Homework Answers
Answer is c.
Depletion Expense
Accumulated Depletion
Answer is a.
Can be discarded, sold or exchanged
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An oil well cost $2,010,000 and is calculated to hold 340,000 barrels of oil. There is...
An oil well cost $2,030,000 and is calculated to hold 350,000 barrels of oil. There is...
An oil well cost $2,030,000 and is calculated to hold 350,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 47,000 barrels of oil during the year? All 47,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent and your final answer to the nearest dollar.) 272,600 272,600 272,600 272,600 O A. Depletion Expense - Oil Reserve Oil Revenue O B. Cost of...
An oil well cost $1,802,500 and is calculated to hold 160,000 barrels of oil. There is...
An oil well cost $1,802,500 and is calculated to hold 160,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 31,000 barrels of oil during the year? All 31,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.)
An oil well cost $2,080,000 and is calculated to hold 310.000 barrels of oil, There is...
An oil well cost $2,080,000 and is calculated to hold 310.000 barrels of oil, There is no residual value. Which jounal entry is needed to record the expense for the extraction of 52,000 barrels of oil during the year? All 52,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.) Bachman, Inc. plans to developa shopping center. In the first quarter, the following amounts were spent: Acquisition...
A photocopier cost $96,000 when new and has accumulated depreciation of $95,000. If the business discards...
A photocopier cost $96,000 when new and has accumulated depreciation of $95,000. If the business discards this plant asset, the result is O A. a gain of $1,000 O B. a loss of $95,000 O c. a loss of $1,000 O D. no gain or no loss A fully depreciated plant asset O A. can be discarded, sold, or exchanged for another plant asset OB. is no longer reported on the balance sheet O c. can no longer be used...
A fully depreciated plant asset O A. can be discarded, sold, or exchanged for another plant...
A fully depreciated plant asset O A. can be discarded, sold, or exchanged for another plant asset OB. is no longer reported on the balance sheet O c. can no longer be used in the business OD. is removed from the accounting records Masonry Construction Group paid $9,000 for a plant asset that had a market value of $9,500. At which of the following amounts should the plant asset be recorded? O A. $9,500 O B. $9,000 O c. $18,000...
4. TexAm Petroleum holds huge reserves of oil. Assume that at the end of 2017, TexAm...
4. TexAm Petroleum holds huge reserves of oil. Assume that at the end of 2017, TexAm Petroleum's cost of oil reserves totaled $210,000,000, representing 140,000,000 barrels of oil. Suppose TexAm Petroleum removed and sold 16,000,000 barrels of oil during 2018. Journalize depletion expense for 2018. (Assume no residual value. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Accumulated Depletion-Oil Reserves Accumulated Depreciation-Oil Reserves Cash Depletion...
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...
s huge reserves of oil assets. Assume that at the end of 2018, Asian Petroleum's cost...
s huge reserves of oil assets. Assume that at the end of 2018, Asian Petroleum's cost of oil reserves totaled $ 80 comma 000 comma 000, representing 8 comma 000 comma 000 barrels of oil. Read the requirementsLOADING.... Requirement 1. Which method does Asian Petroleum use to compute depletion? ▼ is the method used to compute depletion. Requirement 2. Suppose Asian Petroleum removed and sold 900 comma 000 barrels of oil during 2019. Journalize depletion expense for 2019. (Assume no...
On May 31, 2015, a company sold a storage shed. The company had purchased the shed...
On May 31, 2015, a company sold a storage shed. The company had purchased the shed on January 1, 2008 for $414,600. When purchased, it had been estimated to have a useful life of 16 years and a residual value of $69,000. Assume that the company has been using the straight-line method and sold the asset for $258,000. Calculate the gain or loss on disposal of the asset. The on the disposal of the asset is $ Cheney Co. paid...
A coal mine cost $ 1,003,000 and is estimated to hold 60,000 tons of coal. There...
A coal mine cost $ 1,003,000 and is estimated to hold 60,000 tons of coal. There is no residual value. During the first year of operations, 16,000 tons are extracted and sold. Calculate depletion expense for the first year. (Round any intermediate calculations to the nearest cent.) A. $200,600 B. $100,300 C. $150,450 D. $267,520
An oil well cost $2,030,000 and is calculated to hold 350,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 47,000 barrels of oil during the year? All 47,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent and your final answer to the nearest dollar.) 272,600 272,600 272,600 272,600 O A. Depletion Expense - Oil Reserve Oil Revenue O B. Cost of...
An oil well cost $2,080,000 and is calculated to hold 310.000 barrels of oil, There is no residual value. Which jounal entry is needed to record the expense for the extraction of 52,000 barrels of oil during the year? All 52,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.) Bachman, Inc. plans to developa shopping center. In the first quarter, the following amounts were spent: Acquisition...
A photocopier cost $96,000 when new and has accumulated depreciation of $95,000. If the business discards this plant asset, the result is O A. a gain of $1,000 O B. a loss of $95,000 O c. a loss of $1,000 O D. no gain or no loss A fully depreciated plant asset O A. can be discarded, sold, or exchanged for another plant asset OB. is no longer reported on the balance sheet O c. can no longer be used...
A fully depreciated plant asset O A. can be discarded, sold, or exchanged for another plant asset OB. is no longer reported on the balance sheet O c. can no longer be used in the business OD. is removed from the accounting records Masonry Construction Group paid $9,000 for a plant asset that had a market value of $9,500. At which of the following amounts should the plant asset be recorded? O A. $9,500 O B. $9,000 O c. $18,000...
4. TexAm Petroleum holds huge reserves of oil. Assume that at the end of 2017, TexAm Petroleum's cost of oil reserves totaled $210,000,000, representing 140,000,000 barrels of oil. Suppose TexAm Petroleum removed and sold 16,000,000 barrels of oil during 2018. Journalize depletion expense for 2018. (Assume no residual value. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Accumulated Depletion-Oil Reserves Accumulated Depreciation-Oil Reserves Cash Depletion...
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...
On May 31, 2015, a company sold a storage shed. The company had purchased the shed on January 1, 2008 for $414,600. When purchased, it had been estimated to have a useful life of 16 years and a residual value of $69,000. Assume that the company has been using the straight-line method and sold the asset for $258,000. Calculate the gain or loss on disposal of the asset. The on the disposal of the asset is $ Cheney Co. paid...
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