Required information [The following information applies to the questions displayed below.] Last Chance Mine (LCM) purchased a coal deposit for $2,088,450. It estimated it would extract 17,550 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.15 million, $4.35 million, and $3.1 million for years 1 through 3, respectively. During years 1-3, LCM reported net income (loss) from the coal deposit activity in the amount of ($15,400), $667,500, and $662,500, respectively. In years 1-3, LCM extracted 18,550 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) (1) Tons of Coal 17,550 (2) Basis $2,088,450 Depletion (2)/(1) Rate $119.00 Year 1 2,400 Tons Extracted per Year Year 2 11,450 Year 3 4,700 c. Using the cost and percentage depletion computations from parts (a) and (b), what is LCM's actual depletion expense for each year? Depletion Expense Year 1 Year 2 $ 285,600 $ 1,362,550 Year 3
Q: Dengar
A: The objective of the question is to calculate the net book value of the machine at the end of Year…
Q: Am.206.
A: Part 2: Explanation:Step 1: Calculate the flexible budget variances for each component: - Sales…
Q: For June, Company "R" budgeted the following: total sales units: 5000 broken down as follows: C…
A: Here we will explain the process step by step for calculating the sales quantity cm variance. 1.…
Q: Memex Corp. manufactures memory expansion boards for microcomputers. The average selling price of…
A: The objective of the question is to calculate the profit or loss of Memex Corp. at two different…
Q: Denger
A: The objective of the question is to understand the impact of borrowing, interest accrual, and…
Q: On January 1, 2017, Fruit of the Spirit Company issued a 9% convertible bonds with a face amount of…
A: "Since you have asked a question with sub-parts more than three, as per guidelines, the first three…
Q: None
A: To determine the compensation expense related to the options for each year 2024-2027, assuming…
Q: Manji
A: The objective of the question is to calculate the actual payback period of the project given that…
Q: None
A: Cash Flow Statement Preparation Process• Start with Net Income: Net income represents profit earned…
Q: Dinesh bhai
A: For every sort of account, along with Accounts Receivable, Inventory, or Common Stock, you will…
Q: i need your solution with explain answer...
A: Under weighted average perpetual approach, we compute a new average cost per unit every time there…
Q: General reserves Retained earnings Non-Current Liabilities 170,000 30,000 34,000 120,000 24,000…
A: A Consolidated Balance Sheet is a financial document which shows the entire financial situation of a…
Q: Which of the following is not one of the five key steps within the ERM process? a. Risk response b.…
A: Risk acceptance isn't a distinct step within the ERM process, but rather falls under the umbrella of…
Q: P12.1B (L0 1,2,3,5) (Correct Intangible Asset Account) Dolphin Co., organized in 2019, has set up a…
A: Intangible assets form part of the property, plant and equipment. These are the assets which do not…
Q: The following information is presented for Setlagole Catering, a business in providing luxury…
A: To calculate the net profit or loss made on the simultaneous liquidation of Setlagole Catering, we…
Q: Real Estate The following table shows the cost of 1,000 square feet of luxury real estate in three…
A:
Q: Present Value of Amounts Due Assume that you are going to receive $620,000 in 10 years. The current…
A: a. Calculation of Present Value:Identify the future value to be received: $620,000Determine the…
Q: Betty's Bakery has the following standard cost sheet for one unit of its most popular cake: Direct…
A: Step 1Standard Quantity = 660 x 1.2 = 792 poundsStandard Price = $1.50Actual Quantity: 960…
Q: None
A: Cruz, IncorporatedCash Flow from Operating Activities (Direct Method)For the Year Ended December 31,…
Q: ley.com/was/ui/v2/assessment-player/index.html?launchld=aa1ecb39-8378-483d-b985-75dc59448d94#/questi…
A: Step 1: Step 2: Step 3: Step 4:
Q: Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in…
A: Here are the calculations for Tamar's condo rental:a. Total amount of for AGI (rental) deductions…
Q: The Quality Athletics Company produces a wide variety of outdoor sports equipment. Its newest…
A: The objective of the question is to calculate the Return on Investment (ROI) for Golf Technology's…
Q: Alpesh
A: Step 1:Working notes:Actual results Sales revenue (30,000 x $35.80)$1,074,000Less: Variable…
Q: Vikram Bhai
A: The example shows how to fill out a part of the flexible budget report. The actual cost of direct…
Q: Gerald Utsey earned $47,500 in 2021 for a company in Kentucky. He is single with one dependent under…
A: Allow me to provide you with a more detailed explanation of the computations. First, figure out the…
Q: None
A: let's show the detailed calculations for the lower-of-cost-or-market value of the company's…
Q: Dangar
A: Step 1: Calculate the Cost of the MachineThe cost of the machine includes the invoice price, freight…
Q: eBook Make-or-Buy Decision Show Me How Pizana Computer Company has been purchasing carrying cases…
A: Step 1: Calculation of variable factory overhead.Variable factory overhead = Direct labor cost *…
Q: C. Using the contents presented in the Units supported by information in the relevant IPSASs, give a…
A: Revenue:The revenue refers to the gross revenue. It is the sum of all the sources where the company…
Q: ABC Company is beginning the process of liquidation. ABC has prepared a statement of financial…
A: Detailed explanation: To calculate the amount Wallace Company can expect to receive from ABC…
Q: aaa Ltd acquires 100% interest in YYY Ltd. On 1 July 2022 aax Ltd sells an item of plant to YYY Ltd…
A: 3. Adjust the carrying value of the plant in aaX Ltd's accounts: Dr. Accumulated Depreciation…
Q: To meet sales requirements and to have 2,500 units of finished goods on hand at December 31, 2020,…
A: Answer image:
Q: Prime Corp acquired 90% of the outstanding ordinary share of Bee Company. On March 31, 2030, Prime…
A: Consolidation is the method where two or more companies combine together into a single business…
Q: Using the following, prepare a bank reconciliation for Samtani Co. for August 31, 2020, including a…
A: The objective of this question is to prepare a bank reconciliation statement for Samtani Co. for…
Q: Required information [The following information applies to the questions displayed below.] The…
A: Let's break down the required information for Nelson Company into a detailed explanation in…
Q: Determine the company's break-even point in (1) number of students taught per month and (2) dollars.…
A: To understand Coronado Journeys' break-even point and the impact of rent increases, we must first…
Q: DataSpan, Incorporated, implemented Lean Production and would like to redesign its performance…
A: Part 2: ExplanationStep-by-step breakdown of calculations and formulas used to compute the…
Q: Alpes
A: For a better understanding, let's examine the amortization schedule together. 1. The year 2024: 1.…
Q: Elon Musk is the CEO of Tesla and pays special attention to the stock price of Tesla. Using the…
A: Elon Musk, as the CEO of Tesla, naturally pays close attention to the company's stock price. This is…
Q: Domingo Dominico, a Filipino residing in Marikina City, made the following donations in favor of his…
A: In the Philippines, donations are governed by provisions under the National Internal Revenue Code…
Q: Veltri Incorporated has the following assets and liabilities (assets are stated at net realizable…
A: To find the amount of free assets after payment of liabilities with priority in a liquidation, we'll…
Q: Café Michigan's manager, Gary Stark, suspects that demand for mocha latte coffees depends on the…
A:
Q: None
A: (a) Journal entry recording the first issuance of convertible debentures:Cash: This account is…
Q: $100,000 x 4.79079* = Lease Payments $479,079 Right-of-Use Asset *Present value of an annuity due of…
A: The calculation provided involves determining the present value of lease payments using the present…
Q: On June 1, 2024, Carla Vista Bottle Company sold $2,880,000 in long-term bonds for $2,526,064. The…
A: If you have any clarifications (i.e., expand the explanation) or want different, expanded, or…
Q: For financial reporting, Kumas Poultry Farms has used the declining-balance method of depreciation…
A: Cost2752Less; Accumulated Depreciation using doube declining1936Carry Amount, beg 0f 2024816Less…
Q: None
A: June 30, 2024:Cash Flow from Note: $100,000 * (5% + 3%) = $8,000Cash Flow from Swap: -($1,414)Net…
Q: None
A: To prepare the flexible budgets at sales volumes of 14,300 and 16,300 units, we need to adjust the…
Q: Select the term from the list of terms that best matches the description provided. Definition or…
A: The objective of the question is to match the given descriptions with the correct accounting terms.
Q: A company's production budget indicates the following production requirements: October, 229,000…
A: Step 1: Show formula version of the solution sheet for a better understanding of the calculations:…
Step by step
Solved in 2 steps
- Required information [The following information applies to the questions displayed below.] Last Chance Mine (LCM) purchased a coal deposit for $1,667,600. It estimated it would extract 18,950 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.32 million, $5 million, and $4.1 million for years 1 through 3, respectively. During years 1-3, LCM reported net income (loss) from the coal deposit activity in the amount of ($17,500), $702,500, and $695,000, respectively. In years 1-3, LCM extracted 19,950 tons of coal as follows: (1) Tons of Coal 18,950 Depletion (2) Basis (2)+(1) Rate $1,667,600 $88.00 Year 3 Year 1 4,800 6,000 Note: Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars. Tons Extracted per Year Year 2 9,150 b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)? Year 1 Year 2 Year 3 Percentage DepletionRequired information. [The following information applies to the questions displayed below.) Last Chance Mine (LCM) purchased a coal deposit for $2,305,050. It estimated it would extract 18,150 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.18 million, $4.5 million, and $3.3 million for years 1 through 3, respectively. During years 1-3, LCM reported net income (loss) from the coal deposit activity in the amount of ($11,500), $737,500, and $647,500, respectively. In years 1-3, LCM extracted 19,150 tons of coal as follows: (1) Tons of Coal (2) Banis $2,305,050 Depletion (2)/(1) Rate $127.00 Tons Extracted per Year Year 1 2,300 Year 2 11,350 Year 3 5,500 18.150 Note: Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars. c. Using the cost and percentage depletion computations from parts (a) and (b), what is LCM's actual depletion expense for each year? Answer is complete but not entirely…Required information [The following information applies to the questions displayed below.] Last Chance Mine (LCM) purchased a coal deposit for $750,000. It estimated it would extract 12.000 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1 million, $3 million, and $2 million for years 1 through 3, respectively. During years 1-3, LCM reported net income (loss) from the coal deposit activity in the amount of ($20,000). $500,000, and $450,000, respectively. In years 1-3, LCM actually extracted 13,000 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) (3) Tons of Coal 12,000 Year 1 2 3 Depletion (2) (2)/(1) Basis Rate $750,000 $62.50 Tons Extracted per Year Year 1 Year 21 Year 3 2,000 7,200 3,800 b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)? Percentage Depletion
- Solare Company acquired mineral rights for $285,300,000. The diamond deposit is estimated at 31,700,000 tons. During the current year, 4,700,000 tons were mined and sold. Question Content Area a. Determine the depletion rate. $fill in the blank b14fe7fa701ffba_1 per ton b. Determine the amount of depletion expense for the current year. $fill in the blank b14fe7fa701ffba_2 Question Content Area c. Journalize the adjusting entry to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31 - Select - - Select - - Select -Last Chance Mine (LCM) purchased a coal deposit for $750,000. It estimated it would extract 12,000 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1 million, $3 million, and $2 million for years 1 through 3, respectively. During years 1–3, LCM reported net income (loss) from the coal deposit activity in the amount of ($20,000), $500,000, and $450,000, respectively. In years 1–3, LCM extracted 13,000 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) (1) Tons of Coal (2) Basis Depletion (2)/(1) Rate Tons Extracted per Year Year 1 Year 2 Year 3 12,000 $ 750,000 $ 62.50 2,000 7,200 3,800 What is LCM's cost depletion for years 1, 2, and 3?Last Chance Mine (LCM) purchased a coal deposit for $750,000. It estimated it would extract 12,000 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1 million, $3 million, and $2 million for years 1 through 3, respectively. During years 1–3, LCM reported net income (loss) from the coal deposit activity in the amount of ($20,000), $500,000, and $450,000, respectively. In years 1–3, LCM extracted 13,000 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) (1) Tons of Coal (2) Basis Depletion (2)/(1) Rate Tons Extracted per Year Year 1 Year 2 Year 3 12,000 $ 750,000 $ 62.50 2,000 7,200 3,800 What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)?
- Required information [The following information applies to the questions displayed below.] Last Chance Mine (LCM) purchased a coal deposit for $750,000. It estimated it would extract 12,000 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1 million, $3 million, and $2 million for years 1 through 3, respectively. During years 1–3, LCM reported net income (loss) from the coal deposit activity in the amount of ($20,000), $500,000, and $450,000, respectively. In years 1–3, LCM actually extracted 13,000 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) (1) (2) Depletion (2)/(1) Tons Extracted per Year Tons of Coal Basis Rate Year 1 Year 2 Year 3 12,000 $750,000 $62.50 2,000 7,200 3,800 b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)?Required information [The following information applies to the questions displayed below.] On July 23 of the current year, Dakota Mining Company pays $4,715,000 for land estimated to contain 5,125,000 tons of recoverable ore. It installs and pays for machinery costing $410,000 on July 25. The company removes and sells 480,000 tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined. Required: Prepare entries to record the following. (a) The purchase of the land. (b) The cost and installation of machinery. (c) The first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. (d) The first five months' depreciation on the machinery. Complete this question by entering your answers in the tabs below. Required A Required B Required C1 Required C2 Required D1 Required D2 Prepare the journal entry to…11. Last Chance Mine (LCM) purchased a coal deposit for $750,000. It estimated it would extract 12,000 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1 million, $3 million, and $2 million for years 1 through 3, respectively. During years 1–3, LCM reported net income (loss) from the coal deposit activity in the amount of ($20,000), $500,000, and $450,000, respectively. In years 1–3, LCM extracted 13,000 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) (1) Tons of Coal (2) Basis Depletion (2)/(1) Rate Tons Extracted per Year Year 1 Year 2 Year 3 12,000 $ 750,000 $ 62.50 2,000 7,200 3,800 b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)?
- Required information [The following information applies to the questions displayed below.] On July 23 of the current year, Dakota Mining Company pays $4,715,000 for land estimated to contain 5,125,000 tons of recoverable ore. It installs and pays for machinery costing $410,000 on July 25. The company removes and sells 480,000 tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined. Required: Prepare entries to record the following. (a) The purchase of the land. (b) The cost and installation of machinery. (c) The first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. (d) The first five months' depreciation on the machinery.12. Last Chance Mine (LCM) purchased a coal deposit for $750,000. It estimated it would extract 12,000 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1 million, $3 million, and $2 million for years 1 through 3, respectively. During years 1–3, LCM reported net income (loss) from the coal deposit activity in the amount of ($20,000), $500,000, and $450,000, respectively. In years 1–3, LCM extracted 13,000 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) (1) Tons of Coal (2) Basis Depletion (2)/(1) Rate Tons Extracted per Year Year 1 Year 2 Year 3 12,000 $ 750,000 $ 62.50 2,000 7,200 3,800 c. Using the cost and percentage depletion computations from parts (a) and (b), what is LCM’s actual depletion expense for each year?Hidden Hollow Mining Co. acquired mineral rights for S69,000,000. The mineral deposit is estimated at 60,000,000 tons. During the current year, 13,200,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places. Sfill in the blank d39a0a00ffc1f93_1 per ton b. Determine the amount of depletion expense for the current year. Sfill in the blank d39a0a00ffc1f93_2