subject
Business, 26.11.2019 05:31 zamorano5912

Last chance mine (lc) purchased a coal deposit for $1,348,500. it estimated it would extract 14,500 tons of coal from the deposit. lc mined the coal and sold it, reporting gross receipts of $1.41 million, $4.8 million, and $3.7 million for years 1 through 3, respectively. during years 1–3, lc reported net income (loss) from the coal deposit activity in the amount of ($10,700), $517,500, and $512,500, respectively. in years 1–3, lc actually extracted 15,500 tons of coal as follows: (leave no answer blank. enter zero if applicable. enter your answers in dollars and not in millions of dollars.)

(1) (2) depletion (2)/(1) tons extracted per year
tons of coal basis rate year 1 year 2 year 3
14,500 $1,348,500 $93.00 3,250 7,350 4,900
a. what is last chance's cost depletion for years 1, 2, and 3?

b. what is last chance's percentage depletion for each year (the applicable percentage for coal is 10 percent)?

c. using the cost and percentage depletion computations from the previous parts, what is last chance’s actual depletion expense for each year?

ansver
Answers: 3

Other questions on the subject: Business

image
Business, 22.06.2019 22:20, vdestiny858
As a result of a labeling mistake at the chemical factory, a farmer accidentally sprays weedkiller rather than fertilizer on half her land. as a result, she loses half of her productive farmland. if the property of diminishing returns applies to all factors of production, she should expect to seea. a decrease in the marginal productivity of her remaining land and an increase in the marginal productivity of her labor. b. an increase in the marginal productivity of her remaining land and an increase in the marginal productivity of her labor. c. an increase in the marginal productivity of her remaining land and a decrease in the marginal productivity of her labor. d. a decrease in the marginal productivity of her remaining land and a decrease in the marginal productivity of her labor.
Answers: 2
image
Business, 22.06.2019 23:00, lolo8787
The five steps to financial success a. five money myths b. five foundations
Answers: 1
image
Business, 22.06.2019 23:30, lulustar13
Atelephone call center uses three customer service representatives (csrs) during the 8: 30 a. m. to 9: 00 a. m. time period. the standard service rate is 3.0 minutes per telephone call per csr. assuming a target labor utilization rate of 80 percent, how many calls can these three csrs handle during this half-hour period?
Answers: 1
image
Business, 23.06.2019 02:30, maymaaz
Harmon inc. produces joint products l, m, and n from a joint process. information concerning a batch produced in may at a joint cost of $75,000 was as follows:
Answers: 3
You know the right answer?
Last chance mine (lc) purchased a coal deposit for $1,348,500. it estimated it would extract 14,500...

Questions in other subjects:

Konu
Mathematics, 04.03.2020 10:47
Konu
Mathematics, 04.03.2020 10:48