User Account

All Pages

Find how much corporation include as depletion expense

Assignment Help Accounting Basics
Reference no: EM132597584

In January 2019, Straw Corporation purchased a mineral mine for P9,800,000 with removable ore estimated by geological surveys at 3,280,000 tons. The property has an estimated value of P840,000 after the ore has been extracted. The company incurred P880,000 of development costs in preparing the property for the extraction of ore. During 2019, 340,000 tons were removed and 280,000 tons were sold.

Question 1: For the year ended December 31, 2019, how much should the corporation include as depletion expense in its cost of goods sold?

Reference no: EM132597584

Questions Cloud

Incorporate elements of theories and approaches : Our text states value systems are inherently individual, but they can incorporate elements of theories and approaches.
What should be the loss recognized from the sale : The Joyful Company purchased, On July 1, 2028, the machine was sold for P26,000. What should be the loss recognized from the sale of the machine?
How much should the corporation include as depletion expense : For the year ended December 31, 2019, how much should the corporation include as depletion expense in its cost of goods sold?
Find what is the revaluation surplus : At a replacement cost of P1,680,000 with residual value of P20,000. The age of the asset is four years when it was revalued. What is the revaluation surplus?
Find how much corporation include as depletion expense : Find how much should the corporation include as depletion expense in its cost of goods sold, For the year ended December 31, 2019
Recommend to instructors that the average course mark : Harvard University recently changed its grading policy to recommend to instructors that the average course mark should be a B.
Develop a risk matrix for the hr-related risks : Using the Chapter 27 Case Study, Nerds Galore, develop a Risk matrix for the HR-related risks on p. 532. For each of the Risks in your matrix justify.
Determine the total cost that should have been recorded : Indirect material is included in the overhead application rate. Use this information to determine the total cost that should have been recorded
What should be the loss recognized from the sale of machine : The Joyful Company purchased a machine, On July 1, 2028, the machine was sold for P26,000. What should be the loss recognized from the sale of the machine?

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