Everly corporation acquires a coal mine at a cost

Assignment Help Accounting Basics
Reference no: EM131120095

1. Everly Corporation acquires a coal mine at a cost of $400,000. Intangible development costs total $100,000. After extraction has occurred, Everly must restore the property (estimated fair value of the obligation is $80,000), after which it can be sold for $160,000. Everly estimates that 4,000 tons of coal can be extracted. If 700 tons are extracted the first year, prepare the journal entry to record depletion.  

Reference no: EM131120095

Questions Cloud

College survey course of american writers : Select one work from this week's readings and make a case that this work does or does not belong in the American literature canon for a course like ours, a college survey course of American writers.
Compute campbells rate of return on assets : Compute Campbell's rate of return on assets (1) using asset turnover and profit margin and (2) using net income
Important person in the humanities : Submit a term paper (1000-1500 written words; cite 3-5 scholarly resources) on an important person in the humanities (such as an artist, dancer, musician, poet, etc.).
Southern prestige-independence plating : Next, prepare a case brief for this case (400 words), using the IRAC format (Citation, Issue, Rule, Application, Conclusion). A few reminders: your issue should be a question
Everly corporation acquires a coal mine at a cost : Everly estimates that 4,000 tons of coal can be extracted. If 700 tons are extracted the first year, prepare the journal entry to record depletion.
Duty of an unproductive employee : What is the duty of an unproductive employee to his or her employer? Is there an ethical obligation to retire when productivity begins to wane? If a person is simply "coasting" for his or her last few years, is that person "unethical?" Be sure to ..
Strategic analysis of operating income : How can a manager use the "strategic analysis of operating income" to determine if a firm has successfully implemented its strategy? Be sure to provide specific examples.
Jurassic company owns machinery that cost : The fair value of the equipment is $400,000. Prepare the journal entry, if any, to record the impairment loss.
What is the purpose of the article : 1) What is the purpose of the article? This is the hypothesis or the testable prediction. 2) What is the most important information used to support the arguments (assertions)? This would be found in the results of the study. Just give the basic fin..

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd