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Question Help A coal mine cost $1,008,000 and is estimated to hold 53,000 tons of coal....
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
A coal mine in Alaska cost $1,000,000 and is estimated to hold 10,000 tons of coal....
A coal mine in Alaska cost $1,000,000 and is estimated to hold 10,000 tons of coal. There is no residual value. 2,000 tons are extracted and sold during the first year of operations. Calculate depletion expense for the first year. $100,000 $150,000 $20,000 $200,000
5) A coal mine cost $1,003,000 and is estimated to hold 54,000 tons of coal. There...
5) A coal mine cost $1,003,000 and is estimated to hold 54,000 tons of coal. There is no residual value. During the first year of operations, 11,000 tons are extracted and sold. Calculate depletion expense for the first year. (Round any intermediate calculations to the nearest cent.) A) $100,300 B) $150,450 C) $200,600 D) $204,270 14) 14) Angie's gross pay for the week is $970.00. Her deduction for federal income tax is based on a rate of 20%. She has...
30 of 49 (25 complete) This Test: 100 pts poss A coal mine cost $1,004,000 and is estimated to hold 58,000 tons of...
30 of 49 (25 complete) This Test: 100 pts poss A coal mine cost $1,004,000 and is estimated to hold 58,000 tons of coal. There is no residual value. During the first year of operations, 7,000 tons are extracted and sold. Calculate depletion per unit. (Round your answer to the nearest cent.) A. $4.33 O B. $12.98 O C. $17.31 O D. $8.66 Click to select your answer. I 840 PM 10/27/2019 Type here to search O 7 5 3...
Question 2 Wildhorse Corporation acquires a coal mine at a cost of $472,000. Intangible development costs...
Question 2 Wildhorse Corporation acquires a coal mine at a cost of $472,000. Intangible development costs total $118,000. After extraction has occurred, Wildhorse must restore the property (estimated fair value of the obligation is $94,400), after which it can be sold for $188,800. Wildhorse estimates that 4,720 tons of coal can be extracted. If 826 tons are extracted the first year, prepare the journal entry to record depletion. (If no entry is required, select "No entry" for the account titles...
Perez Company acquires an ore mine at a cost of $4,060,000. It incurs additional costs of $1,136,800 to access the mine, which is estimated to hold 2,900,000 tons of ore. 275,000 tons of ore are mined and sold the first year. The estimated value of the la
Untitled.pngPerez Company acquires an ore mine at a cost of $4,060,000. It incurs
additional costs of $1,136,800 to access the mine, which is estimated
to hold 2,900,000 tons of ore. 275,000 tons of ore are mined and sold
the first year. The estimated value of the land after the ore is removed
is $580,000. Calculate the depletion expense from the information given.1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry.
An oil well cost $2,010,000 and is calculated to hold 340,000 barrels of oil. There is...
An oil well cost $2,010,000 and is calculated to hold 340,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 46,000 barrels of oil during the year? All 46,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent and your final answer to the nearest dollar.) 271,860 271,860 271,860 271,860 O A. Cost of Goods Sold - Oil Reserve Accumulated Depletion - Oil...
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...
1. February 1, 2018, Salisbury Company purchased land for the future factory location at a cost...
1. February 1, 2018, Salisbury Company purchased land for the future factory location at a cost of $102,000. The dilapidated building that was on the property was demolished so that construction could begin on the new factory building. The new factory was completed on November 1, 2018. Costs incurred during this period were: Item Amount Demolition dilapidated building $2,000 Architect Fees $11,250 Legal Fees - for title search $1,400 Interest During Active Construction Period $5,025 Real estate transfer tax $1,050 Construction...
Just want to double check my answers. and it its wrong, which one is the corrwcr...
Just want to double check my answers. and it its wrong, which
one is the corrwcr answer.
A) $147,368 B) 552.632 $200,000 D) $140,000 6) Which of the following items should be depreciated? Tangible property, plast, and equipment other than and B) Intangible property C) Land D) Natural resources 7) Which of the following accounting principles requires depreciation? A) The revenue recognition principle B. The matching principle C) The reliability principle D) The entity concept 8) Which of the following...
5) A coal mine cost $1,003,000 and is estimated to hold 54,000 tons of coal. There is no residual value. During the first year of operations, 11,000 tons are extracted and sold. Calculate depletion expense for the first year. (Round any intermediate calculations to the nearest cent.) A) $100,300 B) $150,450 C) $200,600 D) $204,270 14) 14) Angie's gross pay for the week is $970.00. Her deduction for federal income tax is based on a rate of 20%. She has...
30 of 49 (25 complete) This Test: 100 pts poss A coal mine cost $1,004,000 and is estimated to hold 58,000 tons of coal. There is no residual value. During the first year of operations, 7,000 tons are extracted and sold. Calculate depletion per unit. (Round your answer to the nearest cent.) A. $4.33 O B. $12.98 O C. $17.31 O D. $8.66 Click to select your answer. I 840 PM 10/27/2019 Type here to search O 7 5 3...
Question 2 Wildhorse Corporation acquires a coal mine at a cost of $472,000. Intangible development costs total $118,000. After extraction has occurred, Wildhorse must restore the property (estimated fair value of the obligation is $94,400), after which it can be sold for $188,800. Wildhorse estimates that 4,720 tons of coal can be extracted. If 826 tons are extracted the first year, prepare the journal entry to record depletion. (If no entry is required, select "No entry" for the account titles...
An oil well cost $2,010,000 and is calculated to hold 340,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 46,000 barrels of oil during the year? All 46,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent and your final answer to the nearest dollar.) 271,860 271,860 271,860 271,860 O A. Cost of Goods Sold - Oil Reserve Accumulated Depletion - Oil...
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...
Just want to double check my answers. and it its wrong, which
one is the corrwcr answer.
A) $147,368 B) 552.632 $200,000 D) $140,000 6) Which of the following items should be depreciated? Tangible property, plast, and equipment other than and B) Intangible property C) Land D) Natural resources 7) Which of the following accounting principles requires depreciation? A) The revenue recognition principle B. The matching principle C) The reliability principle D) The entity concept 8) Which of the following...
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