User Account

All Pages

What is the amount of depletion that should be recorded

Assignment Help Accounting Basics
Reference no: EM132712073

Question - Frederick Mining Company owns a large parcel of land which costs $1,050,000. It is estimated to contain 2,000,000 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 $200,000. In 2018, Frederick extracted and sold 135,000 tons of ore. What is the amount of depletion that should be recorded?

Reference no: EM132712073

Questions Cloud

Describe an operation where higher quality will cost more : Describe an operation where higher quality will cost more. Compare this to an operation where higher quality will cost less! In your answer be clear to define q
Which is not an objective of pas : Which is not an objective of PAS 10? To prescribe when an entity should adjust its financial statements for events after the reporting period
Evaluating human performance : Discuss the strategies used for evaluating human performance. The answer should be in points
Discuss pros and cons of leasing vs purchasing equipment : Provide an overview of the auditing strategy you will utilise to ensure the following:
What is the amount of depletion that should be recorded : In 2018, Frederick extracted and sold 135,000 tons of ore. What is the amount of depletion that should be recorded
Find the asset should be fully depreciated : The sale should be expected to be completed within one year from the date of classification 7. The asset should be fully depreciated
Outline at least two management strategies : How will you minimise environmental impact when operating your business?
How should the liability for payment of damages be accounted : How should the liability for payment of damages be accounted for in the financial statements for the year ended 30 June 2019?
Maintain successful business operations : Outline additional OH and S/WHS concerns that need to be managed and regulated to maintain successful business operations.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Begone manufactures spray cans of insect repellent on

begone manufactures spray cans of insect repellent. on august 1 2013 the company had 9800 units in the beginning wip

  Determine the deposit that must be made to earn

Using the simple interest formula I = Prt, determine the deposit that must be made to earn $63.14 in 113 days at 8.73% p.a. The deposit required is $].

  Compute the budgeted manufacturing overhead rate

Accounting for manufacturing overhead. Creative Woodworking uses normal costing and allocates manufacturing overhead to jobs based on a budgeted labor-hour rate

  Buckette co owned 60 of shuvelle corp and 40 of tayle corp

buckette co. owned 60 of shuvelle corp. and 40 of tayle corp. and shuvelle owned 35 of tayle.what percentage of tayles

  Calculate the balances at the end of the year

Calculate the balances at the end of the year for the Accounts Receivable and Allowance for Bad Debts accounts

  Calculate the impact that the amortization would have

Calculate the impact (direction and amount) that the amortization of such expenditures would have on each company's Income from Operations in the current year.

  What amount of goodwill should Egbert record

On 12/31/21, Egbert Corporation paid $12254000 to acquire Ivanhoe. What amount of goodwill should Egbert record as a result of this purchase

  Determine the balance in retained earnings is

Troyer had a net loss of $75,000 and paid dividends to the stockholders of $50,000. At December 31, 2017, the balance in Retained Earnings is

  Create the general journal entry for september

Create the General Journal entry (without explanation) for September 1. On January 2, 2016, Alpha Corporation issued 15,000 shares of $10 par value common stock

  Compute equivalent units of production for direct materials

Alpha Company uses the weighted-average method. Use this information to determine for FY 2017: equivalent units of production for direct materials

  Prepare CVP statement of profit or loss for quarter ended

Company has sales of $2,500,000 for the first quarter of 2020. Prepare a CVP statement of profit or loss for the quarter ended 31 March 2020

  Increased profits and increased financing requirements

Early in a period in which sales were increasing at a modest rate and plant expansion and startup costs were occurring at a rapid rate, a successful business would likely experience

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