Answers
Date |
General Journal |
Debit |
Credit |
01-Jan-17 |
Cash |
$1,000,000 |
|
Common Stock |
$1,000,000 |
||
01-Apr-17 |
Patent |
$48,000 |
|
Cash |
$48,000 |
||
05-May-17 |
Iron Mine |
$400,000 |
|
Cash |
$400,000 |
||
31-Dec-17 |
Patent Amortisation Expense |
$3,600 |
|
Patent [Note: Patent has been credited in place of ‘Accumulated Amortisation’ because no such account was mentioned in your list of account given in Trial Balance] |
$3,600 |
||
(48000/10 years) x 9 months/12 months |
|||
31-Dec-17 |
Depletion expense |
$40,000 |
|
Accumulated Depletion Iron Mine |
$40,000 |
||
(10000 ton depletion = ($400000/100,000 expected tons) x 10000 tonns) |
Trial Balance |
Debit |
Credit |
Cash |
$552,000 |
|
Iron Mine |
$400,000 |
|
Accumulated Depletion Iron Mine |
$40,000 |
|
Patent |
$44,400 |
|
Common Stock |
$1,000,000 |
|
Patent Amortisation expense |
$3,600 |
|
Depletion expense |
$40,000 |
|
TOTAL |
$1,040,000 |
$1,040,000 |
Need help! Depletion and amortization ALT-DEPLETION AND AMORTIZATION TOTAL SCOR There are 5 problems in this...
Exercise 10-18 Depletion of natural resources LO P1,
P3
On April 2, 2017, Montana Mining Co. pays $4,977,890 for an ore
deposit containing 1,402,000 tons. The company installs machinery
in the mine costing $248,500, with an estimated seven-year life and
no salvage value. The machinery will be abandoned when the ore is
completely mined. Montana begins mining on May 1, 2017, and mines
and sells 165,800 tons of ore during the remaining eight months of
2017.
Prepare the December...
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Required information Problem 10-7A Natural resources LO P3 The following information applies to the questions displayed below.] On July 23 of the current year, Dakota Mining Co. pays $7,228,320 for land estimated to contain 9,768,000 tons of recoverable ore. It installs and pays for machinery costing $488,400 on July 25. The company removes and sells 504,000 tons of ore during its first five...
QS 9-5 Recording employee payroll taxes LO P2 On January 15, the end of the first pay period of the year, North Company's employees earned $26,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $2,000 of federal income taxes, $429 of medical insurance deductions, and $180 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal...
.) The total cost of an asset less its accumulated depreciation is calle A) Historical cost. Book value. C) Present value D) Current (market) value. E) Replacement cost. 14) A company purchased a delivery yan for $28.000 with a salvag ased a delivery van for $2.00 with a salvage value of $3,000 on September 1, Year 1. It ha Year 1. It has an estimated useful life of 5 years. Using the how much depreciation expense should the company roce...
requirement 2 Plz
Problems for Section 8B 8B-1. RASPBERRY Corporation's chart of accounts includes the following categories: Land, Equipment, Patents, Copyrights, and Coal Reserves. RASPBERRY completed the following transactions during the year: Jan 2 Feb 3 Purchased Equipment for $140,000 cash; RASPBERRY also had to pay 10% tax and a $6,000 license fee. Purchased a coal field with 40,000 tons of coal reserves for $2,000,000 cash. Purchased a copyright from another company for $120,000 cash. Purchased a patent and a...
Problems for Section 8B 8B-1. RASPBERRY Corporation's chart of accounts includes the following categories: Land, Equipment, Patents, Copyrights, and Coal Reserves. RASPBERRY completed the following transactions during the year: Jan 2 Feb 3 Purchased Equipment for $140,000 cash; RASPBERRY also had to pay 10% tax and a $6,000 license fee. Purchased a coal field with 40,000 tons of coal reserves for $2,000,000 cash. Purchased a copyright from another company for $120,000 cash. Purchased a patent and a piece of land...
PLEASE HELP!!! I need all the blanks answered to this question. With clear, correct and complete answers. Thank you in advanced**** Hillside issues $2,300,000 of 8%, 15-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $1,987,457. Required: 1. Prepare the January 1, 2017, journal entry to record the bonds’ issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b)...
Problems for Section 8B 8B-1. RASPBERRY Corporation's chart of accounts includes the following categories: Land, Equipment, Patents, Copyrights, and Coal Reserves. RASPBERRY completed the following transactions during the year: Jan 2 Feb 3 March 4 May 5 Purchased Equipment for $140,000 cash; RASPBERRY also had to pay 10% tax and a $6,000 license fee. Purchased a coal field with 40,000 tons of coal reserves for $2,000,000 cash. Purchased a copyright from another company for $120,000 cash. Purchased a patent and...
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Comprehensive Problem 3 Part 4: Note: You must complete parts 1, 2, and 3 before completing part 4 of this comprehensive problem. Based on the following selected data, journalize the adjusting entries as of December 31 of the current year. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave...
3. Vincent Sanders works for Peterson Company all year and earns a monthly salary of $3,000. There is no overtime pay. Based on Vincent's W-4, Peterson withholds income taxes at 10% of his gross pay. As of July 31, Vincent had $21,000 of cumulative earnings. (Click the icon to view payroll tax rate information.) Journalize the accrual of salary expense for Peterson Company related to the employment of Vincent Sanders for the month of August. (Record debits first, then credits....