Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
1. Depletion and Depreciation-Mining Khamsah Mining Company has purchased a tract of mineral land for $900,000. It is estimated that this tract will yield 120,000 tons of ore with sufficient mineral content to make mining and processing profitable. It is further estimated that 6,000 tons of ore will be mined the first and last year and 12,000 tons every year in between. (Assume 11 years of mining operations.) The land will have a residual value of $30,000. The company builds necessary structures and sheds on the site at a cost of $36,000. It is estimated that these structures can serve 15 years but, because they must be dismantled if they are to be moved, they have no salvage value. The company does not intend to use the buildings elsewhere. Mining machinery installed at the mine was purchased secondhand at a cost of $60,000. This machinery cost the former owner $150,000 and was 50% depreciated when purchased. Khamsah Mining estimates that about half of this machinery will still be useful when the present mineral resources have been exhausted but that dismantling and removal costs will just about offset its value at that time. The company does not intend to use the machinery elsewhere. The remaining machinery will last until about one-half the present estimated mineral ore has been removed and will then be worthless. Cost is to be allocated equally between these two classes of machinery.
(a) As chief accountant for the company, you are to prepare a schedule showing estimated depletion and depreciation costs for each year of the expected life of the mine.
(b) Also compute the depreciation and depletion for the first year assuming actual production of 5,000 tons. Nothing occurred during the year to cause the company engineers to change their estimates of either the mineral resources or the life of the structures and equipment.
1. collections of cash from the sale of land would be reported in the following section of the statement of cash
Preparation of classified balance sheet using given data, From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.
I don't know how to answer the question E. Lift Jack company seven activity cost poolsand two products. It excepts 200,000units of its automobile seissors jack and 80,000units of its hydraulic jack. Having identified its activity cost pools and th..
Disclosure of information to investors is another recurring theme in U.S. regulation of the securities industry. Provide examples of disclosure required by U.S. regulations.
Light of 578nm wavelength is directed at a two-slit apparatus and produces a famous intensity pattern on a screen 75.0cmaway. Each slit is 0.434mmwide, and the center-to-center separation of the slits is 0.640mm.
What is the materials price variance for the month and what is the materials quantity variance for the month
2) For a market interest rate of 12% per year and an inflation rate of 7% per year, the real interest rate per year is closest to:
Which of the following is an example of direct materials cost for an automobile manufacturer?
Employees in a large manufacturing plant worked an average of 62.0 hours of overtime last year, with a standard deviation of 15.0 hours. For a simple random sample of n 5 36 employees and x 5 the number of overtime hours worked last year, determin..
in addition the company has fixed selling and administrative costs of 150000 per year. during the year peak produces
zickman co. makes and sells a single product. the current selling price is 45 per unit. variable costs are 27 per unit
The customer did not return to correct the apparent mistake
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd