Last Chance Mine (LCM) purchased a coal deposit for $1,108,250. It estimated it would extract 17,050 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.28 million, $6.7 million, and $5.1 million for years 1 through 3, respectively. During years 1-3, LCM reported net income (loss) from the coal deposit activity in the amount of ($21,000), $685,000, and $490,000, respectively. In years 1-3, LCM extracted 18,050 tons of coal as follows: (1) Tons of Coal 17,050 Depletion Tons Extracted per Year Year 2 (2) Basis (2)/(1) Rate $1,108,250 $65.00 9,400 Note: Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars. Year 1 Year 2 Year 3 Year 1 4,350 Problem 10-75 Part c (Algo) c. Using the cost and percentage depletion computations from parts (a) and (b), what is LCM's actual depletion expense for each year? Depletion Expense Year 3 4,300

Last Chance Mine (LCM) purchased a coal deposit for $1,108,250. It estimated it would extract 17,050 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.28 million, $6.7 million, and $5.1 million for years 1 through 3, respectively. During years 1-3, LCM reported net income (loss) from the coal deposit activity in the amount of ($21,000), $685,000, and $490,000, respectively. In years 1-3, LCM extracted 18,050 tons of coal as follows: (1) Tons of Coal 17,050 Depletion Tons Extracted per Year Year 2 (2) Basis (2)/(1) Rate $1,108,250 $65.00 9,400 Note: Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars. Year 1 Year 2 Year 3 Year 1 4,350 Problem 10-75 Part c (Algo) c. Using the cost and percentage depletion computations from parts (a) and (b), what is LCM's actual depletion expense for each year? Depletion Expense Year 3 4,300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Data: So 101; X= 114; 1+r= 1.12. The two possibilities for sr are 143 and 85.
Q. 7 a) Discuss the main assumptions of CAPM theory. b) Discuss the theoretical and practical problems of the САРМ.
Fans Company has two service departments-product design and engineering support, and two production departments - assembly and finishing. The distribution of each service department's efforts to the other departments is shown below: Design SERVICE DEPARTMENT Product Design 0% Engineering Support 20% The direct operating costs of the departments (including both variable and fixed costs) were as follows: Product Design Engineering Support Assembly Finishing Multiple Choice $1,863,265 SERVICES PROVIDED TO Support 10% 0% $623,878 $1,036,122 Assembly 30% 45% $100,000 $ 200,000 $540,000 $ 820,000 The total cost accumulated in the assembly department using the reciprocal method is (calculate all ratios and percentages to 4 decimal places, for example 33.3333%, and round all dollar amounts to the nearest whole dollar) Finishing 60% 35% D
A3 1) Explain the trade-off between technical efficiency and agency efficiency
whats happening with question 11 and 12? answer please
Other than 1040, what other forms need to be completed?
Code 71046
1. I n w h i c h , i f a n y , o f t h e i n v e s t m e n t s s h o w n i n t h e f o l l o w i n g t a b l e d o y o u r e c o m m e n d t h a t t h e f i r m i n v e s t ? E x p l a i n y ou r a n s w e r . H o w m u c h n e w f i n a n c i n g i s r e q u i r e d ? ( N o t e : T h e p i c t u r e a t t a c h e d i s f o r t h e n o . 1 q u e s t i o n )
1.General information about IAS200. 2.What means of reasonable assurance? 3.Explain ISA200 requirement
pls answer no. 4 and 5
Explain IAS39
Num.10