User Account

All Pages

Calculate the depletion expense for the first year

Assignment Help Financial Accounting
Reference no: EM132992212

Problem 1: Thursday Corporation pays P5,900,000 for a mineral deposit. It costs additional P600,000 to get access to the deposit, which is believed to contain 2,000,000 tons and will take 5 years to remove. Calculate the depletion expense for the 1st year, if 418,000 tons were extracted.

a) P1,358,500

b) P1,233,100

c) P1,300,000

d) P1,180,000

Reference no: EM132992212

Questions Cloud

What the machinery cost of acquisition was : What the machinery's cost of acquisition was? Saturday Corporation acquired machinery on Jan. 3, 2019. The machinery is expected to have an 8-year useful life
How much grant income should be recognized for friday corp : Straight-line basis over four years and to consider the grant as deferred revenue. For the current year, how much grant income should be recognized?
The european commission and intel : In May 2009, the European Commission announced that it had imposed a record €1.06 billion ($1.45 billion) fine on Intel for anticompetitive behavior. This fine
What is the price earnings ratio : What is the price earnings ratio (PE) of the company, given total number of outstanding ordinary shares is 57,000 and market price of each share is $22
Calculate the depletion expense for the first year : Thursday Corporation pays P5,900,000 for a mineral deposit. Calculate the depletion expense for the 1st year, if 418,000 tons were extracted.
Managing a multi-cultural and diversified workforce : 1. As the Managing Director of a multinational corporations, discuss six (6) factors you would uphold in managing a multi-cultural and diversified workforce.
Explain what bblr means in the context of a tax system : Explain what BBLR means in the context of a tax system. The design of New Zealand's tax system can be described as "broad-based, low rate" (BBLR).
How should the entity account for the loan in the year : An entity borrowed P20,000,000 on Jan. 1, 2020. How should the entity account for the P20,000,000 loan in the year ended December 31, 2021?
What will be the issuance price of the bonds : If the market rate of interest at the time the bonds are sold is 10%, what will be the issuance price (approximate) of the bonds

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd