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tensa zangetsu [6.8K]
3 years ago
8

Cantor Co. purchased a coal mine for $2,000,000. It cost $500,000 to prepare the coal mine for the extraction of the coal. It wa

s estimated that 750,000 tons of coal would be extracted from the mine during its useful life. Cantor planned to sell the property for $100,000 at the end of its useful life. During the current year, 15,000 tons of coal were extracted and sold. What would Cantor's depletion amount be per ton for the current yea
Business
1 answer:
Ksivusya [100]3 years ago
8 0

Answer:

Depletion cost  for current year $ 48,000

Explanation:

Computation of depletion amount

Purchase cost                                                                       $ 2,000,000

Preparation cost                                                                   <u>$     500,000 </u>  

Cost of mine                                                                         $ 2,500,000

Sale value at end of period                                                 <u>$(    100,000)</u>

Depletion basis of mine                                                       $ 2,400,000

Total estimated extraction from mine                                       750,000 tons

Cost of extraction per ton ( $ 2,400,000 / 750,000)        $ 3.20 per tons

Extraction during year                                                             15,000 tons

Depletion cost for the year                                                 $ 48,000                                        

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The following financial resources were among those received by Seco City during year 1:_____
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Answer:

A) $0

Explanation:

Seco City will record $0 as special revenue funds during year 1 with respect to the foregoing resources.

The $6,000,000 for acquisition of major capital facilities would be recorded as capital projects fund.

$2,000,000 to create a non-expendable trust would be recorded as private purpose trust fund.

8 0
3 years ago
The purpose on<br> objectives<br> Of competition policy<br> in South Africa.
Afina-wow [57]

Explanation: !!!

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6 0
3 years ago
Stone Pine Corporation, a calendar year taxpayer, has ending inventory of $160,000 on December 31, 2018. During the year, the co
bezimeni [28]

Answer:

The answer is $215,000

Explanation:

Cost of goods sold equal:

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To find beginning inventory at January 1, 2018, lets rearrange the formula:

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Therefore, beginning inventory at January 1, 2018 is

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3 0
3 years ago
Explain the differences in operating incomes obtained in requirements 1 and 2. The difference in operating income under absorpti
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Answer:

Differences in Operating Incomes Under Absorption Costing and Variable Costing:

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The differences in the operating incomes obtained under variable costing and absorption costing are due to the fixed manufacturing costs that are included in the ending inventory ​and carried forward to the next accounting period while the ending inventory under variable costing does not include any fixed manufacturing costs.  Absorption costing is based on full costing system but, variable costing  does not include the full costs.

6 0
3 years ago
What is a hypothesis?
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The answer is B.

"A hypothesis (plural hypotheses) is a proposed explanation for a phenomenon. For a hypothesis to be a scientific hypothesis, the scientific method requires that one can test it. Scientists generally base scientific hypotheses on previous observations that cannot satisfactorily be explained with the available scientific theories. Even though the words "hypothesis" and "theory" are often used synonymously, a scientific hypothesis is not the same as a scientific theory. A working hypothesis is a provisionally accepted hypothesis proposed for further research, in a process beginning with an educated guess or thought."

"A hypothesis is an assumption, an idea that is proposed for the sake of argument so that it can be tested to see if it might be true."

7 0
3 years ago
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