Given:
April 2, 2017 - paid $3,721,000 for 1,525,000 tons of ore deposit
installed machine costing $213,500. 7 year life. No salvage value. will be abandoned when ore deposit is completely mined.
May 1, 2017 - mining begins. 166,200 tons of ore mined and sold.
At the end of the year, depletion of the ore deposit and depreciation of the machinery must be recorded.
3,721,000 / 1,525,000 = 2.44 depletion rate per ton
2.44 * 166,200 = 405,528
entry on Dec. 31: Debit Credit
Depletion expense - Mineral deposit 405,528
Accumulated depletion - Mineral deposit 405,528
Depreciation of machine is not computed based on straight line method. It is computed based on the ratio of the ore deposit mined and sold to the total ore deposits.
(166,200 / 1,525,000) * 213,500 = 23,268
entry on Dec. 31 Debit Credit
Depreciation expense - Machinery 23,268
Accumulated depreciation - Machinery 23,268
Answer:
The correct answer is option B.
Explanation:
In a perfectly competitive market, there is a large number of sellers selling homogenous products. Because of a large number of firms selling identical products, no single firm can affect the price and output level in the market.
All the firms are price takers and face a horizontal line demand curve. There is no restriction on the entry and exit of firms in the market. That is why firms earn zero economic profits in the long run.
Answer:
a) 115 students
b) 110 students
Explanation:
Let x represent the total number of students.
56% examines failed in Science, hence 0.56 examines failed in Science. 54% examines failed in Nepali hence 0.54x examines failed in Nepali. 25 students fail in both the subject and none passed in both subjects, hence:
(0.54x - 25) + (0.56x - 25) + 25 = x
0.54x + 0.56x -x = 25 + 25 - 25
0.1x = 25
x = 250 students
a) The number of examines who failed in Science only = 0.56x - 25 = (0.56 * 250) - 25 = 115
b) The number of examines who failed in Nepali only = 0.54x - 25 = (0.54 * 250) - 25 = 110
Answer:
The partnership and all three partners will be liable on the contract for the antiques.
Explanation:
According to the scenario been described in the question, the option that best explain the it is the partnership and all three partners will be liable on the contract for the antiques, this is so because the three are members of the same board and they share whatever comes to their way.
Answer:
A.- we need to fund 1,000,000 to achieve a 50,000 dollar perpetuity.
B.- There will be 1,105 dolalrs after 10 years.
Explanation:
Formula for perpetuity:
annuity/rate = principal
50,000/0.05 = 1,000,000
we need to fund 1,000,000 to achieve a 50,000 dollar perpetuity.
B.- continuous interest formula:
we plug our values:
we deposit 1,000 dollar for 10 years at 1% rate
And now we solve:
Amount = 1,105.170918 = 1,105