Question and answer
Mayfair mining Company had total depletable capitalized costs of $656,000 for a mine acquired in early 2013. It was estimated that the mine contained 820,000 tons of recoverable ore when production
began. During 2013, 20,500 tons were mined, and 41,000 tons were mined in 2014. Compute the depletion expense in 2013 and 2014 for financial accounting purposes. What accounts will be debited and credit to record the depletion?
For 2013 the depreciation will be $7,200 and for 2014: $6,200
Get an answer
Original conversation
User: Mayfair mining Company had total depletable capitalized costs of $656,000 for a mine acquired in early 2013. It was estimated that the mine contained 820,000 tons of recoverable ore when production began. During 2013, 20,500 tons were mined, and 41,000 tons were mined in 2014. Compute the depletion expense in 2013 and 2014 for financial accounting purposes. What accounts will be debited and credit to record the depletion?

Weegy: For 2013 the depreciation will be $7,200 and for 2014: $6,200
Expert answered|CharismaRawr|Points 0|

User: in 2013, 20,500 tons of ore were sold for $2,050.00. For tax purpose, operating expenses of the mine were $500,000. The taxpayer may deduct either cost depletion or percentage depletion, which for the type ore product in 8 percent of production sold from the mine. (assume, however, that percentage depletion is limited to the amount of net income from property.) What would be the amount of percentage depletion allowance in 2013?

Question
Asked 8/24/2012 2:30:47 PM
0 Answers/Comments
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
what would be the amount of cost depletion allowable for tax purpose in 2013, assuming that capitalized mineral costs are the same for tax purpose as for financial accounting purposes?
Weegy: Year One after the end of the world. It's a 2012 joke. (More)
Question
Expert Answered
Updated 8/24/2012 6:46:05 PM
1 Answer/Comment
Please answer professionally.
Added 8/24/2012 6:46:05 PM
20,488,612 questions answered
Popular Conversations
Say that a and b are the lengths of the legs of a right triangle and ...
Weegy: The triangle with sides 4.1, 8.2, 12.2 is (4.1)^2 + (8.2)^2 = 84.05 (12.2)^2 = 148.84 (4.1)^2 + (8.2)^2 User: ...
4/20/2015 9:38:47 AM| 3 Answers
Who did President Kennedy appoint as director of the Peace ...
Weegy: A. R. Sargent Shriver User: Which of the following leaders was NOT a participant in the Six Day ...
4/20/2015 6:30:48 AM| 2 Answers
Evaluate the following expression. 2-3
Weegy: 2-3=-1 User: Evaluate x0 + y0 for x = 3 and y = 2. Weegy: If this is x^0+ y^0 then the answer is 2 because ...
4/20/2015 6:58:46 AM| 2 Answers
Given: -1/2x > 6 User: Given: x - 7 > -2. Solve 4(x - 3) - 2(x - 1) ...
Weegy: 4(x - 3) - 2(x - 1) > 0; 4x - 12 - 2x + 2 > 0; 4x - 2x > 12 - 2; 2x > 10; x > 10/2; x > 5
4/20/2015 10:03:13 AM| 2 Answers
Weegy Stuff
S
L
Points 712 [Total 2289]| Ratings 1| Comments 702| Invitations 0|Offline
S
L
Points 633 [Total 1200]| Ratings 2| Comments 613| Invitations 0|Offline
S
Points 236 [Total 236]| Ratings 0| Comments 236| Invitations 0|Offline
S
P
C
L
P
L
1
P
P
1
Points 235 [Total 8112]| Ratings 2| Comments 215| Invitations 0|Offline
S
L
1
R
Points 118 [Total 1190]| Ratings 1| Comments 108| Invitations 0|Offline
S
L
Points 106 [Total 3709]| Ratings 0| Comments 106| Invitations 0|Offline
S
1
L
L
Points 82 [Total 8076]| Ratings 0| Comments 82| Invitations 0|Offline
S
Points 79 [Total 79]| Ratings 1| Comments 69| Invitations 0|Offline
S
1
L
1
Points 43 [Total 3484]| Ratings 1| Comments 33| Invitations 0|Offline
S
Points 36 [Total 36]| Ratings 1| Comments 26| Invitations 0|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2015 Purple Inc.