On July 1, 2020, Friedman Inc. invested $720,000 in a mine estimated to have 900,000 tons of
Question:
On July 1, 2020, Friedman Inc. invested $720,000 in a mine estimated to have 900,000 tons of ore of uniform grade. During the last 6 months of 2020, 100,000 tons of ore were mined.
Instructions
a. Prepare the journal entry to record depletion.
b. Assume that the 100,000 tons of ore were mined, but only 80,000 units were sold. How are the costs applicable to the 20,000 unsold units reported?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (10 reviews)
a Dec 31 Inventory 80000 Accumulated Depletion 100000 X 80 80000 Cost a 720000 Units estimat...View the full answer
Answered By
Charles mwangi
I am a postgraduate in chemistry (Industrial chemistry with management),with writing experience for more than 3 years.I have specialized in content development,questions,term papers and assignments.Majoring in chemistry,information science,management,human resource management,accounting,business law,marketing,psychology,excl expert ,education and engineering.I have tutored in other different platforms where my DNA includes three key aspects i.e,quality papers,timely and free from any academic malpractices.I frequently engage clients in each and every step to ensure quality service delivery.This is to ensure sustainability of the tutoring aspects as well as the credibility of the platform.
4.30+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Business questions
-
On July 1, 2011, Ticino Inc, invested CHF720,000 in a mine estimated to have 800,000 tons of ore of uniform grade. During the last 6 months of 2011, 100,000 tons of ore were mined and sold....
-
On July 1, 2017, Ticino AG invested CHF736,000 in a mine estimated to have 800,000 tons of ore of uniform grade. During the last 6 months of 2017, 124,000 tons of ore were mined. Instructions (a)...
-
On July 1, 2014, Friedman Inc. invested $720,000 in a mine estimated to have 900,000 tons of ore of uniform grade. During the last 6 months of 2014, 100,000 tons of ore were mined and sold....
-
How many orders of magnitude is 3 . 2 \ times 1 0 - 9 m smaller than 0 . 0 0 0 0 4 m ?
-
Pop Corporation acquired an 80 percent interest in Son Corporation common stock for $240,000 on January 1, 2015, when Son's stockholders' equity consisted of $200,000 common stock, $100,000 preferred...
-
The professional development department of a large CPA firm has prepared the following illustration to familiarize the audit staff with the relationships of sample size to population size and...
-
How is arbitration commenced?
-
Rawlco Communications operates 15 radio stations. The following events occurred during September. a. Placed an order for office supplies costing $ 2,000. Supplier intends to deliver later in the...
-
5. (6pts) The region B is bounded by the x-axis, the y-axis, and the curve y = of B below. If I want to compute the integral of a function f(x, y) over the it in two equivalent ways: (x-2). See the...
-
One of the main applications of priority queues is in operating systemsforscheduling jobs on a CPU. In this project you are to build a program that schedules simulated CPU jobs. Your program should...
-
Pryce Company owns equipment that cost $65,000 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated...
-
The following are selected 2020 transactions of Pedigo Corporation. Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. May 1 Purchased for $75,000 a...
-
One debate over economics has been centred on the division between those who would adhere to the philosophy of the invisible hand and those who point to the weaknesses in the assumptions that...
-
You spent $750 with your credit card last month and your credit card company charges you 19.99% APR, compounded monthly. If you continue to make a minimum payment of $25 every month, how many years...
-
Player Company acquired 60 percent ownership of Scout Company's voting shares on January 1, 20X2. During 20X5, Player purchased inventory for $22,000 and sold the full amount to Scout Company for...
-
How to respond too I am taking out a loan to purchase a new home. The purchase of the home is $149,000 with an interest rate of 7% and a term of 10 years. To calculate the interest, I will need to...
-
Please identify three (3) important concepts related to investment analysis & portfolio management that have an impact on managing investments, such as savings, stocks, bonds, or future retirement...
-
Consider one on a very large scale. The United States' financial markets, namely the stock and bond markets, are widely considered among the most, or perhaps the most, transparent and corruption free...
-
Test for a difference in population means between groups B and D. Show all details of the test. Refer to the data with analysis shown in the following computer output: Level N Mean StDev A 86.833...
-
Explain why it is not wise to accept a null hypothesis.
-
For what reasons might a company like IBM repurchase some of its stock (treasury stock)?
-
Kwun, Inc. purchases 1,000 shares of its own previously issued $5 par common stock for $12,000. Assuming the shares are held in the treasury, what effect does this transaction have on (a) Net income,...
-
Kwun, Inc. purchases 1,000 shares of its own previously issued $5 par common stock for $12,000. Assuming the shares are held in the treasury, what effect does this transaction have on (a) Net income,...
-
a. Begin with a converging lens of focal length f. Place an illuminated object a distance p, in front of the lens. For all positive values of p;: 1. calculate and sketch a graph of the location of...
-
Sometimes I forget a few items when I leave the house in the morning. For example, here are probabilities that I forget various pieces of footwear: left sock 0.2 right sock 0.1 left shoe 0.1 right...
-
2. Three students are chosen randomly to be class president, vice president, and treasurer. No student can hold more than one office. (a) What is the probability that Mary is president, Cory is vice...
Study smarter with the SolutionInn App