 per lb

= $648,000

Therefore, the third option is correct

4 0
3 years ago
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