User Account

All Pages

Determine the amount of depletion expense for current year

Assignment Help Accounting Basics
Reference no: EM131702113

Question - Alaska Mining Co. acquired mineral rights for $29,348,000. The mineral deposit is estimated at 133,400,000 tons. During the current year, 20,000,000 tons were mined and sold.

a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places.

b. Journalize the adjusting entry on December 31 to recognize the depletion expense.

Reference no: EM131702113

Questions Cloud

Discuss the audience in receiving mass media messages : What is the responsibility of the audience in receiving mass media messages. Should those of us who study the field of Communication
Determine the dollar values for the month of may : Sales were 545 units at $25. Using the FIFO method, determine the dollar values following for the month of May: Ending Inventory
Ensure minimizing impact to the corporation : Consider that the company you work for is contemplating a process of environmental self-audits that they expect you to develop
Describe the employment laws : Imagine that the Supreme Court during the 1930s had staunchly refused to change its view and continued to declare almost all New Deal labor.
Determine the amount of depletion expense for current year : Alaska Mining Co. acquired mineral rights for $29,348,000. Determine the amount of depletion expense for the current year
Influences from outside organization are easily controlled : Influences from outside the organization are easily controlled. HRM is a critical component of meeting organizational goals.
Define what did researchers conclude about drug treatment : What did the researchers conclude about drug treatment, In the nervous system, amphetamines change the way we feel, think, and act by
What is most basic method of determining stellar distances : What is the most basic method of determining stellar distances? What information about a star can be determined from its color?
Impact the relative bargaining power of capitalists : How did new technologies combine with the arrival of millions of unskilled immigrants from Ireland, and later southern and eastern Europe.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the contribution margin for this companywhat is the

the following information is available for a company sales 1000000 selling expenses-variable 22000 selling

  Identify areas that would attract the attention of a manager

Loretto Company's standard cost accounting system recorded this information from its December operations.

  Data pertaining to the postretirement health care benefit

data pertaining to the postretirement health care benefit plan of sterling properties include the following for 2013 in

  Discuss both the financial and nonfinancial factors

Determine the net credit and collection expense in dollars and as a percentage of sales after considering the revenue not earned from other investment opportunities.

  Describe the economic issues that drive the increased

the american institute of certified public accountants aicpa and the institute of internal auditors iia have positioned

  Proper accounting treatment

Discuss the proper accounting treatment, including any required disclosures, for each situation. Give the rationale for your answers.

  Membership in a global technology association

Membership in a global technology association.

  Zirbal corporation purchased

1.On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $ 36,000 cash.

  How much cash would deere have to pay to repurchase

How much cash would Deere have to pay to repurchase the 7.125% notes at the quoted market price of 142.72

  Requirement 1 - prepare the journal entries in the

requirement 1 - prepare the journal entries in the general journaljounral entriesrequirement 2 - post journal

  Beginning inventory and purchases

A company reports the following beginning inventory and purchases for January. On January 26, 355 units were sold. What is the cost of the 160 units that remain in ending inventory

  Inventory errors mclelland inc reported net income of

inventory errors mclelland inc. reported net income of 150000 for 2011 and 165000 for 2012. early in 2012 mclelland

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