User Account

All Pages

What is the journal entry that sharjah should make

Assignment Help Accounting Basics
Reference no: EM133185189

Question - In January 2020, Sharjah Mining Corporation purchased a mineral mine for $6,400,000 with removable ore estimated by geological surveys at 2,500,000 tons. The property has an estimated value of $600,000 after the ore has been extracted. Sharjah incurred $1,735,000 of development costs preparing the property for the extraction of ore. During 2020, 585,000 tons were removed and 525,000 tons were sold. For the year ended December 31, 2020. What is the journal entry that Sharjah should make for the amount of depletion?

Reference no: EM133185189

Questions Cloud

What is the total interest paid : Question - What is the total interest paid over 30 years on a 150, 000 mortgage loan with an annual interest rate of 5% percent
What is your solution and recommendation for the board : Wishart Hills Ltd, generated a tax loss for tax purposes for financial year ending 2026. What is your solution and recommendation for the Board
Compute predetermined overhead rate for variable overhead : Compute the predetermined overhead rate for (1) variable overhead and (2) fixed overhead using each of the following cost drivers
How much will they have to set aside at the end of each year : He is ten years now and will start tertiary education in 9 years. How much will they have to set aside at the end of each year to have R80 000 in 9 years
What is the journal entry that sharjah should make : During 2020, 585,000 tons were removed and 525,000 tons were sold. For the year ended December 31, 2020. What is the journal entry that Sharjah should make
What will be the value of emily trust fund : What will be the value of Emily's trust fund in 36 years, assruning she takes possession of $20,000 in 2 years for her wedding
What is the total cost of the ending inventory : The firm uses the perpetual inventory system, and there are 22 units of the item on hand at the end of the year. What is the total cost of the ending inventory
What are the cost and schedule variances : Assume that operations on a work package were expected to cost $1500 to complete the package. What are the Cost and Schedule variances
Determine the demand deposit multiplier : The reserve requirement of banks is 10 percent of any deposit and bank 1% of any deposit in excess. Determine the demand deposit multiplier

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the dollar amount for accounts receivable

Recovery of previous write-offs (DR Cash): 20,000. What is the dollar amount for accounts receivable on the unadjusted trial balance as at 30 Sept 2020

  Compute payback period and net present value

Compute the following: Payback period, Present value of estimated annual savings, Present value of estimated residual value, Net present value and Total present value of estimated cash in flows.

  Determine the lump sum deposited today that will yield the

find the lump sum deposited today that will yield the same total amount as payments of 18000 at the end of each year

  Prepare bank reconciliation statement at june

The balance as per bank statement is $3,324.50 on 30 June 2020. Prepare bank reconciliation statement at 30 June 2020

  Determine daniel income tax liability

Daniel is a calendar-year taxpayer whose wife died in August of 2009. Determine Daniel's income tax liability for 2009 before any allowable credits

  Support your statements with evidence from the required

the profit margin ratio is widely used. using the companys financial statements that you located last week compute the

  Calculate the break-even point in dollars

XYZ had sales of 19,500 (150 units at 130 per) Manufactoring costs consisted of direct labor 2,550 direct materials 2,475, variable factory overhead 2,000.

  Compute net sales for the two months ended august

Required: Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31

  Determine total over or under applied overhead at the end

Determine total over or under applied overhead at the end of the year. The AMS Manufacturing Company uses a job costing system with machine hours

  For the profitability analysis compute mcdonough products a

for the profitability analysis compute mcdonough products a ratio of gross profit to net sales b ratio of operating

  Achieving and maintaining individual excellence

Excellence is measured by an individual's performance. Individuals accomplish goals and experience successes in order to reach excellence. Human service excellence goes beyond being purposeful.

  What is the payback period for this project

Jobby Ltd is considering whether to purchase a new machine. It will cost $360,000 to purchase and $40,000 to install. What is the payback period

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