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Q: 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?
A: For 2013 the depreciation will be $7,200 and for 2014: $6,200
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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?

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Asked 8/24/2012 2:30:47 PM
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