What masinloc company should record depletion for

Assignment Help Financial Accounting
Reference no: EM132920672

Problem 1: Masinloc Company purchased a tract of resource land in 2015 for 39,600,000. The content of the tract was estimated at 1,200,000 units. When the resource has been exhausted, it is estimated that the land will be worth 1,200,000. Fixed installations were set up at a cost 9,600,000. Mining equipment was purchased on January 2, 2016 for 12,400,000. The life of the fixed installations is 8 years and the equipment, 4 years. In 2016, 120,000 units have been extracted. This was one half of the annual extraction which can be expected following the first year of operations. Masinloc Company should record depletion for 2016 at

Reference no: EM132920672

Questions Cloud

Define trend percentages : In financial statement analysis, what is the basic objective of observing trends in data and ratios? Suggest some other standards of comparison.
Determine the price of this bond : A semi-annual bond has a face value of $1,000, an annual coupon rate of 4.60%, Determine the price of this bond
What are some of the tests of a sound or healthy long-term : What are some of the tests of a sound? What are some of the indications of satisfactory short-term solvency or working capital position of a business firm?
Discuss your thoughts on project management : Discuss your thoughts on project management, your views on project's attributes, and your thoughts on successful project management.
What masinloc company should record depletion for : What Masinloc Company should record depletion for 2016 at? Masinloc Company purchased a tract of resource land in 2015 for 39,600,000.
What would prophet have been on the special order : A company offered to buy 4260 units for $13.86 each. X company had the capacity to produce the additional 4260 units, What would Prophet have been
How much would be the depletion for the third year : How much would be the depletion for the third year? One Corporation purchased land for P6,000,000. The Company expected to extract 1 million tons.
Privacy and security go hand in hand : According to the authors, privacy and security go hand in hand; and hence, privacy cannot be protected without implementing proper security controls
What apes should report cash at : In its December 31, 2019 statement of financial position, Apes should report cash at? Apes Corporation's checkbook balance on December 31, 2019 was P1,400,000.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd