User Account

All Pages

Everly corporation acquires a coal mine at a cost of 400000

Assignment Help Accounting Basics
Reference no: EM13598910

Everly corporation acquires a coal mine at a cost of $400,000. intangible development cost 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 journal entry to record depletion.

Reference no: EM13598910

Questions Cloud

Gallant company reported net income of 2500000 the income : gallant company reported net income of 2500000. the income statement included one extraordinary item a 500000 gain from
On october 16 2010 flavor corporation declared a 3-for-2 : flavor corporationpartial balance sheet as at december 31 2009 millionsstockholders equitycommon stock 1.00 par
Explain how these events would affect the balance sheet : hoen manufacturing company experienced the following accounting events during its first year of operation. with the
Sanchez manufacturing purchases 45000 of raw materials on : sanchez manufacturing purchases 45000 of raw materials on account and it incurs 50000 of factory labor costs.supporting
Everly corporation acquires a coal mine at a cost of 400000 : everly corporation acquires a coal mine at a cost of 400000. intangible development cost total 100000. after extraction
Consider the following scenario a private citizen makes an : consider the following scenario a private citizen makes an unrestricted pledge of 5 million to a citys museum. the city
If a company had 10000 shares issued and outstanding with a : the following items were shown on the balance sheet of freelander corporation on 12312009 stockholders equity paid in
Orange corporation an accrual basis taxpayer received : a. eloise received 150000 in settlement of a sex discrimination case against her former employer.b. nell received 10000
Road ready tire co manufactures automobile tires standard : road ready tire co. manufactures automobile tires. standard cost and actual costs for direct materials direct labor and

Reviews

Write a Review

Accounting Basics Questions & Answers

  Adjusting entries are accounting journal entries that

adjusting entries are accounting journal entries that convert a companys accounting records to the accrual basis of

  Merchandise with a selling price of 42000 remained

banana corp. lost most of its inventory in a fire in december just before the year-end physical inventory was taken.

  Deviations in accounting information

When analyzing financial statements it is important to recognize that accounting distortions can arise. Accounting distortions are those things that cause deviations in accounting information from the underlying economics.

  A business issued a 30-day 7 note for 150000 to a creditor

a business issued a 30-day 7 note for 150000 to a creditor on account. journalize the entries to record a the issuance

  Impact on the company quality costs

PIAB Enterprises has identified the following as having an impact on the company's quality costs:

  Colgate-palmolive operates two product segments using the

colgate-palmolive operates two product segments. using the company web site locate segment information for the

  Cost of dollar-denominated equity

Assume the following information for Pexi Co., a U.S.-based MNC that is considering obtaining funding for a project in Germany: What is Pexi's cost of dollar-denominated equity?

  Wendells donut shoppe is investigating the purchase of a

wendells donut shoppe is investigating the purchase of a new 18600 donut-making machine. the new machine would permit

  Factory overhead will be credited

Poobah Manufacturers Inc. has estimated total factory overhead costs of $95,000 and 10,000 direct labor hours for the current fiscal year. If job number 117 incurred 1,600 direct labor hours, the work in process account will be debited and factory..

  Total costs of personnel

Dougherty Company employs 20 individuals. Eight employees are paid $12 per hour and the rest are salaried employees paid $3,000 a month. How would total costs of personnel be classified?

  On january 1 2010 lindsey company issued 10-year 3100000

on january 1 2010 lindsey company issued 10-year 3100000 face value 6 bonds at par. each 1000 bond is convertible into

  The may 1 work in process inventory consisted of 105000

the may 1 work in process inventory consisted of 105000 pounds with 219450 in materials cost and 134400 in conversion

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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