Answer:
Journal entry to record depletion expense
Depreciation expense $280,000 (debit)
Accumulated depreciation $280,000 (credit)
Explanation:
The coal mine is an economic resource controlled (ownership of risks and benefits) by Last year, Mountain Top, Inc as a result of past event (purchase transaction) from which economic benefits are expected to flow into the business (cash from sale of minerals).Therefore the coal mine is an asset!
The asset is being depleted as it is being used. This is called depreciation.
Depreciation expense in this case is calculated as :
Depreciable Account × Current harvest as a percentage of total estimated tons available
(900000-100000)× 70000/200000 = $280,000
Answer and Explanation:
The disagreement arise between this economist is due to the differences in the scientific judgements as they disagree due to the various scientific judgements. And, despite their differences, the proposition of two economists should be chosen at random as the tariff and import quotas normally decreased the economic welfare as it always result in deadweight loss and in this both economist should be agree for the same
Answer:
False
Explanation:
The need for affiliation refers to the need people have to feel that they are part of a social group. People that have a high need for affiliation requires close relationships and needs to be approved by the people that are close to them. Also, they want to feel that they are part of something that has an important impact. According to this, the statement that says that the need for affiliation is the need to excel is false.
Book Value Of Asset 
Book Value of Assets is the asset's value in the books of records of a company or an institution at any given instance.
Assets Book Value Formula = Total Value of an Asset – Depreciation – Other Expenses
Book Value Of Asset is
and the fair value of asset exchanged is As there is a change in the value, this substance exists in the transaction.
Commercial substance exists in business transactions where the outcome is anticipated to change the company's cash flows in the future and is considered only when there is a significant alteration in the risk of cash inflow, the timing of cash inflow, and the amount paid as a result of the transaction.
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Answer: $40,000
Explanation:
Hello. Your question was incomplete as it lacked the balance sheet in question. Luckily I found it and have now attached it.
The question states that the central bank has set a required reserve ratio of 10%. This means that 10% of the deposits at the bank are not to be touched so they cannot loan past 90% of the deposits.
The bank has only $60,000 remaining to loan out as they will not sell their securities.
So we will calculate how much they can loan out thus,
= 60,000 - (200,000 * 10%) to find out what amount cannot be touched
= 60,000 - 20,000
= $40,000
The maximum amount of additional loans the bank in Jamestown can undertake is $40,000.
