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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 8.00

depletion expense

Computing and recording depletion expense

Southwest Sand and Gravel paid $800,000 to acquire 1,000,000 cubic yards of sand reserves. The following statements model reflects Southwest’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

  

=

  

Equity

  

Rev.

-

Exp.

=

Net Inc.

Cash Flow

Cash

+

Sand Res.

=

Com. Stk.

+

Ret. Earn.

            

900,000

+

NA

=

900,000

+

NA

NA

-

NA

=

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 22 Jul 2017 08:07 PM My Price 8.00

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