What the correct adjusting entry on December

Assignment Help Accounting Basics
Reference no: EM133022273

Question - On August 1, 2018, a company acquired a tract of land containing mineral deposits estimated at 4,500,000 tons for $4,500,000. After the minerals have been extracted, the land is expected to have a residual value of $500,000. Only 3,200,000 tons are expected to be economically removable. In the fiscal year ended December 31, 2018, the company mined 200,000 tons of the ore. What the correct adjusting entry on December 31, 2018?

Reference no: EM133022273

Questions Cloud

Should the dividend be booked to net income or OCI : Mandy declared a dividend of $1.50 per share on April 1, 2018. Prepare the journal entry. Should the dividend be booked to net income or OCI
Discuss the critical success factors of erp implementation : Briefly discuss the critical success factors of ERP implementation. 200 words.
What are three different types of media : 1)Find three mission statements of companies online and analyze if they provide direction, motivation and address stakeholders.
How would the budget process for the service company differ : A Recruitment company is a service company and describe the process it would use to create a master budget. How would the budget process
What the correct adjusting entry on December : In the fiscal year ended December 31, 2018, the company mined 200,000 tons of the ore. What the correct adjusting entry on December 31, 2018
Calculate the predetermined overhead rate : Tulon Inc. manufactures skateboards. The company estimated June 2019's direct labor amount to be 27,000 hours. Calculate the predetermined overhead rate
Decision makers political values can interfere : Describe some areas of responsibility where the decision makers political values can interfere with object making.
What amount of cash will each partner receive : The firm owes Kathryn $50,000. Upon liquidation, $450,000 is available for distribution to the partners. What amount of cash will each partner receive
Business creativity in your own career : How would you explain what creativity is to a fellow student or work colleague?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What gina foreign tax credit is

Gina has $39,000 total taxable income, which includes $6,000 of taxable income from Argentina. She paid $1,200 in foreign income taxes and her U.S. tax.

  What are the score card point that render the pertinence

what is the way that make you as a skilled administrator to Build your time control plan and what are the rules of a supervisor who wish to be merciless

  Determine the withholding tax implication

A professional singer from Hong Kong was engaged to perform in Malaysia for 14 days in 2019. Determine the withholding tax implication

  Would a tna be needed in the situation

Would a TNA be needed in this situation? Why or why not? If yes, who would you want to talk to?

  Discuss the impacts of the staff leave in the quality

Discuss the impacts of the staff leave in the quality of the control systems and what will you do during substanative tests of the company

  January 1 peter began a calendar year business it is a dog

january 1 peter began a calendar year business. it is a dog grooming business favres palace. peter place the following

  Journalize the entries to record the sale of the bonds

On January 1, 2019 Fanning Company issued $3,000,000 of ten year 8% bonds to finance its operations. Journalize the entries to record the sale of the bonds

  Mario and john, who run the best barber

Mario and John, who run the best barber shop in Westchester, decided to expand their business. They sold their old equipment and moved to larger quarters in the Arcadian Mall, doing business as the Arcadian Barber Shop.

  How much of the scholarship is taxable to Robbie

Robbie receives a scholarship of $20,000 to an elite private college. How much of the scholarship, if any, is taxable to Robbie

  What is meant by risk assessment process

What is the control environment? What are the elements that comprise the control environment? What is meant by risk assessment process?

  Interpret the meaning of a department equivalent units

A process cost summary for a department has three sections. What information is presented in each of them?

  Absorption costing total operating income

Last year, Gransky Corporation's variable costing net operating income was $52,100 and its ending inventory increased by 400 units. Fixed manufacturing overhead cost was $7 per unit. What was the absorption costing net operating income last year?

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