Mining Works Co. acquired a copper mine at a cost of $1,200,000. The estimated number of units
Question:
Mining Works Co. acquired a copper mine at a cost of $1,200,000. The estimated number of units available for production from the mine is 3,000,000 tons.
(a) During the first year, 400,000 tons are mined and sold.
(b) During the second year, 700,000 tons are mined and sold.
REQUIRED
1. Calculate the amount of depletion expense for both years.
2. Prepare general journal entries for depletion expense.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (7 reviews)
1 Depletion rate 1200000 3000000 tons 040 per ton Year 1400000 040 ...View the full answer
Answered By
Rustia Melrod
I am a retired teacher with 6 years of experience teaching various science subjects to high school students and undergraduate students. This background enables me to be able to help tutor students who are struggling with the science of business component of their education. Teaching difficult subjects has definitely taught me patience. There is no greater joy for me than to patiently guide a student to the correct answer. When a student has that "aha!" moment, all my efforts are worth it.
The Common Core standards are a useful yardstick for measuring how well students are doing. My students consistently met or exceeded the Common Core standards for science. I believe in working with each student's individual learning styles to help them understand the material. If students were struggling with a concept, I would figure out a different way to teach or apply that concept. I was voted Teacher of the Year six times in my career. I also won an award for Innovative Teaching Style at the 2011 National Teaching Conference.
4.90+
4+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Prepare General Journal entries to record the following periodic system merchandising transactions for Schafer Merchandising. Use a separate account for each receivable and payable: Oct. 1. Purchased...
-
Prepare General Journal entries to record the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; example, record the...
-
Prepare General Journal entries to record the following perpetual system merchandising transactions of Hanifin Company. Use a separate account for each receivable and payable; for example, record the...
-
Two charges are located in the (x, y) plane as shown. The positive a direction is to the right and the positive y direction is upwards. The fields produced by these charges are ob- served at a point...
-
Common-size and trend percents for Rustynail Company's sales, cost of goods sold, and expenses follow. Determine whether net income increased, decreased, or remained unchanged in this three-year...
-
A rigid, adiabatic container is filled through a single opening from a source of working fluid whose properties remain fixed. How does the final specific entropy of the single-phase contents of this...
-
With reference to Exercise 10.3, what can we say with \(95 \%\) confidence about the maximum error if we use the sample proportion to estimate the corresponding true proportion? Data From Exercise...
-
Ajay is a rational, risk averse investor with $ 5,000 to invest for one year. He has decided to invest this amount in a high- technology firm and has narrowed his choice down to either AB Ltd. or XY...
-
Suppose a company incurs the following costs: Labor $800 Equipment $400 Materials $300 It owns the building, so it doesnt have to pay the usual $900 in rent. (a) What is the total accounting cost?...
-
Vebco Water and Gas received a contract for a seawater desalination plant wherein the company expected to make a 28% rate of return on its investment. (a) If Vebco invested $8 million the first year,...
-
Mayer Delivery Co. had the following plant asset transactions during the year: 1. Assets discarded or sold: Jan. 1 Van #11, which had a cost of $8,800 and accumulated depreciation of $8,800, was...
-
B. J. Bakery had the following transactions involving intangible assets : Jan. 1 Purchased a patent for a new pastry for $10,000 and estimated its useful life to be 10 years. Apr. 1 Purchased a...
-
As of March 2013, there were 665 oldies radio stations in the United States. One station finds that 106 stations have a larger daily audience than it has. What percentile does this station come...
-
The Jolly Scholar Brewing Company will pay a dividend of $2.50 next year.Industry analysts expect for the Company to increase its dividend at an annual rate of 7.00% in the future. You desire to earn...
-
You highlight meeting the client where they are at and assisting them in the process at their pace. This is important to successful outcomes. The more we can work collaboratively with the client and...
-
1) An investor buys a stock for $95 and sells it for $102 one year later. He also collects a $2 dividend. What is the holding period return for this stock? 2) What type of interest does the annual...
-
Number of units sold Sales Variable costs Contribution margin Fixed costs Income Company A 3,200 Company B 1,975 Per unit Total Per unit Total $ 208,000 $ 65.00 150,400 $ 46,400 39,500 43,450 19,750
-
Ms . Jordan invested $ 4 9 0 0 , part at 6 % and the rest at 8 % . If the yearly interest on each investment is the same, how much interest does she recieve at the end of the year?
-
What are the monetary unit and historical cost concepts? How do they affect the recording of transactions?
-
You purchase a bond with a coupon rate of 6.7 percent, a par value $1,000, and a clean price of $905. Assume a par value of $1,000. If the next semiannual coupon payment is due in two months, what is...
-
Determine convergence or divergence using any method covered in the text. 00 n=2 1 nInn
-
The Stockholders Equity section of the balance sheet for Aardvark Archery Bows and Arrows, Inc., as of January 1 is as follows: Some of the transactions that took place during the year are as...
-
Some of the transactions of Pampered Queen Bath Products, Inc., during this fiscal year are as follows: Mar. 15 Paid balance due on previous years federal income tax, $ 7,230. Apr. 15 Paid $ 83,760...
-
The trial balance for Fancy Petals Florist, Inc., dated May 31 of this year, follows. To reduce the number of accounts in the trial balance, Selling Expenses (control) is used in place of all selling...
-
The highest WACC is 11%, the baseline WACC is 7.4% and lowest WACCS is 2.8%. To derive a WACC that better accounts for extreme scenarios, you decide to assign the following probability weights: High-...
-
Give 2 examples of the ff: Statutory law Regulatory law Common law Include the title of each example and explain why you chose these examples ( 1 to 2 sentences ) . Note: Write your reference ( s )
-
The Adams family includes a financially well-informed couple, both aged 36, and two children aged 4 and 6. The family is financially sound but suffered badly during the tech meltdown in 2000. The...
Study smarter with the SolutionInn App