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Q: Mayfair Mining Company had total depletable capitalized costs of $656,000 for a mine acquired in early 2010. It was estimated that the mine contained 820,000 tons of recoverable ore when production
began. During 2010, 20,500 tons were mined, and 41,000 tons were mined in 2011. Compute the depletion expense in 2010 and 2011 for financial accounting purposes. What accounts will be debited and credited to record the completion?
A: So what's your question here?
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User: Mayfair Mining Company had total depletable capitalized costs of $656,000 for a mine acquired in early 2010. It was estimated that the mine contained 820,000 tons of recoverable ore when production began. During 2010, 20,500 tons were mined, and 41,000 tons were mined in 2011. Compute the depletion expense in 2010 and 2011 for financial accounting purposes. What accounts will be debited and credited to record the completion?

Weegy: So what's your question here?
latefisher|Points 1516|

User: What accounts will be debited and credited to record the completion?

User: In 2010, 20,500 tons of ore were sold for $2,050,000. For tax purposes, operating expenses of the mine were $500,000. The taxpayer may deduct either cost depletion or percentage depletion, which for the type ore produced is 8 percent of production sold from the mine. (Assume, however, that pecentage depletion is limited to the amount of net income from the property.) What would be the amount of percentage depletion allowable in 2010?

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Asked 4/6/2012 7:15:38 PM
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