Homework Answers
Cost of vein of copper ore = $3,900,000
Estimated tons of ore = 26,000,000
Depletion rate = Cost of vein of copper ore / Estimated tons of ore
= 3,900,000/26,000,000
= $0.15
Correct option is A.
Kindly comment if you need further assistance. Thanks‼!
Add Answer to:
Colorado Copper purchased a vein of copper ore for $3.900.000. It is estimated that 26,000,000 tons...
Oregon Ore purchased a vein of coal ore for $ 5 comma 300 comma 000 $5,300,000....
Oregon Ore purchased a vein of coal ore for $ 5 comma 300 comma 000 $5,300,000. It is estimated that 30 comma 000 comma 000 30,000,000 tons of ore are available to be extracted. The estimated depletion expense for this year's extraction of 2 comma 800 comma 000 2,800,000 tons of ore is: (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.)
27 of 41 (23 complete) This Test: 41 pts pos Aspen Ore purchased a vein of...
27 of 41 (23 complete) This Test: 41 pts pos Aspen Ore purchased a vein of coal ore for $5.270,000 It is estimated that 33,000,000 tons of ore are available to be extracted The estimated depletion expense fo this year's extraction of 2,750,000 tons of ore is: (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollan) A. S467.500 B. S5270000. O C. $402,290 O D. $440,000 Click to select unir answer Type here...
Skysong, Inc. purchased for $9.4599 million a mine that is estimated to have 41.13 million tons of ore and no salvage v...
Skysong, Inc. purchased for $9.4599 million a mine that is estimated to have 41.13 million tons of ore and no salvage value. In the first year, 12.02 million tons of ore are extracted. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit. per ton SHOW LIST OF ACCOUNTS Prepare the journal entry to record depletion for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent...
ABC Company purchased a mine in 2017. It was estimated that the mine contained 250,000 tons...
ABC Company purchased a mine in 2017. It was estimated that the mine contained 250,000 tons of ore and that the mine would be worthless after all of the ore was extracted. The company extracted 25,500 tons of ore in 2017 and 30,000 tons of ore in 2018. In 2017, ABC Company sold 22,000 tons of ore. In 2018, the company sold 15,000 tons of ore. Accumulated depletion at December 31, 2018 was $999,000. What was original cost of the...
Tacky Inc. operates a mineral deposit with an estimated 1,500,000 tons of available ore. The mineral...
Tacky Inc. operates a mineral deposit with an estimated 1,500,000 tons of available ore. The mineral deposit was purchased for $1,500,000 and no salvage value is expected. A total of 225,000 were mined by only 100,000 tons were sold during the year. How would the company record this transaction? Debit Depletion Expense for $125,000, debit Ore Inventory for $100,000 and credit Accumulated Depletion for $225,000 Debit Depletion Expense for $100,000 and credit Accumulated Depletion for $100,000 Debit Depletion Expense for...
Question Help A coal mine cost $1,008,000 and is estimated to hold 53,000 tons of coal....
Question Help A coal mine cost $1,008,000 and is estimated to hold 53,000 tons of coal. There is no residual value. During the first year of operations, 9,000 tons are extracted and sold. Calculate depletion expense for the first year. (Round any intermediate calculations to the nearest cent.) O A $201,600 OB. $100.800 O C. $171,180 OD. $151,200 Question Help 0 Anderson Corporation has purchased a group of assets for $24,300. The assets and their relative market values are listed...
In January 2017, Crane Company purchased a mineral mine for $6340000 with removable ore estimated by...
In January 2017, Crane Company purchased a mineral mine for $6340000 with removable ore estimated by geological surveys at 2500000 tons. The property has an estimated value of $590000 after the ore has been extracted. Crane incurred $1725000 of development costs preparing the property for the extraction of ore. During 2017, 588000 tons were removed and 523000 tons were sold. For the year ended December 31, 2017, Crane should include what amount of depletion in its cost of goods sold?...
On January 2, 2019, Whistler Company purchased land for $420,000, from which it is estimated that...
On January 2, 2019, Whistler Company purchased land for $420,000, from which it is estimated that 440,000 tons of ore could be extracted. It estimates that the present value of the cost necessary to restore the land is $77,000, after which it could be sold for $24,000. During 2019, Whistler mined 76,000 tons and sold 56,000 tons. During 2020, Whistler mined 105,000 tons and sold 106,000 tons. At the beginning of 2021, Whistler spent an additional $100,000, which increased the...
In January, Franklin Co. purchased a mineral mine for $3,000,000 with removable ore estimated as 1,000,000...
In January, Franklin Co. purchased a mineral mine for $3,000,000 with removable ore estimated as 1,000,000 tons. After all the ore has been extracted, Franklin will be required by law to restore the land to its original condition at an estimated cost of $200,000. Franklin believes it can sell the property afterwards for $400,000. During the year, Franklin incurred $600,000 of development costs to prepare the mine for production and removed and sold 100,000 tons of ore. In its year-end...
Cameron Corp. purchased a mine on January 1, 2018, for $529,000, which is estimated to contain...
Cameron Corp. purchased a mine on January 1, 2018, for $529,000, which is estimated to contain 40,000 tons of iron ore. There is no residual value. The business extracted and sold 14,500 tons of ore in 2018 and 4,800 tons of ore in 2019. What is the depletion expense for 2019? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) A) 273,861 B)255339 C)63504 D)191835
27 of 41 (23 complete) This Test: 41 pts pos Aspen Ore purchased a vein of coal ore for $5.270,000 It is estimated that 33,000,000 tons of ore are available to be extracted The estimated depletion expense fo this year's extraction of 2,750,000 tons of ore is: (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollan) A. S467.500 B. S5270000. O C. $402,290 O D. $440,000 Click to select unir answer Type here...
Skysong, Inc. purchased for $9.4599 million a mine that is estimated to have 41.13 million tons of ore and no salvage value. In the first year, 12.02 million tons of ore are extracted. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit. per ton SHOW LIST OF ACCOUNTS Prepare the journal entry to record depletion for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent...
Question Help A coal mine cost $1,008,000 and is estimated to hold 53,000 tons of coal. There is no residual value. During the first year of operations, 9,000 tons are extracted and sold. Calculate depletion expense for the first year. (Round any intermediate calculations to the nearest cent.) O A $201,600 OB. $100.800 O C. $171,180 OD. $151,200 Question Help 0 Anderson Corporation has purchased a group of assets for $24,300. The assets and their relative market values are listed...
In January 2017, Crane Company purchased a mineral mine for $6340000 with removable ore estimated by geological surveys at 2500000 tons. The property has an estimated value of $590000 after the ore has been extracted. Crane incurred $1725000 of development costs preparing the property for the extraction of ore. During 2017, 588000 tons were removed and 523000 tons were sold. For the year ended December 31, 2017, Crane should include what amount of depletion in its cost of goods sold?...
Most questions answered within 3 hours.
-
For 1 through 11, create an expression using the relational
operators, the logical operators, and variable...
asked 2 minutes ago -
The production budget for Manner Company shows units to be
produced as follows: July, 550; August,...
asked 5 minutes ago -
Your group is required to develop a comprehensive Business plan
that will be used as a...
asked 9 minutes ago -
a radio station transmits at 78.1 mhz. a hz is an inverse
second. how far apart...
asked 28 minutes ago -
Write the equilibrium expression for the dissociation in
water for CH5N, C2H5O2COOH, H3AsO4, KClO2, HC2H2ClO2.
asked 33 minutes ago -
In risk management, insurance is an example of:
Select one:
a. Risk avoidance
b. Risk deflection...
asked 35 minutes ago -
Wildhorse Company follows the practice of pricing its inventory
at the lower-of-cost-or-market, on an individual-item
basis....
asked 1 hour ago -
3. (10 pts) You grow a corn crop that yields 150 bushels ac-1,
with the following...
asked 58 minutes ago -
7. The term Six Sigma refers to:
Select one:
a. The control limits established in a...
asked 1 hour ago -
For the following reaction: A(g) + 2 B(g) ⇌ 2 C(g) Calculate the
equilibrium constant K...
asked 1 hour ago -
Which of the following best describes tidal volume? options:
1.The amount of oxygen in the air...
asked 1 hour ago -
1. Smaller cost distortions occur when the traditional systems'
single indirect-cost rate and the activity-cost-driver rates:...
asked 1 hour ago