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
tigry1 [53]
3 years ago
12

Santa Fe purchased the rights to extract turquoise on a tract of land over a five-year period. Santa Fe paid $300,000 for extrac

tion rights. A geologist estimates that Santa Fe will recover 5,000 pounds of turquoise. During the current year, Santa Fe extracted 1,500 pounds of turquoise, which it sold for $200,000. What is Santa Fe's cost depletion deduction for the current year?
Business
1 answer:
melomori [17]3 years ago
4 0

Answer:

The cost of depletion in the current year is $90,000

Explanation:

Santa Fe's current year cost of depletion=cost of rights*Turquoise extracted in the current year/total estimated turquoise to be extracted

cost of rights is $300,000

turquoise extracted in the current year is 1,500 pounds

total estimated turquoise to be extracted over a five-year period is 5000 pounds

cost of depletion in the current year=$300,000*1500/5000

                                                           =$ 90,000.00  

By extension profit for the year assuming no other costs were incurred is :

$200,000-$90,000=$110,000

You might be interested in
Which section of a business plan gives details about a business’s core products and services?
yuradex [85]

Answer:

the executive summary. (more info below)

Explanation:

A strong executive summary is a convincing one. It shows the mission statement of the organization, along with a brief summary of its goods and services. It may also be a smart opportunity to clarify briefly why you are beginning your company and to give specifics about your background in the field that you are joining.These four key sections are what the 4 major sections of a business plan, the executive summary, marketing plan, key management bios, and financial plan.

hope this helped!

5 0
3 years ago
The following information is from the materials requisitions and time tickets for Job 9-1005 completed by Great Bay Boats. The r
Nata [24]

Answer:

Total cost for Job 9-1005 = $ 5,085

Explanation:

Calculation for total cost for Job 9-1005

Direct materials

Q-4698          $1,250

Q-4725          <u>$1,000</u>

<u>Total Direct material cost = $ 2,250</u>

Direct labor

W-3393          $ 600

W-3479          $ 450

W-3559          <u>$ 300</u>

<u>Total direct labour Cost = $ 1,350</u>

add: Overhead cost 110% of total direct labor cost: $1,350×110%= $1,485

Total Cost on Job is: $2,250+$1,350+$1,485 = $5,085

5 0
3 years ago
Match the terms below with the following definition:
GalinKa [24]

Answer:

1. B

2. A

3. D

4. C

Explanation:

1. Activity variance

B) the difference between a revenue or cost item in the flexible budget and the same item in the planning budget.

The activity variance is as a result of difference between the actual level of activity in the flexible budget to the assumed level of activity in the planning budget.

2. Planning budget

A) a budget created at the beginning of the budgeting period that is valid only for the planned level of activity.

Planning budget is a process of evaluating earnings and expenses and project their monetary intakes and outtakes for the future made by  an individual or company.

3. Flexible Budget

D) a report showing estimates of what revenues and costs should have been, given the actual level of activity for the period.

Flexible budget adjusts with changes in volume and activity

4. Spending variance

C) the difference between the actual amount of the cost and how much the cost should have been, given the actual level of activity

This is unfavorable if the actual cost is greater than what the cost should have been and favorable if the actual cost is less than what the cost should have been.

6 0
3 years ago
Croft Corporation produces a single product. Last year, the company had a net operating income of $89,000 using absorption costi
Maksim231197 [3]

Answer:

21,200 units

Explanation:

For determining the sales, first we have to compute the net operating income difference which is shown below:

= Net operating income under absorption costing - Net operating income under variable costing

= $89,000 - $74,600

= $14,400

Now the inventory units increased by

= $14,400 ÷ 12 per unit

= 1,200 units

And, the production units are 22,400

So, the sales would be

= 22,400 units - 1,200 units

= 21,200 units

This is the answer and the same is not provided in the given options

4 0
3 years ago
To be​ effective, communication must​ ________. A. benefit both parties B. only involve a sender C. be written D. only involve a
ella [17]

Answer:

Benefit both parties

Explanation:

Communication is the process of transferring information from the sender to the receiver. In a communication process: The sender encodes the information, transmits it via a medium, the sender receives the message, decodes it, perceives it and send feedback to the sender.

It the process mentioned above, communication will become ineffective if any of the things is not done properly. Consequently, it should involve, and therefore, benefit both the parties.

5 0
4 years ago
Other questions:
  • Country X has currency C1 and Country Y has currency C2. The nominal exchange rate C2/C1 and GDP deflator P for Country X and P*
    12·1 answer
  • Why do people need to buy and sell products or services? people need to provide the market with goods and services. people need
    10·2 answers
  • Whats an acrostic poem for economic
    7·1 answer
  • Over one-third of female offenders are serving time for ________ offenses
    6·1 answer
  • f the price of a slice of pizza rises from $2.50 to $3, and quantity demanded falls from 10,000 slices to 7,400 slices, calculat
    7·1 answer
  • If an industry is in long-run competitive equilibrium and experiences a decrease in demand, then as a result the equilibrium pri
    9·1 answer
  • At December 31, 2020, Desert Company reports the following balances for its liability accounts:   7% note payable issued 10/1/20
    14·1 answer
  • Ahmed Company purchases all merchandise on credit. It recently budgeted the following month-end accounts payable balances and me
    14·1 answer
  • Help! Which tasks commonly are performed in Management and Entrepreneurship jobs? Check all that apply.
    5·2 answers
  • Explain what nuclear medicine technologists and magnetic resonance technologists have in common.
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!