User Account

All Pages

Determine the depletion rate

Assignment Help Accounting Basics
Reference no: EM131128178

1. Cooke City Mining Co. acquired mineral rights for $50,000,000. The mineral deposit is estimated at 125,000,000 tons. During the current year, 42,385,000 tons were mined and sold.

(a) Determine the depletion rate.

(b) Determine the amount of depletion expense for the current year.

(c) Journalize the adjusting entry on December 31 to recognize the depletion expense.

Reference no: EM131128178

Questions Cloud

One of eight bear species in the world : American Black BearsThe American black bear (Ursus americanus) is one of eight bear species in the world. It is the smallest North American bear and the most common bear species on the planet.
Will it offer you opportunities to advance : Does the career you want pay a salary that meets your needs? Will it offer you opportunities to advance? Are you comfortable sitting at a desk all day, or do you prefer to travel?
Sketch the current flowing through the plates : Given that the capacitance of the plates is 4 nF, sketch the current flowing through the plates.
Volunteer work of college students females and males : Volunteer Work of College Students Females and males alike from the general adult population volunteer an average of 4.2 hours per week. A random sample of 20 female college students and 18 male college students indicated these results concerning ..
Determine the depletion rate : Journalize the adjusting entry on December 31 to recognize the depletion expense.
Model the frog as a resistor and calculate its resistance : Model the frog as a resistor and calculate its resistance. Assume that it takes 10 mA for the frog to kick violently.
A corporation compared to that of a sole proprietorship : 1. Which of the following is an advantage of ownership of a corporation compared to that of a sole proprietorship?a. The owners of the corporation have unlimited liability for the firm's debts. b. The corporation is the simplest type of business to s..
Century national bank description : Read the description of the Century Bank data set and complete the tasks described in the steps provided. Submit both a Microsoft Word and a Microsoft Excel document that contain the results of the tasks thatshow the completion of the tasks.
Journalize the adjusting entry on december 31 : Montana Mining Co. acquired mineral rights for $120,000,000. The mineral deposit is estimated at 200,000,000 tons. During the current year, 31,155,000 tons were mined and sold.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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