User Account

All Pages

What is the amount of depletion

Assignment Help Accounting Basics
Reference no: EM132606135

Question - Frederick Mining Company owns a large parcel of land which costs $1,050,000. It is estimated to contain 1,600,000 tons of recoverable ore. It is estimated that the recovery of the ore will take 10 years and that after the ore is fully depleted the land will be sold for a market value of $100,000. In 2018, Frederick extracted and sold 105,000 tons of ore. What is the amount of depletion that should be recorded? Round total the nearest whole dollar.

Reference no: EM132606135

Questions Cloud

What you have learned to your professional lives : You have the opportunity to be creative and to relate what you have learned to your professional lives.
How much should be recorded as the cost of the land : Salisbury Company purchased land for the future factory location at a cost of $97,000. how much should be recorded as the cost of the land
What value should be allocated to the building : Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.)
How much is the annual amortization expense : Adelphi Company expects to use the patent for 5 years after which time it will be worthless. How much is the annual amortization expense for 2019
What is the amount of depletion : Frederick extracted and sold 105,000 tons of ore. What is the amount of depletion that should be recorded? Round total the nearest whole dollar
How much should be recorded on December : The original estimated life was five years.. It was sold for $5,600 cash. Using this information, how much should be recorded on December 31 for the Gain
What is the total value assigned to the new piece : The new piece of equipment is expected to have a 10 year life and a salvage value of $15,000. What is the total value assigned to the new piece of equipment
Find how much is the depreciation expense : Cambridge has a December 31 fiscal year end. Using the double-declining balance method, how much is the 2019 depreciation expense
What is the target variable cost per unit : Fixed costs are $340,000 per year and cannot be reduced. What is the target variable cost per unit assuming units sold are equal to units produced

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss the importance and meaning of horizontal analysis

Prepare a three-year, horizontal analysis of the income statement and balance sheet of your selected company. Discuss the importance and meaning of horizontal.

  Determine the effect of the errors on retained earnings

What other step(s) would be taken in connection with the correction of the errors?

  Define pension data of doreen corp

Instructions: For 2014, prepare a pension worksheet for Doreen Corp. that shows the journal entry for pension expense and the year-end balances.

  The phone computer the incemental net income

Signal mistakenly porduced 1,425 defective cell phone. The cost $68 each to produce A salvege company will but the defective phone are they are for $34 eazh.

  As a user of reported financial information would you be

as a user of reported financial information would you be concerned about a significant amount of operating leases that

  Heather owns a two-story building the building is used 40

heather owns a two-story building. the building is used 40 for business use and 60 for personal use. during 2013 a fire

  Prepare a budgeted income statement for each month

Prepare a budgeted income statement for each month for the next six months. Include a common size income statement for the budgeted numbers (divided each number to sales).

  Calculate the earnings of justin brimer working

Justin Brimer owns his own taxi, for which he bought a $23,000 permit to operate two years ago. Mr. Brimer earns $34,000 a year operating as an independent.

  Briefly state the principal activities of the business

Briefly state the principal activities of the business and how those differ from the activities undertaken by its close competitors in the industry and what are the significant changes in the activities of the company that have occurred since last ..

  How management might be able to use

As an auditor, what are some of the key ways in which you might test whether management has appropriately classified their debt investments?

  Roberto corporation was organized on january 1 2011 the

roberto corporation was organized on january 1 2011. the firm was authorized to issue 100000 shares of 5 par common

  Prepare all the closing entries required at december 31

assume for each of the following independent cases that the annual accounting period ends on december 31 2013 and that

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