User Account

All Pages

Compute the total amount of depletion

Assignment Help Accounting Basics
Reference no: EM132513593

Question - At the beginning of 2020, Marin Company acquired a mine for $1,910,400. Of this amount, $114,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists have indicated that approximately 11,310,000 units of ore appear to be in the mine. Marin incurred $193,800 of development costs associated with this mine prior to any extraction of minerals. It also determined that the fair value of its obligation to prepare the land for an alternative use when all of the mineral has been removed was $45,600. During 2020, 2,509,000 units of ore were extracted and 1,908,000 of these units were sold. Compute the total amount of depletion for 2020.

Reference no: EM132513593

Questions Cloud

Content and records management markets : Microsoft's SharePoint server product dramatically altered the content and records management (RM) markets.
Explain the weighted average cost of capital : If a firm uses the weighted average cost of capital (WACC) to evaluate all projects, irrespective of risk, it may reject projects incorrectly. Explain.
Prepare journal entries to record the purchase of the assets : Prepare journal entries to record the purchase of the assets and to record depreciation expense on 30 June 2018 and 2019, the end of the company's reporting
Game with the pay-off matrix : Solve the game with the following pay-off matrix. Manufacturer estimated the ordering cost as Shs.
Compute the total amount of depletion : During 2020, 2,509,000 units of ore were extracted and 1,908,000 of these units were sold. Compute the total amount of depletion for 2020
What are the equivalent annual costs for both machines : 0 and 1 while Machine B requires net working capital of $15,000 each in year 0. What are the equivalent annual costs (EAC) for both machines?
Compute the material cost in cost of goods sold at December : Larkspur Mining Company purchased land on February 1, 2020, at a cost of $856,800. Compute the material cost in cost of goods sold at December
Should accept the project why or why not : Assume the floatation costs for issuing stock, preferred stock and debt are 8%, 5% and 3%, respectively. should they accept the project? Why or why not?
Challenges you faced with the assignment : Identify any questions or challenges you faced with the assignment, or mention something new you learned about the research question and inquiry paper process.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is teds adjusted basis in his partnership interest

Ted contributes a nondepreciable asset to the TK partnership in exchange. What is Ted's adjusted basis in his partnership interest after the contribution?

  What is the present value of the retreading operation

Mark hopes to earn a return of 10 percent on such investments. What is the present value of the retreading operation? Should Mark purchase the retreading machine?

  Forming a partnership to operate an antiques gallery

Landow, Donovan, and Hansa, who are forming a partnership to operate an antiques gallery, are discussing how income and losses should be distributed. Among the facts they are considering are the following:

  Cash on the maturity date of loan

Classic Corporation borrowed $90,000 from the bank on November 1, 2011. The note had an 8 percent annual rate of interest and matured on April 30, 2012. Interest and principal were paid in cash on the maturity date.

  Discuss the budget should show expected cash receipts

The budget should show expected cash receipts and cash disbursements for the month of March

  What is the cost of goods sold for each month

The company sold inventory that cost 32,000 in August and the remainder in September. What is the cost of goods sold for each month

  Tvm consulting bought new building for its headquarters in

tvm consulting bought new building for its headquarters in the year 2000. the purchase cost was 723198 dollars and in

  On may 1 2013 expenditures of 47000 were made to repave

the plant asset and accumulated depreciation accounts of pell corporation had the following balances at december 31

  Provide all journal entries pertaining to martin line

Provide all journal entries pertaining to Martin's line of credit for the first four months of 2013.

  Review problem on cost management systems

ABC and Cost Management Systems Cost management systems have three primary purposes. Two of these are providing information for strategic and operational.

  Ways in which a financial statement audit adds value

Dave Czarnecki is the managing partner of Czarnecki and Hogan, a medium-sized local CPA firm located outside of Chicago.

  Hector p wastrel a careless employee left some combustible

hector p. wastrel a careless employee left some combustible materials near an open flame in salter companys plant. the

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