What the end-of- year journal entry to record the depletion

Assignment Help Accounting Basics
Reference no: EM132786836

Problem 1: Which of the accounting procedures or the accounting rules applied to intangible assets is not true?

a. patents have a legal life of 17 years

b. the maximum length of amortization for intangibles is 40 years

c. generally, the straight-line method of amortization is used

d. Accumulated Amortization accounts are maintained for intangible assets

Problem 2: The Ophir Mining Company acquired an iron ore deposit for 2,000,000. The company's geologist estimated the deposit to contain 1,500,000 tons of iron ore. At the end of the first year, 60,000 tons had been extracted. The end-of- year journal entry to record the depletion of the iron ore would:

a. require a credit to Iron Ore Deposit of 45,000

b. require a credit to Accumulated Depletion of 80,000

c. require a debit to Depletion Expense of 50,000

d. require a debit to Accumulated Depletion of 8

Reference no: EM132786836

Questions Cloud

How did ordinary people participate in pogroms and lynchings : Your assignment is to write an essay comparing disfranchisement,segregation and violence of the Jim Crow era in America with the anti-semitism and pogroms that.
Define absolute and comparative advantages : Define both absolute and comparative advantages and how the determine trade between countries
What is productivity of the process : Assess the productivity of a new process she has started. She is able to produce 10 units per hour with an input of $6.75. What is productivity of the process
Disparities in the impact of air pollution : The American Lung Association's report "Disparities in the Impact of Air Pollution" notes that people living in poorer areas face a higher risk of exposure to a
What the end-of- year journal entry to record the depletion : At the end of the first year, 60,000 tons had been extracted. The end-of- year journal entry to record the depletion of the iron ore would
Why was great britain the first country to industrialize : Why was Great Britain the first country to industrialize, and why did it have about a fifty-year head start on other countries in creating an industrial.
Find the amortization expense at the end of the first year : 5,000 was acquired for 45,000 cash on April 5. Using straight-line amortization, the amortization expense at the end of the first year, December 31, will be
Explain the output decision faced by a firm : Explain the output decision faced by a firm - who wants to maximize profits -operating in the market structure of monopolistic competition
Why were the philosophes so critical of organized religion : Thomas Hobbes and John Locke were the 17th century's preeminent political philosophers. Identify and briefly explain one important similarity and one important.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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