User Account

All Pages

Make the journal entry to record depletion during the year

Assignment Help Managerial Accounting
Reference no: EM132507047

Salter Mining Company purchased the Northern Tier Mine for $84 million cash. The mine was estimated to contain 7.63 million tons of ore and to have a residual value of $4.9 million. During the first year of mining operations at the Northern Tier Mine, 90,000 tons of ore were mined, of which 14,000 tons were sold.

Question a. Make the journal entry to record depletion during the year.

Question b. How would you show the Northern Tier Mine, and its accumulated depletion, would appear in Salter Mining Company's balance sheet after the first year of operations.

Reference no: EM132507047

Questions Cloud

What is the depreciation expense in year 1 : Under MACRS, an asset which originally cost $200,000, incurred installation costs of $10,000, and has an estimated salvage value of $25,000
Find the total wages of the accounts receivable clerks : One full-time clerical worker is needed for every 750 accounts receivable. The total wages of the accounts receivable clerks is an example of a
Effect on the price of the municipal bond : Would you expect the increase in marginal tax rates to have an effect on the price of the municipal bond?
Discuss possible ramifications of these opposing objectives : Question - Discuss possible ramifications of these opposing objectives on the project. What would you do if you were the manager
Make the journal entry to record depletion during the year : How would you show the Northern Tier Mine, and its accumulated depletion, would appear in Salter Mining Company's balance sheet after the first year
Mortgage along with regular payment : If he pays this $60,000 toward his , by approximately how many years it takes him to pay off his mortgage?
Standard deviation of the fraction : If an insurance company has 10000 policies and each has 0.1 probability of making a claim what is the standard deviation of the fraction whice result in a claim
What is the depreciation expense to be recognized : What is the depreciation expense to be recognized each calendar year for financial reporting purposes under the straight-line depreciation method
Discuss the implications for businesses of kotter : Discuss the implications for businesses of kotter's 8 step change model for transformational change .provide a response of approximately a paragraph

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Determine how many units of each product tebbc must sell

BBAC501 Assignment: Determine TEBBC's budgeted net profit for the year 2017. (Hint: use contribution margin approach to income statement or variable costing statement).

  Find how much are budgeted variable manufacturing costs

At 1600 units, how much are budgeted variable manufacturing costs? Items from Bonita Company's budget for March in which 1500 units.

  Prepare a report for the senior management accountant

BUACC 2613 Assignment - Essendon Electronics: Regal or Monarch? Prepare a report for the senior management accountant at Essendon Electronics

  Business analysis case study - brickworks company

Applied Management Accounting - Business Analysis Case Study - A Case of Brickworks Company Limited: A Managerial Accounting Analysis

  Compute the budgeted divisional roi for the air conditioner

Compute the ROI for each investment project. Compute the budgeted divisional ROI for The air conditioner investment is made.

  Why are accountants valuable to the organization

Why are accountants valuable to the organization? What responsibilities do managers have in understanding financial information

  What operating income must reid earn to realize net income

What operating income must Reid earn to realize net income of $18,480, assuming that the company is in the 40% tax bracket? How many frisbees must Reid sell

  Calculate the total budgeted contribution margin

Prepare the following budgets for the first quarter and calculate the total budgeted contribution margin for the first quarter.

  Reconcile the sum of the two costs in part b

Reconcile the sum of the two costs in part b to the sum of beginning Work in Process and costs added in May.

  Provide calculations and reasons to support your answer

Provide calculations and reasons to support your answer. b. If Maximus Company has excess machine capacity but a limited amount of labour time available, to which product or products should the excess production capacity be devoted? Provide calculati..

  How do calculate direct materials

How do calculate Direct materials? Does WIP come into play? 15,000 units. raw materials beginning $41,200, purchased $364,500, raw materials ending

  Calculate the overhead costs allocated to the tek engines

Calculate the overhead costs allocated to the Sanko Muffler and the overhead cost per unit. Calculate the overhead costs allocated to the Tek Engines

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