Answer:
The journal entry to record depletion is :
Debit : Depletion Expense $74,235
Credit : Accumulated Depletion $74,235
Explanation:
<em>Depletion Expense = Depletion rate × units extracted during the year</em>
where,
<em>Depletion rate = (Cost - Salvage Value) ÷ Estimated total units</em>
Therefore,
Depletion rate = ($404,000 + $101,000 + $80,800 - $161,600) ÷ 4,040 tons
= $ 105 per ton
Therefore,
Depletion Expense = $ 105 per ton × 707 tons
= $74,235
<u>Journal Entry :</u>
Debit : Depletion Expense $74,235
Credit : Accumulated Depletion $74,235
Answer:
The correct answer to the following question is $30 .
Explanation:
Opportunity cost can be described as the benefits that a person ( who can be an investor or individual or even a company ) is missing out on , if he or she chooses one alternative over the other. This cost is not shown in financial statements but it is important for a owner or manager to understand what potential opportunity he or she is missing out on if chooses one over the other.
In the given question Abby chooses to work for Lewis who are giving her $40 to watch their toddler, so here the next best alternative that she is missing on is $30 that Gilbert's would have given her.
In the simple quantity theory of money in the AD-AS framework, the AS curve kinked at natural real.
<h3>
What is AS curve or A
ggregate Supply Curve?</h3>
- The amount of real GDP that the economy produces at various price levels is represented by the aggregate supply curve.
- The methodology used to build the supply curve for all products and services is different from the methodology used to build the supply curve for individual goods and services.
- It is assumed that input prices will remain constant when calculating the supply curve for a certain good.
- The price level, however, defines the aggregate supply curve. As the price level rises, producers will be able to charge more for their goods, which will stimulate production.
- However, a price increase will also have a secondary effect that will eventually result in an increase in input prices.
To learn more about the Aggregate Supply Curve refer to:
brainly.com/question/24303271
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Answer:
Mathis Co.
The Tax payable for 2020 is:
= $1,320,000
Explanation:
a) Data and Calculations:
2020 Financial income = $1,200,000
add Litigation expense 3,000,000
add installment sales 2,400,000
Adjusted taxable income $6,600,000
Income tax rate = 20%
Tax payable for 2020 = $1,320,000
b) The litigation expense was deducted from the financial income. This is added back to the income. Installment sales were not included in the revenue for the financial income of 2020. This is also added to the financial income. The net result is the figure for taxable income. This forms the basis for the application of the income tax rate of 20%.
