The weber company purchased a mining site for 500000 on, Ask an Expert

Accounting

The Weber Company purchased a mining site for $500,000 on July 1, 2007. The company expects to mine ore for the next 10 years and anticipates that a total of 100,000 tons will be recovered. The estimated residual value of the property is $80,000. During 2007 the company extracted 6,000 tons of ore. what is the depletion expense for 2007 ?

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M967025

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - weston company has these data at december 31

Question - Weston Company has these data at December 31, 2017, the end of its first year of operations. Securities Cost Fair Value Trading $110,000 $122,000 Available-for-sale100,000 96,000 The available-for-sale securit ...

Question - mcgill and smyth have capital balances on

Question - McGill and Smyth have capital balances on January 1 of $40,000 and $43,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $20,000 for McGill and $10,000 for Smyth, ...

Question - if milo ltd sold inventory to lime ltd for 20000

Question - If Milo Ltd sold inventory to lime ltd for $20000 at a mark up of 25%. A quarter of the inventory was sold by 30 June 2016. The remainder was still sold by 30 June 2017. What is the equity accounting journal t ...

Question - you want to borrow 67000 from your local bank to

Question - You want to borrow $67,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,300, but no more. Required: Assuming monthly compounding, what is the highest rate you can a ...

Question - applying managerial accounting concepts to the

Question - Applying Managerial Accounting Concepts to the Service Industry Many of the concepts in managerial accounting were first developed for the manufacturing environment. Do you think the same concepts, such as var ...

Informatics and financial applicationsbackgroundthe

Informatics and Financial Applications Background The assignment of a payroll calculator demonstrates Excels ability to automate and present financial calculation information clearly. The ability to build and professiona ...

Question - assume andersons general store bought on credit

Question - Assume Andersons general store bought on credit, a truckload of merchandise from American wholesaling costing $24,500. If Anderson paid National Trucking $800 cash for transportation, immediately returned good ...

Question - following are the transactions for abc computer

Question - Following are the transactions for ABC Computer Service's first month of business, September 2018: Sept 1 The owner invested $10,000 into the business in exchange for common stock. Sept 4 Purchased equipment f ...

Question - dave has had a really good idea for a marketing

Question - Dave has had a really good idea for a marketing campaign for the business he works for. Unfortunately, he is been too busy to write down the idea but he tells his boss Mary about it all the same. Mary writes u ...

Question - a machine costing 350000 has a salvage value of

Question - A machine costing $350,000 has a salvage value of $30,000 and a useful life of 10 years. They expect the machine to produce 500,000 units. In year 1 it produced 40,000 and in year 2 30,000. Using the units of ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert