On July 1, 2014, Ticino Inc. invested CHF720,000 in a mine estimated to have 800,000 tons of
Question:
On July 1, 2014, 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 2014, 120,000 tons of ore were mined and sold.
Instructions
(a) Prepare the journal entry to record depletion expense.
(b) Assume that the 120,000 tons of ore were mined, but only 90,000 units were sold. How are the costs applicable to the 30,000 unsold units reported?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 77% (9 reviews)
a Dec 31 Depletion Expense 108000 Accumulated Depletion 120000 X CHF090 108000 C...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Financial Accounting IFRS
ISBN: 978-1118285909
2nd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Business questions
-
On July 1, 2020, 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 2020, 124,000 tons of ore were mined. Instructions a....
-
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, 2010, Hurtig Inc. invested $720,000 in a mine estimated to have 800,000 tons of ore of uniform grade. During the last 6 months of 2010, 100,000 tons of ore were mined and sold....
-
What are the final values of x and y? int x= 1, y=6; if(x>=1) if(y> 5){ X=X+2; y=y+2; } else{ X=X-1; y=y-1; } X=X+1; y=y+1;
-
What is the difference between mislaid, lost and abandoned property?
-
In the preceding problem, suppose that instead of imposing a $1,000 tariff on Japanese cars, the government imposes a sales tax of $1,000 on all cars sold in the United States whether foreign or...
-
Compute the value of an option with strike \(\$ 100\) expiring in four months on underlying asset with present value by \(\$ 97\), using the binomial model. The risk-free interest rate is \(7 \%\)...
-
For each pair of funds listed below, select the fund that would be less risky and briefly explain your answer. a. Growth versus growth-and-income b. Equity-income versus high-grade corporate bonds c....
-
Interpret the final result and Draw conclusions and recommendations for the following information using the below linear regression analysis information: a =2238.383423, b = -215.6952394, c =...
-
Can you use movie critics opinions to forecast box office receipts on the opening weekend? The following data, stored in Tomatometer , indicate the Tomatometer rating, the percentage of professional...
-
Nelson Company, organized in 2014, has the following transactions related to intangible assets . Instructions Prepare the necessary entries to record these intangibles. All costs incurred were for...
-
Presented below are selected transactions at Ingles Company for 2014. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2004. The machine cost 58,000 on that date. It had a useful...
-
(a) What is the minimum value of 1 for a subshell that has 11 electrons in it? (b) If this subshell is in the n = 5 shell, what is the spectroscopic notation for this atom?
-
3 WRITING TASK 2 You should spend about 40 minutes on this task. Write about the following topic: Nowadays, in spite of wage and salary increases, a lot of single people and families are struggling...
-
ARTICLE...
-
Company ABC is experiencing challenges in its human resource planning due to a lack of alignment between workforce needs and available skills. Identify the key issues and provide recommendations to...
-
Which question is not a good survey question? A. Don't you agree that the financial crisis is essentially over? B. On average, how many hours do you sleep per day? C. What is your opinion of...
-
I would tell Jenny's parents that they absolutely have the right to sue and should sue William, the wonder of the bar in downtown New Orleans, LA. To start, I would bring up a case of extreme...
-
Pick any number and multiply the number by 4. Add 6 to the product. Divide the sum by 2 and subtract 3 from the quotient. (a) What is the relationship between the number you started with and the...
-
A copper wire (density = 8.96 g/cm 3 ) has a diameter of 0.25 mm. If a sample of this copper wire has a mass of 22 g, how long is the wire?
-
Your parents are considering investing in PepsiCo, common stock. They ask you, as an accounting expert, to make an analysis of the company for them. Fortunately, excerpts from a current annual report...
-
PepsiCos financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B. Instructions (a) Based on the information contained in these...
-
The Management Discussion and Analysis section of an annual report addresses corporate performance for the year, and sometimes uses financial ratios to support its claims. Steps 1. From IBMs Investor...
-
Show how binary exponentiation can be used to calculate a 128 efficiently. How many multiplications are required?
-
How can one tell many months the positive skew had in it?
-
Drug 4 mg I every 3 hours prn pain. Supplied as 10mg/10 ml. Calculate mL per dose?
Study smarter with the SolutionInn App