User Account

All Pages

Prepare the journal entry to record depletion

Assignment Help Accounting Basics
Reference no: EM132513910

Question - Grouper Corporation, a publicly traded mining company, acquires a mine at a cost of $630,000. Capitalized development costs total $134,000. After the mine is depleted, $79,500 will be spent to restore the property, after which it can be sold for $162,500. Grouper estimates that 5,000 tonnes of ore can be mined. Assuming that 790 tonnes are extracted in the first year, prepare the journal entry to record depletion.

Reference no: EM132513910

Questions Cloud

Record the collection of the Rondelli note at its maturity : Dec. 16 Received an $12,000, 6-month, 9% note in exchange for Grace Tanner's outstanding accounts receivable. Record the collection of the Rondelli note
Describe how a psychoanalytic therapist would view : Describe how a psychoanalytic therapist would view the client's problem. Provide some background on the psychoanalytic] approach and cite relevant references
What is the diluted earnings per share : Net income for calendar 2019 was $500,000. Assume the income tax rate is 30%. What is the diluted earnings per share for 2019
Sexual harassment-research paper : Conduct a complete review of the literature in appropriate journals, books, and current articles (not textbooks, including the one for the class).
Prepare the journal entry to record depletion : Grouper Corporation, a publicly traded mining company, acquires a mine at a cost of $630,000. Prepare the journal entry to record depletion
What was the impact of the dividend on the balance : Rygel corporation declared a 50% stock dividend. What was the impact of the 50% stock dividend on the balance of the retained earnings account
Functional structure organizes activities : According to one source, a functional structure organizes activities around the mission-critical activities or process of the organization
Make a tabular summary to record salaries : Cullumber Company's employees earned wages of $74,000. Make a tabular summary to record salaries and wages expense and salaries and wages payable on March 31
Employee with both positive and negative aspects : Create a set of facts about this employee with both positive and negative aspects, and write what you would disclose and what you would not disclose

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