User Account

All Pages

What is the amount of depletion that pratt should expense

Assignment Help Accounting Basics
Reference no: EM132234186

Question - In January, 20X7, Barton Iron Ore purchased a mineral mine for $5.1 million with removable ore estimated by geological surveys at 2 million tons. The property has an estimated value of $300,000 after the iron ore has been extracted. The company incurred $1.5 million of development costs preparing the mine for production. During 20X7, 400,000 tons were sold. What is the amount of depletion that Pratt should expense for 20X7?

A. $960,000

B. $1,320,000

C. $1,200,000

D. $1,020,000

Reference no: EM132234186

Questions Cloud

What are the multicultural concerns : As we discussed at the beginning of the course, while there are numerous dimensions of diversity, Hays's ADDRESSING model provides a useful framework.
What types of firms are most at risk : Retail firms are at risk that their inventory will become obsolete. What can a firm do to minimize this risk? What types of firms are most at risk
How cultural differences contributed to the conflict in case : Identify common concerns with each cultural identity. Be careful to avoid using stereotypes. Analyze how cultural differences contributed to the conflict.
What was trade payables turnover ratio : A Co, a biotechnology company, reported cost of sales of $345.2 million. What was A Co's trade payables turnover ratio in 20X3
What is the amount of depletion that pratt should expense : The property has an estimated value of $300,000. During 20X7, 400,000 tons were sold. What is the amount of depletion that Pratt should expense for 20X7
How given theories explain changes in the economy : You are a financial analyst for the CMC Corporation. This corporation predicts changes in the economy, such as interest rates, retail trends, and unemployment.
Calculate the net income for March : Jeff Jackson opened Jackson's Repairs on March 1 of the current year. Based on this information, calculate the net income for March
What entry is needed at october : Straight-line amortization is used by the company. What entry is needed at October 1 for the first interest payment
Calculation of the amount of the equal periodic payments : Calculation of the amount of the equal periodic payments that would be required at the end of each year to accumulate a $20,000 fund

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the maximum acceptable price

Costs $290,000 and offers seven annual net cash inflows of $57,000. What is the maximum acceptable price to pay for each project

  Memo for cfo indicating outcome of tax changes

Indicating the outcome of such a change on current taxes, and Outlining the requirements for making this change.

  Organizing the information in accounts

a. Organize the information in accounts under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for 2010. c. Write a memo discussing the advantages to a business of arranging a line of credit.

  Determine interest on a home-equity loan

Sylvester files as a single taxpayer during 2016 and claims one personal exemption. He itemizes deductions for regular tax purposes.

  Stevenson company is divided into two operating divisions

Stevenson Company is divided into two operating divisions: Battery and Small Motors. The company allocates power and general factory costs to each operating division using the direct method. Power costs are allocated on the basis of the number ..

  Venkat is age 32 single and reported agi of 60000 in tax

venkat is age 32 single and reported agi of 60000 in tax year 2010. he is an active participant in his employers

  Find what pretax amount related to the lease would ic report

On June 30, 2016, Georgia-Atlantic, Inc. leased a warehouse. What pretax amounts related to the lease would IC report in its balance sheet at December 31, 2016?

  Business writing is formal or informal

As you think through this question also keep in mind how we talk differently than we write. When formatting business writing do you think the majority of business writing is formal or informal

  Amount of amortization at each interest payment point

Larson Company issued $500,000 of 8%, 5-year bonds at 106. Assuming straight-line amortization and annual interest payments, what is the amount of the amortization at each interest payment point?

  Why are budgets important to a company

Lastly, do you think the static or flexible budget (or both) would be most appropriate for the company you chose. Why are budgets important to a company

  Explain the reasoning for the issues of financial reporting

Comparison of financial information periods to periods becomes difficult due to change in accounts in which financial is recorded.

  Compute net cash provided by operating activities

Compute net cash provided by operating activities,the net change in cash during the year, and free cash flow.

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