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
b. If foreigners spend $7 billion on U.S. exports in a given year and Americans spend $5 billion on imports from abroad in the s
LiRa [457]

Answer:

$2 billion

Explanation:

Foreigners spend $7 billion on U.S net exports

Americans spend $5 billion on imports

Therefore the value of U.S net exports can be calculated as follows

= $7 billion-$5billion

= $2 billion

Hence the value of U.S net exports is $2 billion

7 0
3 years ago
Coca-Cola acquired its bottlers and created a national vertically integrated business operation in 2010. After spending 12.3 bil
Svet_ta [14]

Answer:

True

Explanation:

Coke tried to diversify into the bottling industry by acquiring their bottlers and in the process creating a vertically integrated business. However, 5 years later, they did find out how difficult it was and it led to a failed diversification effort when sold off their bottling operations. This was majorly due to the fact that the bottling business required too much capital investment and time. Capital investment and time that an already large enterprise like coca cola couldn't afford at that period. The initial aim was to have control over the whole production process, but soon after the diversification failed, they went back to producing just the concentrates.

7 0
3 years ago
Read 2 more answers
The Young Woman's Club of Williams has been operating for seventy-five years as an organization that supports women who stay at
likoan [24]

Answer:

A) a liability.

Explanation:

Probably, the strong culture held by the Young Woman's Club of Williams (YWCW) will be perceived to have a very low tolerance for diversity by the newcomers. It will also prevent the organization from growing in number. That doesn't mean that it will lose affiliates, but the total number of affiliates will not grow according to the growth in Williams's total population.

Since its strong culture will prevent the YWCW from growing and adapting to community changes, it should be considered a liability.

3 0
3 years ago
If the capital stock ________ while the supply of labor ________, it is likely that the productivity of labor will fall.
liq [111]

If the capital stock fixed while the supply of labor increases, it is likely that the productivity of labor will fall.

<h3>What is Labor productivity?</h3>

Labor productivity is use to measure the output of a labour based on hourly basis.

Labor productivity is usually determined by the amount of Capital that is investment. This include technological and human capital.

Therefore, If the capital stock fixed while the supply of labor increases, it is likely that the productivity of labor will fall.

Learn more on productivity here,

brainly.com/question/2992817

5 0
2 years ago
Which economic system best defines: Lowest amount of economic freedom?
Dafna11 [192]

Answer:

command economy

Explanation:

In a command economy, the government is the only determinant of what is to be produced, its quantity, and price.  All the factors of production belong to the government. The government or the central authority creates a central plan that guides all country's economic activities and decisions.

The private sector is absent in a command economy. The government is the only employer. Citizens do not have the freedom to choose what to buy, but rather what is available.

6 0
3 years ago
Other questions:
  • Who controls the flow of information in the buying process?  A.The gatekeeper 
    5·1 answer
  • If the risk-free interest rate is 9% per year, what must be the price of a 3-month put option on P.U.T.T. stock at an exercise p
    15·1 answer
  • Firms earning zero economic profit are
    7·1 answer
  • The primary goal of financial management is to:
    15·1 answer
  • Big Beef, Inc. raises calves to sell. Big Beef breeds its cows in April, and the cows calve in February of the following year. I
    11·1 answer
  • What is the internal rate of return of a project costing $3,000; having after-tax cash flows of $1,500 in each of the two years
    12·1 answer
  • Describe how a free market works
    14·1 answer
  • Auctio sells sprockets in a perfectly competitive market. Below are its short-run total variable costs at different output level
    6·1 answer
  • Which of the following describes a move away from capitalism?
    8·1 answer
  • Businesses see less demand and begin to lose money. Unemployment and interest rates rise, and consumers
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!