Notice: Payments for answers will end 4/10/2017. Click for more info.
You have new items in your feed. Click to view.
Question and answer
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
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.
26,494,983 questions answered
Popular Conversations
The following two sentences are saying the same thing. Emily, my ...
Weegy: The following two sentences are saying the same thing. Emily, my daughter, is in sixth grade. Emily, my daughter ...
11/13/2017 12:26:02 PM| 3 Answers
3a-5=-6a+1
Weegy: 3a - 5 = - 6a + 1 = a = 0.6666666667 or 2/3. Solution: 3a + -5 = -6a + 1; -5 + 3a = -6a + 1; -5 + 3a = 1 + ...
11/19/2017 2:37:56 PM| 3 Answers
When magma reaches the Earth's surface it's called A. ...
Weegy: The study of the Earth's magnetic field is known as: paleomagnetism. User: What are two of the processes ...
11/21/2017 7:34:39 PM| 2 Answers
Identify the italicized word. Don gave his "teacher" the note. ...
Weegy: Word bank: (Subject. Predicate. Direct Object. Indirect Object. Predicate Nominative. Predicate Adjective) 1. ...
11/14/2017 7:53:22 PM| 2 Answers
Weegy Stuff
S
L
P
Points 186 [Total 311] Ratings 11 Comments 76 Invitations 0 Offline
S
P
L
P
Points 23 [Total 153] Ratings 0 Comments 23 Invitations 0 Offline
S
P
P
L
P
P
Points 20 [Total 1658] Ratings 0 Comments 20 Invitations 0 Offline
S
Points 4 [Total 4] Ratings 0 Comments 4 Invitations 0 Offline
S
Points 2 [Total 2] Ratings 0 Comments 2 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.