Prepare the year end adjusting entry

Assignment Help Accounting Basics

Reference no: EM131032539

a. Diamond Company acquires an ore mine at a cost of $1,300,000. It incurs additional costs of $200,000 to access the mine, which is estimated to hold 500,000 tons of ore. 90,000 tons of ore are mined and sold the first year.. The estimated value of the land after the ore is removed is $150,000. Calculate the depletion expense from the information given.

Cost
Salvage
Amount subject to depletion
Total units of capacity
Depletion per unit (#.##)
Units extracted and sold in period
Depletion expense

1. Prepare the entry to record the cost of the ore mine.
2. Prepare the year-end adjusting entry.

Reference no: EM131032539

Questions Cloud

Why does managerial accounting often involve working : Why does managerial accounting often involve working with numerous predictions and estimates?

What is the buoyant force on the rock : When an ice cube in a glass of water melts, does the water level in the glass rise, fall, or remain unchanged? Does your answer change if the ice cube has many air bubbles in it? How about if the ice cube contains many grains of heavy sand?

Book on poker that the probability of being : You read in a book on poker that the probability of being dealt two pairs in a five-card poker hand is 1/20. This means that

Given an nmos with gate dielectric thickness : Given an NMOS with gate dielectric thickness Tox = 120A° (SiO2), effective channel mobility µe f f = 1000cm2v-1s-1,channel length L = 15µm, channel width W = 150µm, Si substrate doping NA = 4E16cm-3. Assume Vf b = 0.

Prepare the year end adjusting entry : a. Diamond Company acquires an ore mine at a cost of $1,300,000. It incurs additional costs of $200,000 to access the mine, which is estimated to hold 500,000 tons of ore. 90,000 tons of ore are mined and sold the first year.

The capacitance of a mos structure : The capacitance of a MOS structure is shown in the attached figure. (n+ polysilicon gate, SiO2 insulator, Si substrate). The plot is not necessarily to scale.

Prepare a topic on peace corps in africa : Prepare a topic on peace corps in Africa - Peace Corps is defined as a volunteer program that was initiated by the United States government.

Calculate flatband voltage vfb and sketch the band diagram : (B). Calculate flatband voltage Vfb and sketch the band diagram at flat band. Label relevant values such as band offset and Fermi level offset.(C). Calculate threshold voltage VT and sketch the band diagram at the onset of strong inversion (defined i..

What kinds of waves can show interference : A rule of thumb for estimating the distance in kilometers between an observer and a lightning stroke is to divide the number of seconds in the interval between the flash and the sound by 3. Is this rule correct? Discuss the reason for its correctn..

User Account

All Pages