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NISA [10]
4 years ago
8

Knowledge Check 02 Mountain Top, Inc., owns a coal mine with a depletion rate of $4 per ton of coal. A total of 100,000 tons wer

e mined, but only 80,000 tons were sold during the current year. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus. Date Account Title Debit Credit Dec. 31
Business
1 answer:
Goryan [66]4 years ago
3 0

Answer:

Explanation:

The journal entry is shown below:

Depletion expense A/c Dr $320,000

Coal inventory A/c $80,000

     To Accumulated depletion $400,000

(Being the entry is recorded)

The computations are shown below:

1. For Depletion expense

= 80,000 tons × $4 per ton of coal

= $320,000

2. For accumulated depreciation

= 100,000 tons × $4 per ton of coal

= $400,000

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4 years ago
The "invisible hand" concept refers to the . guiding function of prices in a market system. implicit influence that the governme
Verdich [7]

Answer:

guiding function of prices in a market system

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4 0
3 years ago
What are the features of a corporation? The chief distinguishing factor of a corporation is its . An investor who purchases stoc
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5 0
3 years ago
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makkiz [27]

Answer:

an increase in the number of goods produced

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When businesses need to offer more goods and services, they require to hire additional workers to be engaged in production activities. Economic growth means more job opportunities are created.

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