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Norma-Jean [14]
3 years ago
5

A company acquired mineral rights for $7,500,000. The mineral deposit is estimated at 600,000 tons and during the year 100,000 t

ons were extracted and sold. a. Calculate depletion expense for the year. b. Show the effects on the accounts and the financial statements of the company. c. What is the book value of the mineral rights at the end of the current year
Business
1 answer:
omeli [17]3 years ago
7 0

Answer:

The answer is given below;

Explanation:

a. Depletion Expense for the year  ($7,500,000/600,000)*100,000=$1,250,000

b. The net income and as a results retained earnings  will be reduced $1,250,000

c.    The mineral rights will be reported at $7,500,000-$1,250,000 =$6,250,000

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Answer: <em>Option (C) is correct.</em>

Explanation:

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3 years ago
1. All of the factors below create a change in demand for alcohol except: a. Change in cigarette prices given that cigarettes an
Gnesinka [82]

Answer:

d. Rise in price of alcohol

Explanation:

Change in Quantity demanded occurs due to change in Price. Change in Demand happens due to factors other than price - Income, Substitute & Complementary good's price, Taste.

Change in alcohol demand - due to substitute Cigarette price change , Change [Decrease] in alcohol demand - due to change in taste based on anti drinking sentiments, higher risk of alcohol liver cirrhosis , Change [Increase] in alcohol demand - due to change [rise] in Income : These all are due to factors other than price & hence are 'Change in Demand'

Rise in price of Alcohol leads to 'Change [Expansion] in Quantity Demanded' due to price change [rise] .

5 0
3 years ago
What were the activities of the apostles<br>​
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Answer:

spending the gospel to none jews

6 0
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Read 2 more answers
Suppose a country has government expenditures of $3,500, taxes of $2,200, consumption of $9,000, exports of $2,500, imports of $
morpeh [17]

Answer:

$15,300

Explanation:

GDP = Consumption + Investment spending + Government Spending + Net Export

Net Export = export - import

=$9,000 + $3,000 + $3,500 + ($2500 - $2700) = $15,300

I hope my answer helps you

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3 years ago
1640s, the principal crop grown in barbados went from being tobacco to
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The answer is sugar cane. Tobacco, the crop on which the economy of the Lesser Antilles was originated, began to decline as a result of competition from Virginia tobacco. In 1613 John Rolfe had presented tobacco to Virginia, the earliest of the North American colonies. A variation imported from Trinidad proved very satisfactory. A new market force at work was the increasing demand for sugar in Europe. After the colonization of India and the Far East, coffee and tea were becoming gradually popular in Europe and hence the request for sugar as a sweetener for these drinks. A transatlantic voyage made the West Indies available to the European market. This journey was much easier than that which brought coffee, tea and spices to the European market. Chance also played a share. The Dutch and the Portuguese were struggling for Brazil between 1624 and 1654, and once the Dutch were winning, at least in Northern Brazil, they sent Portuguese prisoners of war north to the islands to be sold as slaves. In 1643 a Dutch ship transported fifty Portuguese slaves to Barbados. They were freed because the enslaving of Christians was not accepted, but Barbados had fifty laborers experienced in the growing of sugar available. Then, when the Portuguese started appealing back Northern Brazil from the Dutch, the Dutch move towards to the islands of the eastern Caribbean as expats, bringing with them their skill in sugar production.
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3 years ago
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