Journal entry to record depletion expense, Accounting Basics

+44 141 628 6080
[email protected]

Journal entry to record depletion expense

On July 1, 2008, Hurtig Inc. invested$730,530 in a mine estimated to have 835,550 tons of ore of uniform grade. During the last 6 months of 2008, 102,790 tons of ore weremined and sold.

Prepare the journal entry to record depletion expense.

Assume that the 102,790 tons of ore weremined, but only 84,920 units were sold. How are the costs applicable to the 17,870 unsold units reported?

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Journal entry to record depletion expense

Reference No:- TGS0555547

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : Classify item as an asset-liability or owner-s equity

Meredith Cleaners has the following balance sheet items. Classify each item as an asset, liability, or owner's equity.

Q : Dougs custom construction company

The equipment's salvage value is zero, and Doug uses straight-line depreciation. Doug will not accept any project with a cash payback period over 2 years. Doug's required rate of return is 12%.

Q : Assessment of the effectiveness of the internal control

Management identified a material weakness in First Bank Company's system of internal control over financial reporting with respect to ensuring that appropriate calculation of its allowance for loan losses.

Q : Evaluate the practice of using a contra account

Your accounting supervisor has instructed you to verify the accuracy of the day s bank credit card sales, and then deposit that amount into the business checking account.

Q : Journal entry to record depletion expense

On July 1, 2008, Hurtig Inc. invested$730,530 in a mine estimated to have 835,550 tons of ore of uniform grade. During the last 6 months of 2008, 102,790 tons of ore weremined and sold.

Q : Compute fixed overhead spending and volume variances

Compute the fixed overhead spending and volume variances. Compute the variable overhead spending and efficiency variances.

Q : Parking complex for the city of lancaster

Sherman Construction Company has entered into a contract beginning January 1, 2013 to build a parking complex for the city of Lancaster.

Q : Explain new portable infrared keypad controllers

West Coast Marine & RV is considering replacing its wired pendant controllers on its heavy-duty cranes with new portable infrared keypad controllers.

Q : Create the debit-credit analysis for each transaction

Presented below is information related toHanshew Real Estate Agency. Prepare the debit-credit analysis for each transaction.

1940927

Questions
Asked

3,689

Active Tutors

1451002

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Journal entry to record depletion expense

Reference No:- TGS0555547

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Classify item as an asset-liability or owner-s equity

Q : Dougs custom construction company

Q : Assessment of the effectiveness of the internal control

Q : Evaluate the practice of using a contra account

Q : Journal entry to record depletion expense

Q : Compute fixed overhead spending and volume variances

Q : Parking complex for the city of lancaster

Q : Explain new portable infrared keypad controllers

Q : Create the debit-credit analysis for each transaction

How protein is an essential part of our health

Discuss about health information exchanges in the niles

Discuss education and care services national regulations

How to determine if there is a quality issue

What inter-professional involvement needs to be considered

Why should contraception be a reproductive right

Problem regarding childhood education and care services

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Journal entry to record depletion expense

Reference No:- TGS0555547

Recent Questions Asked Accounting Basics

Q : Classify item as an asset-liability or owner-s equity

Q : Dougs custom construction company

Q : Assessment of the effectiveness of the internal control

Q : Evaluate the practice of using a contra account

Q : Journal entry to record depletion expense

Q : Compute fixed overhead spending and volume variances

Q : Parking complex for the city of lancaster

Q : Explain new portable infrared keypad controllers

Q : Create the debit-credit analysis for each transaction

Asked Questions