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
STALIN [3.7K]
2 years ago
5

Depletion Entries Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons

. During the current year, 4,000,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. $fill in the blank ed11a103ff82045_1 b. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31 fill in the blank 396e8209705d02e_2 fill in the blank 396e8209705d02e_3 fill in the blank 396e8209705d02e_5 fill in the blank 396e8209705d02e_6
Business
1 answer:
Ierofanga [76]2 years ago
5 0

Answer: See explanation

Explanation:

a. Determine the amount of depletion expense for the current year.

First, we've to calculate the depletion rate per unit which will be:

= $67,500,000 / 30,000,000

= $2.25

Then, the depletion expense will be:

= $2.25 × 4,000,000

= $9,000,000

b. Journalize the adjusting entry on December 31 to recognize the depletion expense.

Debit Depletion expense $9,000,000

Credit Accumulated depreciation $9,000,000

(Being depletion of 4,000,000 tons)

You might be interested in
WILL GIVE BRAINLIEST!!
anyanavicka [17]

Answer:

Explanation:

Of free enterprise

7 0
3 years ago
Culver Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2017: Cash $8,220, Land $40,8
Dovator [93]

Answer:

See explanation Section

Explanation:

             Culver Corporation

 Balance Sheet (Current Asset only)

        As at December 31, 2017

Particulars                         $                         $

Cash                                                        $8,220                

Accounts Receivable $97,530

Less: Allowance for

<u>Doubtful Accounts       (4,520)           </u>   $93,010

Prepaid Insurance                                   $6,040

Inventory                                                $34,900

<u>Equity Investments                                  $13,510</u>

Current Assets                                     $155,680

Note: As equity investment will be sold in the next year, it is shown as current assets. Land and patents are property, plant, and equipment.

8 0
3 years ago
The closing entry process consists of closing:A)all asset and liability accounts.B)out the Retained Earnings account.C)all perma
allochka39001 [22]

Answer:

D.) All the temporary accounts

Explanation:

The closing entry process closes or "zeroes out" the temporary accounts and transfer their balances to the retained earnings account.

Theses temporary accounts are closed or reset at the end of every year. Companies also call this as the closing of the books.

Temporary accounts includes:

1. Revenue & Gain Accounts

2. Expenses & Losses Accounts

3. Dividends & Withdrawal Accounts

4. Income Summary accounts (if used)

8 0
3 years ago
Why are american firms moving manufacturing jobs overseas?
strojnjashka [21]
Cheap labor force...American businesses can save a substantial amount if they outsource.
5 0
3 years ago
Due to a recession, expected inflation this year is only 3.75%. However, the inflation rate in Year 2 and thereafter is expected
Solnce55 [7]

Answer:

5.25%

Explanation:

To calculate the inflation for the year 3, we will have to calculate the yield on 1 Year treasury bond.

The yield is calculated using the following formula:

Nominal Yield on Bond = Real risk free rate + Inflation for the year

Here

Inflation for Year One is 3.75%

Real Risk-Free Rate is 3.5%

Nominal yield on bond is Y for year 1

By putting values, we have:

Y = 3.5% + 3.75% = 7.25%

For 3 years treasury bond,

Nominal Yield on Treasury Bond  for 3 years = Yield on year 1 + Inflation

Y3 = 7.25% + 1.5% = 8.75 %

Now if we deduct the real risk free rate from the  3 year yield on the treasury bond, then the resultant rate would be the inflation rate for the year 3.

Inflation Rate for Year 3 = Y3 - Real Risk-Free Rate

Inflation Rate for Year 3 = 8.75% - 3.5%

Inflation Rate for Year 3 = 5.25%

4 0
3 years ago
Other questions:
  • Investors willing to pay the full face amount for bonds that pay a lower contract rate of interest than the rate they could earn
    13·1 answer
  • Janet needs to assign a very important advertising account to one of her writers. First she reviewed each​ writer's work​ load,
    6·1 answer
  • Give three examples of behavior that you believe is unethical that you have observed in school
    8·1 answer
  • The management of GH Apparel has thoroughly analyzed the market and recognizes the wants and needs of different customer groups.
    9·1 answer
  • Oak Corp., a calendar-year corporation, was formed three years ago by its sole shareholder, Glover, and has always operated as a
    6·1 answer
  • 1. What is the main role of financial system?​
    6·1 answer
  • اقرأ الفقرة التالية واجب عن الأسئلة التي تليها .33
    14·1 answer
  • Based on the experiences of Thailand, Kenya and China in promoting family planning, what do you think the key is to reducing pop
    13·1 answer
  • After a hurricane devastates New Orleans, a Canadian charity sends $1 million to the U.S. to help the survivors rebuild their ho
    10·1 answer
  • On January 4, David Company acquired all of the net assets (assets and liabilities) of William Company for $ 145,000 cash. The t
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!