Maurice Tutor

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Category > Management Posted 08 Oct 2017 My Price 6.00

Ecru Sand and Gravel

 6-18                      Computing and recording depletion expense

Ecru Sand and Gravel paid $600,000 to acquire 800,000 cubic yards of sand reserves. The following statements model reflects Ecru’s financial condition just prior to purchasing the sand reserves. The company extracted 420,000 cubic yards of sand in year 1 and 360,000 cubic yards in year 2.

 

 

Assets                            5                              Equity

Rev.         2         Exp.          5         Net Inc.

 

Cash Flow

 

Cash           1          Sand Res.         5         Com. Stk.           1         Ret. Earn.

 

 

 

700,000         1               NA              5           700,000           1              NA

NA         2          NA          5             NA

NA

 

 

 

 

 

Required

a.     Compute the depletion charge per unit.

b.     Record the acquisition of the sand reserves and the depletion expense for years 1 and 2 in a financial statements model like the preceding one.

Answers

Maurice Tutor
(5)
Status NEW Posted 08 Oct 2017 10:10 PM My Price 6.00

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