What is the amount of depletion

Assignment Help Accounting Basics
Reference no: EM13120509

In January, 2012, Yoder Corporation purchased a mineral mine for $5,100,000 with removable ore estimated by geological surveys at 2,000,000 tons. The property has an estimated value of $300,000 after the ore has been extracted. The company incurred $1,500,000 of development costs preparing the mine for production. During 2012, 500,000 tons were removed and 400,000 tons were sold. What is the amount of depletion that Yoder should expense for 2012?

Reference no: EM13120509

Questions Cloud

Give detailed explanation to probability distribution : Detailed Explanation to Probability Distribution, A small bag of Skittles candies has the following assortment
What is the volume occupied by 0.265 mol of helium gas : What is the volume occupied by 0.265 mol of helium gas at a pressure of 1.32 atm and a temperature of 302 K.
Probability that random sample give mean test score : What is the probability a random sample of 90 test takers will provide a sample mean test score within 10 points of the population mean of 502 on the Critical Reading part of the test (to 4 decimals)?
Money invested without withdrawing : Jenny Carson invested $12,000 at 8% annual interest and left the money invested without withdrawing any of the interest for 15 years. At the end of the 15 years, Jenny decided to withdraw the accumulated amount of money.
What is the amount of depletion : In January, 2012, Yoder Corporation purchased a mineral mine for $5,100,000 with removable ore estimated by geological surveys at 2,000,000 tons.
Find probabilities could easily be determined : If the random variable z is the standard normal score, which of the following probabilities could easily be determined without
How many milliliters of 0.200 m naoh will be required : How many milliliters of 0.200 M NaOH will be required to titrate 7 mL of 0.479 M H2SO4
What is the recoverable amount of this asset : A non current asset has a carrying amount of $20,000. it could be sold for $18,500 with selling cost of $500. its value in use is $22,000 and its replacement cost$50,000. according to IAS 36 Impairment of Assets, what is the recoverable amount of ..
Cost of removing pollution : If the cost in millions of dollars, to remove x% of pollution in a lake modeled by C=6000/200-2x, how would I figure the cost to remove 75% of the pollution?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Describing taxation for decision makers

A number of specific transactions do not necessarily follow the general tax provision applicable to property transactions. Following are a group of transactions that are subject to specific tax provisions. For each of the situations, you are to an..

  Journal entries to record issuance of bonds

On the first day of the current fiscal year, $1,000,000 of 10-year, 7% bonds, with interest payable semiannualy were sold for $1,050,000. Present entries to record the following transactions for the current fiscal year:

  Capitation rate projections

What per-member per month (PMPM) rate would be required to break even, ignoring any co-payments? What advice would you provide the primary care group?

  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.

  Direct method-amount of costs for department

The human resources department costs are allocated using the direct method and based on the number of employees, and the total amount of costs for the department is $187,000.

  Compute the equivalent units of production

Evaluate the equivalent units of production for each cost element in the Creation Dep. for the month just ended. Find out the average cost per equivalent unit for each cost element.

  Investigation of financial position of sales department

Obtain a detailed report which is based on an intensive investigation of the financial position of sales department, production department and research and development department.

  Journalize the treasury stock transactions

During 1st year of operations Klump Corporation had the following transactions pertaining to its common stock.

  Discuss main objectives of non- profit-making organisations

Discuss main objectives of non- profit-making organisations

  Recording journal entry for issuance of stock

Prepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for

  Prepare the adjusting entries for independent case

Make the required end-of-period adjusting entries for each independent case listed below.

  Identify a list of matters for consideration

The approach the controller recommended is to compare SUPERVALU's revenue recognition accounting policies to three similar companies, one reporting under US GAAP ( Safeway ) and two reporting under IFRS ( Ahold and Loblaw Companies ).

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