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hodyreva [135]
3 years ago
14

holds huge reserves of oil. Assume that at the end of 2017​, South Shore Petroleum​'s cost of oil reserves totaled $ 252 comma 0

00 comma 000​, representing 180 comma 000 comma 000 barrels of oil. Suppose South Shore Petroleum removed and sold 12 comma 000 comma 000 barrels of oil during 2018. Journalize depletion expense for 2018.
Business
1 answer:
bixtya [17]3 years ago
4 0

Answer:

Depletion expense is $16,800,000

Explanation:

2018 depletion expense=total oil reserves cost*quantity removed/total reserves

total oil reserves cost is $252,000,000

quantity removed in 2018  12,000,000 barrels

total oil reserves is  180,000,000 barrels

2018 depletion expense =$252,000,0000*12,000,0000/180,000,000

                                        =$16,800,000

The depletion expense to charge  against revenue in 2018 in order to arrive at net income is $16,800,000

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Alenkasestr [34]

Answer:

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Explanation:

7 0
3 years ago
Beaverton Lumber purchased a milling machine for $35,000. In addition to the purchase price, Beaverton made the following expend
salantis [7]

Answer:

$41,500

Explanation:

Calculation to determine What was the initial cost of the machine to be capitalized

Purchase price $35,000

Add Freight $1,500

Add Installation $3,000

Add Testing $2,000

Total Cost $41,500

Therefore the initial cost of the machine is $41,500

3 0
3 years ago
9.To what part of an industry does a worker's education contribute?
laiz [17]

Answer:

human capital

Explanation:

Human capital is the economic value brought by workers' experience and skills. It is the attributes, abilities, and quality of labor to influence a firm's productivity. Human capital is enhanced through education, training, and work experiences.

Human capital is an intangible asset to a business. Human capital is a critical element if a business is to achieve its goals. Due to this reason, companies are always investing in improving the quality of their human capital.

4 0
3 years ago
Samuel, Inc. has Accounts Receivable of $200,000 and an Allowance for Doubtful Accounts of $10,000. If it writes-off a customer
Tanya [424]

Answer:

Net accounts receivable is $190,000 if Samuel, Inc. writes-off a customer account balance of $1,000.

Explanation:

Net accounts receivable = Accounts Receivable -  Allowance for Doubtful Accounts

In Samuel, Inc., before write-off:

Net accounts receivable = $200,000 - $10,000 = $190,000

The company writes-off a customer account balance of $1,000 by the entry:

Debit Allowance for Doubtful Accounts $1,000

Credit Accounts Receivable $1,000

Allowance for Doubtful Accounts and Accounts Receivable decrease $1,000

Net accounts receivable after write-off = $199,000 - $9,000 = $190,000

3 0
3 years ago
A price floor is found ___________ the equilibrium point.
leonid [27]
Underneath
because it's a floor haha
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3 years ago
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