The journal enattempt to record depletion includesa.a crmodify to Depletion Expense.b.a delittle bit to Depletion Expense.c.a debit to Accumulated Depletion.d.a credit to Accumulated Depreciation.
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b.a delittle to Depletion Expense.Note:The journal entry to document depletion has a delittle to Depletion Expense.
All of the following will be discovered under the inscription of "Property, Plant, and Equipment" in the balance sheet excepta.parking lot expenses.b.land also enhancements.c.computer tools.d.a tradenote.
Gemstones Miner Co. acquired mineral legal rights for $100,000,000. It is approximated that there are 2,500,000 tons of the reresource, and also during the current year 500,000 tons were mined and sold. What is the rate of depletion?a.$60 per tonb.$50 per tonc.$40 per tond.$75 per ton
Tangible and intangible assets are typically presenteda.on the balance sheet in categories dubbed Tangible and also Intangible Assets.b.in two sepaprice sections on the balance sheet as Property, Plant, and Equipment and Intangible Assets.c.all together on the balance sheet in Property, Plant, and Equipment.d.on the earnings statement.
b.in 2 separate sections on the balance sheet as Property, Plant, and also Equipment and Intangible Assets.Note:The balance sheet presentation will certainly have actually the tangible assets under the subtitle of "Property, Plant, and Equipment." Intangible assets are commonly reported in the balance sheet in a separate section complying with property, plant, and also equipment.
The calculation of depletion cost isa.Quantity Extracted × Estimated Useful Life.b.Depletion Rate × Estimated Useful Life.c.Depletion Rate × Quantity Extracted.d.Namong these options are correct.
c.Depletion Rate × Quantity Extracted.Note:Estimated useful life is not offered to calculate depletion price.
Which of the complying with statements is true regarding goodwill?a.In a purchase of a service at a price in excess of the fair value of its net assets, goodwill is taped as the excess.b.Goodwill is amortized based upon the lesser of the useful life or the legal life.c.Goodwill certainly is amortized based on a 10-year duration.d.Goodwill certainly is the exclusive usage of a name, term, or symbol used to identify a organization or its product.
a.In a purchase of a service at a price in excess of the fair worth of its net assets, goodwill certainly is videotaped as the excess.Note:Goodwill is an intangible asset that permits a organization to earn a higher price of return than normal. Goodwill certainly is not amortized. GAAP only enables goodwill certainly to be recorded if it is objectively determined by a transaction, such as when a firm buys one more firm for an amount higher than the fair worth of its net assets. In this case, goodwill certainly is taped as the excess amount.
Depletion can be compared to which of the adhering to depreciation methods?a.units-of-productionb.straight-linec.double-declining-well balanced.None of these selections are correct.
a.units-of-productionNote:Computing depletion is comparable to computing the units-of-manufacturing technique of depreciation.
The depletion price is calculated asa.Estimated Total Units of Resource/Cost of Resource.b.Estimated Useful Life of Resource/Cost of Reresource.c.Cost of Resource/Estimated Total Units of Reresource.d.Cost of Resource/Estimated Useful Life of Resource.
c.Cost of Resource/Estimated Total Units of Reresource.Note:Depletion Rate = Cost of Resource/Estimated Total Units of Resource.
Shale Miner Co. obtained mineral rights for $60,000,000. It is estimated that there are 80,000 lots of the resource, and in the time of the existing year 10,750 lots were mined and also offered. What is the amount of depletion for the current year?a.$100,750b.$8,062,500c.$60,000,000d.$8,000,000
d.depletion.Note:The procedure of transferring the price of organic resources to an cost account is referred to as depletion.
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Intangible assets are reported on the balance sheeta.after the resolved assets.b.prior to the addressed assets.c.prior to the current assets.d.after the present assets.
Summary to Managerial Accounting with Connect Plusfifth EditionEric W. Noreen, Peter C. Brewer, Ray H Garrison
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