User Account

All Pages

Compute the depletion rate per ton

Assignment Help Accounting Basics
Reference no: EM132710876

Question - Depletion Rate - Oxford Quarries purchased 45 acres of land for $225,000. The land contained stone that Oxford will remove from the ground, finish, and then sell as facing material for buildings. Oxford spent $435,000 preparing the quarry for operation. Oxford estimates that the quarry contains 55,000 tons of usable stone and that it will require 6 years to remove all the usable stone once quarrying begins. Upon completion of quarrying, Oxford estimates that the land will have a residual value of $11,000. During 2019, Oxford extracted 8,000 tons of stone.

Required -

1. Compute the depletion rate per ton. Round your answer to the nearest cent and use the rounded value for any following calculations.

2. Prepare the journal entry to record the extraction of the stone.

Reference no: EM132710876

Questions Cloud

Explain the three different food applications : Review three different food applications available on the market. Evaluate the effectiveness of the apps and critique their strengths and weaknesses.
Provide entries for stonewall corporation : Provide entries for Stonewall Corporation assuming that the conversion privilege is subsequently exercised immediately after the end of the third year.
Determine the estimated manufacturing costs for victoria co : Determine the estimated manufacturing costs for Victoria Co. to make a jacket. Explain why the average cost of a jacket to manufacture
Liberal education could end racism : Du Bois, initially, believed that a liberal education could end racism; however, he later concluded that "The Talented Tenth"
Compute the depletion rate per ton : Compute the depletion rate per ton. Round your answer to the nearest cent and use the rounded value for any following calculations
Explain the important elements outside the organization : In our Week 7 reading we are introduced to elements outside our organization: the environment around us. Emma chuckles and says it's not as though.
How do calculate cost of goods sold for the year : How do calculate cost of goods sold for the year. Freight-in $ 3,500. Inventory, December 31 61,750. Inventory, January 1 76,000
Company doing in terms of promoting women in leadership role : Identify what the company is doing in terms of diversity and inclusion in workplace. What is company doing in terms of promoting women in leadership roles?
Compute P-G gross profit ratio of each of the years : Compute P & G's gross profit ratio of each of the years presented the June 30, 2020 annual report. Did the gross profit ratio increase or decrease? Explain why

Reviews

Write a Review

Accounting Basics Questions & Answers

  Provides accounting services to clients

(Association with cost object) Morris & Assoc., owned by Cindy Morris, provides accounting services to clients. The firm has two accountants (Jo Perkins who performs basic accounting services and Steve Tompkin who performs tax services) and one of..

  Which general controls can help reduce these risks

Why do you think this is true? Which general controls can help reduce these risks?

  Why do you think the sec requires that balance sheets

why do you think the sec requires that balance sheets provide two years of comparative financial information and income

  Discuss the correctness of the given treatment

Using financial accounting standards, discuss the correctness of this treatment. If you believe an entry have been made, prepare that entry and discuss why.

  What types of industries have unearned revenue

Why do companies issue bonds? Would you rather buy a bond at a discount or a premium rate? Why? What is the determining factor of whether a bond is sold at a discount, face value, or premium.

  The companys past experience indicates that 70 of the

the companys past experience indicates that 70 of the accounts receivable are collected in the month of sale 20 in the

  Are these technologies reshaping our attitudes toward artist

To what extent have advanced and accessible digital technologies, such as websites, digital photography, and YouTube, changed the relationship between art and technology? Are these technologies reshaping our attitudes toward artists?

  Calculate uncle butch hunting supply shops ending inventory

Calculate Uncle Butch's Hunting Supply Shop's ending inventory using the retail inventory method under the LIFO cost flow assumption

  Compute the gain or loss recognized by Bruno

Bruno, an individual and the sole shareholder of Green, has a basis of $280,000 in his stock. Compute the gain or loss recognized by Bruno

  Calculate the balance in ending inventory on december

Inventory Measurement - Calculate the balance in ending inventory on December 31, 2003 if StayCool, Inc. uses "Periodic FIFO" to value inventory

  What would the overall operating profit be

You have internal product-profitability reports in which joint costs are assigned on a net-realizablevalue basis.

  Employees at the hobby hut requested that the company

employees at the hobby hut requested that the company provide assistance in locating professional- quality child care

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