Business, 02.04.2020 02:58 punani

Pittsburg Resources acquired a coal mine for $6,000,000. The company’s survey estimates that 120,000 tons of coal can be extracted from the mine. In the first year of operations, 25,000 tons of coal was extracted, and the coal is considered sold immediately upon extraction.

Required:

1. Calculate depletion for the first year.

2. Discuss the accounting treatment of the depletion calculated in requirement 1.

Answers: 2

Show answers

Other questions on the subject: Business

Business, 22.06.2019 19:00, Anonymouslizard

All of the following led to the collapse of the soviet economy except a. a lack of worker incentives. c. inadequate supply of consumer goods. b. a reliance on production quotas. d. the introduction of a market economy.

Answers: 1

continue

Business, 22.06.2019 20:00, LJ710

Miller mfg. is analyzing a proposed project. the company expects to sell 14,300 units, plus or minus 3 percent. the expected variable cost per unit is $15 and the expected fixed cost is $35,000. the fixed and variable cost estimates are considered accurate within a plus or minus 3 percent range. the depreciation expense is $32,000. the tax rate is 34 percent. the sale price is estimated at $19 a unit, give or take 3 percent. what is the net income under the worst case scenario?

Answers: 2

continue

Business, 22.06.2019 23:00, ehthaboe7265

Consider a consumer who is contemplating a new automobile purchase. she has narrowed her decision down to two brands, honda accord and ford taurus. she has identified gas mileage, price, warranty, and styling to be important attributes to consider in her decision

Answers: 1

continue

Business, 22.06.2019 23:50, iiisavageoreo

In june, one of the processinthe assembly department started the month with 25,000 units in its beginning work in process inventory. an additional 310,000 units were transferred in from the prior department during the month to begin processing in the assembly department. there were 30,000 units completed and transferred to the next processing department during the month. how many units the assembly department started the month with 25,000 units in its beginning work in process inventory. an additional 310,000 units were transferred in from the prior department during the month to begin processing in the assembly department. there were 30,000 units completed and transferred to the next processing department during the month. how many units were in its ending work in process inventory

Answers: 2

continue

You know the right answer?

Pittsburg Resources acquired a coal mine for $6,000,000. The company’s survey estimates that 120,000...