CengageNOWv2|Online teachin xssignment/takeAssignmentMain.do?invoker%3-&takeAssignmentSessionLocator=&inprogress%3falseeBookShow Me HowCalculatorPrint ItemDepletion entriesChart of AccountsStarting questionJournalInstructionsAlaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 4,000,000 tons weremined and sold.Required:a. Determine the amount of depletion expense for the current year.b. Journalize the adjusting entry on December 31 to recognize the depletion expense Refer to the Chart of Accounts for exact wording of accounttitles.

Depletion Expenses : Depletion Expenses concept used in mining, timber, and oil and gas industries.…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Preview File Edit View Go Tools Window Help mgt120h-j17.pdf Page 5 of 10 V a. $8,800 b. $21,200 c. $12,600 d. $17,400 C ● 0 CC ✩ 10. ABC Company sold a delivery truck for cash of $10,700. The original cost of the truck was $30,000 and a loss of $1,900 was recognized on the sale. The accumulated depreciation at the date of sale must have been: V Search ((. Ơ Sat Apr 15 2:54 PM Low 9. If beginning inventory is overstated by $20,000 and ending inventory is overstated by $15,000 a. Net income is overstated by $5,000 b. Net income is understated by $5,000 c. Net income is overstated by $35,000 d. Net income is understated by $35,000 10. ABC Company sold a delivery truck for cash of $10,700. The original cost of the truck was $30.000 and a loss of $1.900 was recognized on the cole The accum 400-0 0
A v2.cengagenow.com 1 FA2021 - Financial Accounting : Overview OEXCHANGE PASSWORD REQUIRED O CengageNOWv2 | Online teaching and learning resource t Enter your password for "hjmolin" in Internet Accounts. 6m ag еВook Disposal of an Operating Asset Jolie Company owns equipment with a cost of $170,000 and accurmulated depreciation of $90,100. Required: Prepare the journal entry to record the disposal of the equipment on April 9 assuming: 1. Jolie sold the equipment for $83,900 cash. If an amount box does not require an entry, leave it blank. Apr. 9 Accumulated Depreciation Cash Gain on Disposal of Property, Plant, and Equipment Equipment Feedback Check My Work 1. The book value (both the cost and accumulated depreciation accounts) at the date of disposition should be removed and any related gain or loss (the difference between the cash proceeds and the book value) should be recognized. 2. Jolie sold the equipment for $74,300 cash. If an amount box does not require an entry, leave it…
Tue 9:08 AM Bookmarks Window Help A v2.cengagenow.com CengageNOWv2 | Online teaching and.. A AAMA - State Scope Learning Module 1- ACCT1105: Financi.. C https://geyser.cl-cms.com/assets/fr5am.. Show Me How O eBook Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $1,630,000 has an estimated residual value of $340,000 and an estimated useful life of 10 years. Determine the following. a. The depreciable cost X 10 b. The straight-line rate c. The annual straight-line depreciation Feedback Check My Work Next All work saved. Save and Exit Submit Assignment for Gra tv MacBook Air DII F3 DD F4 F6 F9 F10 F11 F12 %23 24 & 4 6. 8. 9. T. Y U { D G H J K + || ....
8:08 l LTE O AA v2.cengagenow.com CengageNOWv2 | Online teaching and leaming resource from Cengage Learning Close Window Print 1. PR.10-02A.BLANKSHEET eBook Show Me How Comparing three depreciation methods Instructions Depreciation Expense Final Questions Instructions Dexter Industries purchased packaging equipment on January 8 for $72,000. The equipment was expected to have a useful life of three years, or 18,000 operating hours, and a residual value of $4,500. The equipment was used for 7,600 hours during Year 1, 6,000 hours in Year 2, and 4,400 hours in Year 3. Required: 1. Determine the amount of depreciation expense for the three years ending December 31, by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the three years by each method. (Note: For DECLINING BALANCE ONLY, round the multiplier five decimal places. Then round the answer for each year to the nearest whole…
eBook Calculation of Book Value F3 On June 1, 20--, a depreciable asset was acquired for $6,000. The asset has an estimated useful life of five years (60 months) and no salvage value Using the straight-line depreciation method, calculate the book value as of December 31, 20--. $ X Feedback 1 E ►Check My Work Check My Work $ 4 DII R % 5 F5 T G -0% A 6 F6 Y H F7 & 7 U All work saved. DELL F8 00 * 8 F9 ( 9 K prt sc F10 O ) O Drownichs-rilear... home L F11 P end OpticsPlanet Email Instructor F12 insert + 11 Save and Exit A { ^ delete < Sul backspace
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* CengageNowv2 |Online teachin X +. ignment/takeAssignmentMain.do?invoker%3&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Calculator Print Item Entries for sale of fixed asset Chart of Accounts First Question Journal Instructions Equipment acquired on January 8 at a cost of S168,000 has an estimated useful life of 18 years, has an estimated residual value of $15,000, and is depreciated by the straight-line method. A. What was the book value of the equipment at December 31 the end of the fourth year? B. Assuming that the equipment was sold on April 1 of the fifth year for 5125,000, journalize the entries to record (1) depreciation for the three months until the sale date and (2) the sale of the equipment.
CengageNOWv2 | Online teachin x + /ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=... A Print Item A Determining Fixed Asset's Book Value The balance in the equipment account is $3,240,000, and the balance in the accumulated depreciation-equipment account is $2,134,000. a. What is the book value of the equipment? X b. Does the balance in the accumulated depreciation account mean that the equipment's loss of value is $2,134,000? ✓, because depreciation is an allocation of the cost No of the equipment to the periods benefiting from its use. E 00
Online Test Window- Google Chrome tests.mettl.com/test-window/f55ac827#/testWindow/0/17/1 EY Accounting Assessment O Total 00:54:42 Finish Test Section 1 of 1 Section #1 v 10 11 12 13 14 15 16 17 19 18 18 of 45 All 43 Question # 18 G Revisit Choose the best option An entity purchased a machine for 700,000. The machine was depreciated using the straight-line method and had a residual value of 40,000, The machine was sold on December 31, 20X1. The accumulated depreciation related to the machine was 495,000 on that date. The entity reported a O 280,000 O 240,000 O 205,000 gain on the sale of the machine of 75,000 in its income statement for the fiscal year ending December 31, 20X1. The selling price of the machine was O 115,000 Prev Questen Next Question +91-82878-03040 Zaineh | Support +1-650-924-9221 metti 4:13 PM 1/16/2021 Type here to search 20
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