Answer: a. $434880
b. $369,600
Explanation:
a. Compute the total amount of depletion for 2020.
Depletion Rate can be calculated as:
= (Mine cost - Value of land + Obligation + Development cost)/Ore extracted
= ($1,732,800 - $112,000 + $44,800 + $190,400)/$11,600,000
= $1856000/$11600000
= 0.16
Total amount of depletion for 2020 will now be calculated as:
= Depletion Rate × Ore extracted
= 0.16 × 2,718,000
= $434880
b. Compute the amount that is charged as an expense for 2014 for the cost of the minerals sold during 2020.
This will be calculated as the totsl depletion for 2014 divided by the value of the amount of ore that was extracted multiplied with amount of unit sold. This will be:
= (434,880/2,718,000) × 2,310,000
= 0.16 × 2,310,000
= $369,600
Answer:
The correct option to the following question is option (A).
Explanation:
Open-source software or OSS is the computer software in which the source code can be modified, enhance and, inspect by anyone but they have to distribute that software free of cost.
The person who modifies and enhances that Open Source software does not apply cost on it because this is illegal. The open-source software is the software that is distributed free of cost in the market.
- The other options are not correct because any programmer can check and modify the quality and again distribute in the market.
Answer:
1.
April 30
No entry required
This is because Cruz's attorney is certain it is remote that Cruz will lose this lawsuit.
June 30
DR Warranty Expense $14,400
CR Warranty Liability $14,400
Working = 360,000 * 4%
= $14,400
July 28
DR Warranty Liability $6,400
CR Cash $6,400
September 30
DR Lawsuit Loss A/c $150,000
CR Lawsuit Loss Liability $150,000
December 21
DR Warranty Expense $20,000
DR Warranty Liability $20,000
Workings ( Original question says 4%.)
= 4% * 500,000
= $20,000
2. Balance on Estimated Warranty Liability Account
June 30 14,400
July 28 (6,400) -
Dec 21 20,000 +
= $28,000 Credit
Answer:
Answer is solved and explained in the explanation section below.
Explanation:
In this question, we are asked to prepare a trial balance assuming that all accounts have normal balances. And the purpose of making a trial balance is to make sure that the entries in the system are mathematically sound.
So,
Badger Auto Parts Debit Credit
Accounts payable $8,500
Accounts receivable $40,800
Accumulated depreciation (furniture) $47,300
Advertising expense $29,200
Cash $3,200
Common stock $100,000
Cost of goods sold $184,300
Depreciation expense (furniture) $10,400
Furniture $128,000
Income tax expense $3,800
Income tax payable $3,600
Interest expense $6,650
Interest payable $1,800
Inventory $60,500
Notes payable $50,000
Prepaid rent $15,250
Retained earnings $15,900
Sales revenue $264,700
Utilities expense $9,700
Totals $491,800 $491,800
Answer:
between 4% and 20%
Explanation:
Given that :
Expected return = 12%
Standard deviation = 8%
The return on stock Z can be calculated thus
Interval = expected return ± standard deviation
Lower boundary = 12% - 8% = 4%
Upper boundary = 12% + 8% = 20%
Hence, return on stock Z will be between 4% and 20%
