Maurice Tutor

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Teaching Since: May 2017
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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 7.00

Friedman Inc

On July 1, 2015, Friedman Inc. invested $720,000 in a mine estimated to have 900,000 tons of ore of uniform grade. During the last 6 months of 2015, 100,000 tons of ore were mined and sold.
Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.)
Depletion cost per unit   $pixel.gif
 

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Prepare the journal entry to record depletion expense. (Round answer to 0 decimal places, e.g. 2,125. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31

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Assume that the 100,000 tons of ore were mined, but only 80,000 units were sold. How are the costs applicable to the 20,000 unsold units reported?
The costs pertaining to the unsold units are reported in pixel.gif current liabilitieslong-term liabilitiescurrent assetslong-term investmentsstockholders' equity as part of pixel.gif inventoryaccounts receivablecashaccounts payableprepaid expenses.

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 04:07 PM My Price 7.00

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