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
Svetach [21]
3 years ago
7

national Mining Corp. purchased a​ mine, which holds an estimated 031,000 tons of iron​ ore, on January​ 1, 2018, for $ 526,000.

The mine is expected to have zero residual value. The business extracted and sold 12,500 tons of ore in 2018 and 11,800 tons of ore in 2019. What is the depletion expense for​ 2018? (Round any intermediate calculations to two decimal​ places, and your final answer to the nearest​ dollar.)
Business
1 answer:
Ahat [919]3 years ago
6 0

Answer:

depletion expense for 2018 6,019.18

Explanation:

$526,000 cost

1,031,000 tons

We have a cost(the mine) which is associate with an asset  available, that will be depleted over time (iron ore)

So we have to distribute this cost at the rate this asset is being depleted:

cost/tonds of iron ore = depletion per ton

526,000/1,031,000 = 0.5101

Then we multiply this rate by the extracted amount of 2018

depletion expense for 2018

0.5101 x 11,800 = 6,019.18

You might be interested in
Franklin Electric is presently generating earnings available to common shareholders of​ $7.25 per share. The​ firm's income tax
Sphinxa [80]

Answer:

$1.45

Explanation:

First of all we need to know what is earnings available to common shareholders (EACS).

EACS is the part of earnings which is available to common shareholders after deducting preference dividend from net income after taxes.

We can understand the as follows

Net Profit after taxes $ xxxx

Less: Preference dividend (xxxx)

Earnings available to.common shareholders xxxx

From this amount is we divide number of common stocks / shares, we will get Earnings Per Share (EPS)

EPS = Earnings available to equity shareholders / number of common stock shares

Dividend Payout Ration to common stock (given) = 20%

It means the comapny is paying 20% of EPS to common stock holders and 80% of EPS is tthe retained earnings of the company

Hence dividend to common stockholder = Earnings available.to common shareholders × dividend payout ratio

= $7.25 × 20%

= $1.45

$1.45 is the dividend which company pay to common shareholders

3 0
2 years ago
School-aged children are regularly asked to fundraise for their school. Typically, they are required to sell a minimum amount. T
ella [17]

Answer:

This question is incomplete, the options are missing. The options are the following:

a) Ceiling effect.

b) Floor Effect.

And the correct answer is B: Floor effect.

Explanation:

To begin with, in the field of statistics the term known as "Floor Effect" refers to the situation in where the gathering of data regarding an statistic instrument about a subject turns out to have a lower limit to the data values it can reliably specify. And the floor is understood to be as that lower limit in the chart or graphic created in the study of the subject. Moreover, this term is also used in the field of psychology when test are done to subjects in study as well.

5 0
2 years ago
Assume it costs Lady Marion Seafood, Inc. $30 to each catch, process, freeze, package, and ship 5 pound packages of Alaskan Salm
saul85 [17]

Answer:

Standard markup pricing

Explanation:

Standard markup is a quick and easy way to find out how much you pay for your goods or services.

After calculating the actual cost of the product, the seller or business owner adds a percentage of the actual cost of the product to arrive at its selling price.

so here

Actual cost =  $30  

Markup =  60% of actual cost

Markup  = 0.6 × $30

Markup  = $18

so selling price is

selling price = $(30 + 18)

selling price = $48

4 0
3 years ago
Why is business plan necessary?​
Agata [3.3K]

Answer:

Business plan necessary because:

•It make you aware of your strength or weakness.

•It also creates an effective strategy for growth.

•It helps to determine your future financial needs.

•It also helps to gain a deep understanding of your market.

7 0
2 years ago
"The objective of external auditing is to provide opinions on the reliability of the financial statements and provide opinions o
muminat

Answer:

A. True

Explanation:

4 0
2 years ago
Other questions:
  • Harry Putts Productions held investments in equity securities​ (in Ellie ​Company) with a fair value of $ 60 comma 000 at Decemb
    11·1 answer
  • Anita’s take-home pay is $2200 a month. she spends 14% of her take-home pay on groceries. How much is Anita’s monthly grocery bi
    10·1 answer
  • The business risk of a firm:
    11·1 answer
  • An online store promises to deliver any order costing over $60 within 24 hours. It uses this strategy to increase the volume of
    12·1 answer
  • What are the 10 categories of business law?
    9·1 answer
  • PS.02 A process that utilizes inexpensive general-purpose capital equipment will tend to have higher skilled workers.
    10·1 answer
  • Gabby and Gus Malloy recently got preapproved on a loan for their first house purchase. They are speculating on how much they sh
    8·1 answer
  • Max Company allocates overhead based on direct labor hours. It allocates overhead costs of $13,800 to two different jobs as foll
    5·1 answer
  • Which of the following is not something that will help you pay off credit card debt? a. Stop using your credit cards. B. Make ex
    8·1 answer
  • Opportunity costs are not found in accounting records because they are not relevant to decisions.
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!