You have new items in your feed. Click to view.
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
27,243,505 questions answered
Popular Conversations
Regarding use of the media, spin can best be defined as A. ...
Weegy: Regarding use of the media, spin can best be defined as casting a positive light on negative facts. User: Who ...
3/28/2017 8:09:07 AM| 2 Answers
Decisions should be made with little to no thought. True False
Weegy: False is a statement to a person or group made by another person or group who knows it is not the whole truth, ...
3/28/2017 11:04:20 AM| 2 Answers
Write a compare-and-contrast analysis of how culture shapes the ...
Weegy: You might want to go to Weegy Pro or Weegy Research for this question.
3/29/2017 10:08:05 AM| 2 Answers
Weegy Stuff
S
Points 616 [Total 717] Ratings 0 Comments 616 Invitations 0 Offline
S
Points 566 [Total 566] Ratings 0 Comments 566 Invitations 0 Offline
S
P
P
L
P
Points 287 [Total 1605] Ratings 1 Comments 277 Invitations 0 Offline
S
R
Points 205 [Total 305] Ratings 1 Comments 145 Invitations 5 Offline
S
P
P
L
P
P
Points 184 [Total 1636] Ratings 1 Comments 174 Invitations 0 Offline
S
Points 30 [Total 40] Ratings 3 Comments 0 Invitations 0 Offline
S
P
P
Points 14 [Total 744] Ratings 0 Comments 14 Invitations 0 Offline
S
Points 13 [Total 13] Ratings 1 Comments 3 Invitations 0 Offline
S
Points 12 [Total 12] Ratings 0 Comments 12 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 0 Comments 0 Invitations 1 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.