1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
alukav5142 [94]
3 years ago
10

On July 1, 2015, Friedman Inc. invested $717,963 in a mine estimated to have 806,700 tons of ore of uniform grade. During the la

st 6 months of 2015, 103,700 tons of ore were mined and sold.
(a) Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.)

(b) Prepare the journal entry to record depletion expense. (Round answer to 0 decimal places, e.g. 2,125. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(c) Assume that the 103,700 tons of ore were mined, but only 87,000 units were sold. How are the costs applicable to the 16,700 unsold units reported?
Business
1 answer:
yaroslaw [1]3 years ago
5 0

Answer:

The computations are shown below:

Explanation:

(a) Depletion cost per unit

Depletion cost per unit

= $717,963 ÷ 806,700 tons

= $0.89 per ton

(b) The Journal entry to record depletion expense is

Depletion Expense                   A/c Dr     $ 92,293     (103,700 tons × $0.89)

          To To Accumulated Depletion      A/c   $ 92,293

(Being the depletion expense is recorded)

(c) The cost applicable is

= 16,700 unsold units × $0.89

= $14,863  

You might be interested in
Audio engineers at 3XT2 have determined that an anechoic additive will increase isolation and improve signal to noise by about 2
Crazy boy [7]

Answer:

The correct answer is $83230

Explanation:

Solution

Given that:

The Present worth of geometric series is shown below

= A *[1 - (1+g)^n /(1+i)^n] / (i-g)

Now,

The present  cost of worth from EOY 5 to EOY 13 at EOY 4 = 7000 *[1 - (1+0.12)^9 /(1+0.15)^9] / (0.15-0.12)

Thus,

= 7000 *[1 - (1.12)^9 /(1.15)^9] / (0.03)

Which is,

= 7000 * 7.0572647

= 49400.85

Now, The NPW of all costs = 35000 + 7000*(P/A,15%,4) + 49400.85*(P/F,15%,4)

= 35000 + 7000*2.854978 + 49400.85*0.571753

= 83229.93

Therefore the sound improvement better result in a net present worth profit of how much to negate the costs is $83229.93 or 83230

Note: EOY = End of year.

6 0
3 years ago
Monique involves her staff as much as possible in decisions that affect guest services at the brainbook hotel. many of her emplo
masya89 [10]
Thank u so much guys
6 0
3 years ago
Tell, Inc., leased a building from Lott Corp. Tell paid monthly rent of $500 and was also responsible for paying the building’s
Ugo [173]

Answer:

Tell and Vorn

Explanation:

Based on the information given Lott will most likely prevail against TELL and VORN reason been that we were told that both TELL and VORN entered into an agreement on January 1 which means that both of them will be responsible for the DELINQUENT TAXES which has not been paid because Vorn occupy the building that was leased out to Tell from Lott Corp in exchange for the amount of $600 which will be monthly paid by Vorn to Tell, which means that in a situation were the taxes is said to be DELINQUENT TAXES in which neither of them paid the building's real estate taxes, Lott will most likely prevail against both TELL and VORN.

4 0
3 years ago
A food worker needs to cool a large pot of soup How should the food worker cool the soup?
Lilit [14]

Answer:

a)use an ice paddle. it is the most suitable way

3 0
2 years ago
The income statement measures the flow of funds into (i.e. revenue) and out of (i.e. expenses) the firm over a certain time peri
Alik [6]

Answer:

The answer is True.

Explanation:

Income statement ultimately shows the profit or the loss of the Organizational activities.

The data used in the preparation of the income statement are based on the accounting information are are always based on accounting information.

6 0
3 years ago
Other questions:
  • Suppose Cook Plus manufactures cast iron skillets. One model is a​ 10-inch skillet that sells for $ 22. Cook Plus projects sales
    15·1 answer
  • A company makes necklaces with attached letters. Department A manufactures the necklace chains and letters ahead of demand. Depa
    11·1 answer
  • Assume Canada has a financial account of negative 40 billion Canadian​ dollars, and its capital account is 10 billion Canadian d
    7·1 answer
  • There are arguments for and against the alternative exchange rate regimes. a) List the advantages of the flexible exchange rate
    5·1 answer
  • You are a senior manager at a large consumer goods company. The company president has noticed that recent college graduates and
    12·1 answer
  • You are going to by a computer but first you want to do some research to help you select the best model for your needs where sho
    6·1 answer
  • New Agency, Debby just got a job as an assistant in a new federal agency called the Ac and auditing profession. The agency is he
    14·1 answer
  • Monet, Inc. purchases 1,000 shares of its own previously issued $5 par common stock for $11,000. Assuming the shares are held in
    13·1 answer
  • What is the quantity of money demanded when the interest rate is 6%? quantity: $ billionbillion What is the quantity of money de
    14·1 answer
  • Indicate which of the following items would be reported in the balance sheet. A. Net income D. Accumulated depreciation G. Inter
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!