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
elena55 [62]
3 years ago
10

Glacier Mining Co. acquired mineral rights for $494,000,000. The mineral deposit is estimated at 475,000,000 tons. During the cu

rrent year, 31,500,000 tons were mined and sold. Required: A. Determine the depletion rate. B. Determine the amount of depletion expense for the current year. C. Journalize the adjusting entry on December 31 to recognize the depletion expense. Refer to the Chart of Accounts for exact wording of account titles.
Business
1 answer:
schepotkina [342]3 years ago
4 0

Answer:

a. Depletion rate:

= Mineral rights acquisition costs / Estimated mineral deposits

= 494,000,000 / 475,000,000

= $1.04 per ton

b. Depletion expense for current year:

= Depletion rate * Minerals mined and sold in current year in tons

= 1.04 * 31,500,000

= $32,760,000

c. Journal entries:

Date                Account title                                      Debit              Credit

12/31-20XX     Depletion expense                        $32,760,000

                       Accumulated Depreciation                                 $32,760,000  

You might be interested in
A(n) _____ is a variation of a referral where, in addition to requesting the names of prospects, the salesperson asks the prospe
Studentka2010 [4]

Answer: Introduction

Explanation:

In discipline such as marketing , an introduction is referred to as or known as a variation or change of the referral where, an addition made to the requesting names of the prospects, the individual or the salesperson tends to asks the prospect consumer or the customer in order to prepare a letter or note that can be further sent to potential consumer or customer.

3 0
4 years ago
Grouper Inc. is involved in a lawsuit at December 31, 2020. Prepare the December 31 entry assuming it is probable that Grouper w
goldenfox [79]

Answer:

Grouper Inc. is involved in a lawsuit at December 31, 2020

It is given that Grouper will be liable for $863,600 as a result of this suit. Therefore, the journal entry for this situation is as follows;

On December 31, 2020

Lawsuit loss  A/c  Dr. $863,600

       To Lawsuit liability               $863,600

(To record the lawsuit loss of the Grouper Inc.)

8 0
3 years ago
The sea wharf restaurant would like to determine the best way to allocate a monthly advertising budget of $1000 between newspape
Andreas93 [3]
From what I understood in the problem, the total budget that covers all types of media is only $1,000 per month. For the allocation, each type of media would get at least 25% of the budget. If we infer on this information, there should only be 4 types of media, at least. This is because four 25% portions would equal to 100%. If it exceeds 25% for each of the four types, it would be over the $1000 budget. With that being said, it is also possible that there will be 3 or 2 types of media. Nevertheless, let's just stick to the least assumption of 25% for each of the 4 types.

If local newspaper advertising is one of the four types, then:

$1000(25%) = $250

It would get $250 from the overall budget.
5 0
3 years ago
The main source of revenue for local governments is _____.
AleksandrR [38]

Answer:

the main sources of revenue for local government is property taxes

3 0
3 years ago
The most socially responsible companies establish _____ for their vendors, setting clear policies for human rights, wages, safet
AfilCa [17]
In order to help the student expand his/her knowledge I will help answer the question. This in hope that the student will get a piece of knowledge that will help him/her through his/her homework or future tests.

The most socially responsible companies establish codes of conduct for their vendors, setting clear policies for human rights wages, safety, and environmental impact. In fact many of this companies have this establish today.
<span>
I hope it helps, Regards.</span>
3 0
4 years ago
Other questions:
  • Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated recei
    8·1 answer
  • Which of the following statements describes a recurring theme about today's ecological environment?
    12·1 answer
  • Down Under Products, Ltd., of Australia has budgeted sales of its popular boomerang for the next four months as follows:
    6·1 answer
  • Other things the same, an increase in the budget deficit a. shifts the demand for loanable funds right, so the interest rate ris
    8·2 answers
  • Ramon incurred $83,100 of interest expense related to his investments this year. His investment income included $34,500 of inter
    12·1 answer
  • The EZ Lawn Corporation manufactures lawn equipment such as lawn mowers, blowers, and trimmers. The lawn equipment is assembled
    15·1 answer
  • "Gamboa, Inc. sold 100 selfie sticks for $25 each. If the selfie sticks had an average cost of $1 to produce, how much profit di
    9·1 answer
  • In its first year of operations, Cullumber Company recognized $33,700 in service revenue, $6,700 of which was on account and sti
    7·1 answer
  • If the government and Central Bank don't use economic policy, what could happen?
    7·1 answer
  • Maria just found out a teacher is sick and is calling in a substitute to teach their classes. Which of Fayol's five functions do
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!