Exercise 8-18 Depletion of natural resources LO P1, P3On April 2, 2017, Montana Mining Co. pays $3,760,810 for an ore deposit containing 1,411,000 tons. The company installs machinery inthe mine costing $183,900, with an estimated seven-year life and no salvage value. The machinery will be abandoned when the ore iscompletely mined. Montana begins mining on May 1, 2017, and mines and sells 187,800 tons of ore during the remaining eight monthsof 2017.Prepare the December 31, 2017, entries to record both the ore deposit depletion and the mining machinery depreciation. Miningmachinery depreciation should be in proportion to the mine's depletion. (Do not round intermediate calculations. Round your finalanswers to the nearest whole number.)View transaction listJournal entry worksheet2Record the year-end adjusting entry for the depletion expense of ore mine.Note: Enter debits before credits.DateGeneral JournalDebitCreditDec 31 Journal entry worksheet2Record the year-end adjusting entry for the depreciation expense of themining machinery.Note: Enter debits before credits.DateGeneral JournalDebitCreditDec 31

Depletion and Depreciation Depletion and depreciation both are the accounting method which allows…

Answered: Exercise 8-18 Depletion of natural…

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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Data Recovery Services (DRS) specializes in data recovery from crashed hard drives. The price charged varies based on the extent of damage and the amount of data being recovered. DRS offers a 10% discount to students and faculty at educational institutions. Consider the following transactions during the month of June. June 10 June 12 June 13 Rashid's hard drive crashes and he sends it to DRS. After initial evaluation, DRS e-mails Rashid to let him know that full data recovery will cost $2,700. Rashid informs DRS that he would like them to recover the data and that he is a student at UCLA, qualifying him for a 10% educational discount and reducing the cost by $270 ( = $2,700 × 10%). DRS performs the work and claims to be successful in recovering all data. DRS asks Rashid to pay within 30 days of today's date, offering a 2% discount for payment within 10 days. When Rashid receives the hard drive, he notices that DRS did not successfully recover all data. Approximately 30% of the data has…
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PSa 5-6 Record Employer Payroll Tax Journal Entry Based on the following figures for the most recent pay period, record the necessary journal entry to account for employer payroll taxes as of 01/20/2020. Chart of Accounts (attached) Notes: Enter the transaction date on the first line only (if multiple transactions are required, enter the date on the first line of each transaction). Enter all debits within the transaction prior to entering any credits. Omit journal entry explanations. See the Chart of Accounts provided for the proper account names to use. To earn any credit for a given line within the journal entry, the account name must be correct. Partial credit is given for a correct account name with an incorrect amount; full credit is given for a correct account name with the correct amount. Do not include journal entry explanation when submitting your answer. Account Name Amount Medicare Tax Payable $31.90 State Unemployment Tax Payable $74.80 Social Security Tax…
Francisco Company has 10 employees, each of whom earns $2,800 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. On March 1, the following accounts and balances exist in its general ledger. a. FICA-Social Security Taxes Payable, $3,472; FICA-Medicare Taxes Payable, $812. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only.) b. Employees' Federal Income Taxes Payable, $7,000 (llability for February only). c. Federal Unemployment Taxes Payable, $336 (liability for January and February together). d. State Unemployment Taxes Payable, $3,024 (lability for January and February together). The company had the following payroll transactions. March 15 Issued check payable to Swift Bank, a federal depository bank authorized to accept employers' payments of FICA taxes and employee income tax withholdings. The $11,284 check is in payment of…
Required information [The following information applies to the questions displayed below] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through Gross Pay for August 31 September a. 6,400 2,000 122,100 800 b. 2,100 8,000 C. Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes Expense General Journal Compute the payroll taxes expense. (Round your answers to 2 decimal places.) Employer Payroll taxes September earnings subject to tax Tax Rate Tax Amount 24 0.00 Payroll Taxes Expense General Journal >
A weekly time ticket for Joyce Caldwell follows: Labor Time Ticket Ticket Number: TT 338 Employee: Joyce Caldwell % Date Monday, 8/12 Tuesday, 8/13 Wednesday, 8/14 Thursday, 8/15 Friday, 8/16 View transaction list < 1 Time Started Journal entry worksheet 7:00 AM 7:00 AM 7:00 AM Transaction a 7:00 AM 12:00 PM 7:00 AM Note: Enter debits before credits. Record entry Dates: Monday 8/13 Record Joyce's wages to be paid at a later date. Required: Prepare a journal entry to record Joyce's wages. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. 1 General Journal Clear entry Friday 8/17 Time Ended 11:00 AM 4:00 PM 3:00 PM Weekly Totals Hourly Labor Rate Total Wages Earned 3:00 PM 3:00 PM 3:00 PM Total Hours 8 hours 8 hours 8 hours Debit 4 hours 4 hours 8 hours 40 hours × $29 $ 1,160 Credit Job Number Job 271 Job 271 Job 272 Job 272 Maintenance Job 273 View general journal
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CLOSING ENTRIES AND POST-CLOSING TRIAL BALANCE Refer to thework sheet in Problem 6-7A for Megaffin's Repairs. The trial balanceamounts (before adjustments) have been entered in the ledger accountsprovided in the working papers. If you are not using the working papersthat accompany this book, set up ledger accounts and enter thesebalances as of January 31, 20--. A chart of accounts is provided attached. REQUIRED 1. Journalize (page 10) and post the adjusting entries.2. Journalize (page 11) and post the closing entries.3. Prepare a post-closing trial balance.
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Do a journal entry based on this transections, round interest amounts to the nearest dollar,
Tony's favorite memories of his childhood were the times he spent with his dad at camp. Tony was daydreaming of those days a bit as he and Suzie jogged along a nature trail and came across a wonderful piece of property for sale. He turned to Suzie and said, "I've always wanted to start a camp where families could get away and spend some quality time together. If we just had the money, I know this would be the perfect place." On November 1, 2025, Great Adventures purchased the land by issuing a $580,000, 6%, 8-year installment note to the seller. Payments of $7,622 are required at the end of each month over the life of the 8-year loan. Each monthly payment of $7,622 includes both interest expense and principal payments (i.e., reduction of the loan amount). Late that night, Tony exclaimed, "We now have land for our new camp; this has to be the best news ever!" Suzie said, "There's something else I need to tell you. I'm expecting!" Required: 1. Complete the first three rows of an…

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