CHAPTER 11 Flashcards | Quizlet
Study with Quizlet and memorize flashcards containing terms like E11-2 Depreciation methods On Jan 1 2018, the allegheny corp. purchased machinery for 115.000. The estimated service life of the machinery is 10 years and the estimated residual value is 5.000. The machine is expected to produce 220.000 units during its life Required: …
اقرأ أكثر
Operating Cost for Miners | SRK Consulting
This paper will investigate common methodologies of estimating operating costs for mines and present examples from actual operations and why those methods were selected. It will highlight why some methods are …
اقرأ أكثر
Solved Required information [The following information
(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.
اقرأ أكثر
ACCT 2 Chapter 8 Flashcards | Quizlet
Prepare journal entries to record the following costs related to the equipment., Rayya Co. purchases and installs a machine on January 1, 2013, at a total cost of $91,300. ... entries to record both the ore deposit depletion and the mining machinery depreciation. Mining machinery depreciation should be in proportion to the mine's depletion ...
اقرأ أكثر
Mine bookkeeping: a comprehensive system of records …
form, showing in detail the costs of performing any operation involved in the work, as well as a comparison between the present cost and that of former periods. The itemized cost-in-place of any important piece of machinery, or of any other item of installation or construction, should be available with
اقرأ أكثر
IAS 16 — Property, Plant and Equipment
IAS 16 outlines the accounting treatment for most types of property, plant and equipment. Property, plant and equipment is initially measured at its cost, subsequently measured either using a cost or revaluation model, and depreciated so that its depreciable amount is allocated on a systematic basis over its useful life. IAS 16 was reissued in December …
اقرأ أكثر
How much will it cost?
Several questions should be addressed, including: When should costs be obtained/considered? How is the cost data to be …
اقرأ أكثر
Solved Required information [The following information
Record the entries for purchase of land and The cost and installation of machinery: Journal Entries. Date. Particulars. Debit. Credit. a. July. 23. Mineral deposit. $7,987,920.00. ... Prepare entries to record the following (a) The purchase of the land. ... Dakota Mining Company pays $7, 987, 920 for land estimated to contain 9, 624, 000 tons ...
اقرأ أكثر
On July 23 of the current year, Dakota Mining Co. pays …
The company, Dakota Mining Co., is involved in couple of transactions or events that need accounting entries. For the land purchase, the entry would be: Debit Mineral Rights $6,110,400, Credit Cash $6,110,400. For the cost and installation of machinery, the entry is: Debit Mining Machinery $723,600, Credit Cash $723,600.
اقرأ أكثر
Answered: In January 2020, installation costs of… | bartleby
In January 2020, installation costs of $6,000 on new machinery were charged to Maintenance and Repairs Expense. Other costs of this machinery of $30,000 were correctly recorded and have been depreciated using the straight-line method with an estimated life of 10 years and no salvage value. At December 31, 2021, it is decided that …
اقرأ أكثر
ACCT 5943 Financial Accounting Assignment 2018 1 …
On July 23 of the current year, Dakota Mining Co. pays $4,715,000 for land estimated to contain 5,125,000 tons of recoverable ore. It installs machinery costing $410,000 that has a 10year life and no salvage value and is capable of mining the ore deposit in 8 years. The machinery is paid for on July 25, seven days before mining operations begin.
اقرأ أكثر
Montana Mining Co. pays $$3,721,000$ for an ore deposit …
On April 2, 2017, Montana Mining Co. pays $3,721,000 for an ore deposit containing 1,525,000 tons. The company installs machinery in the mine costing$213,500, with an estimated seven-year life and no salvage value. The machinery will be abandoned when the ore is completely mined. Montana begins mining on May 1, 2017, and mines and …
اقرأ أكثر
Mining Tools in 2022—A Guide to Mining Equipment and Mining …
Here's a general list of mining tools and equipment: Miner tools —tools that miners carry on them, like pickaxe and chisels. Mining PPE —equipment that miners use to stay safe while working. Surface mining equipment —all the tools and mining machines used for surface mining.
اقرأ أكثر
Engineering Economics
A machine costs P80,000 and has an estimated salvage value of P20,000 at the end of 20 years useful life. Compute the book value at the end of 2 nd year using sinking fund method of depreciation based on 8% interest rate. A certain equipment has a first cost of P20, and salvage value of P1,000 at the end of 10 years.
اقرأ أكثر
Mining Machinery
6.1.3.2 Some cases of high-intensity mining panels and its technical parameters. According to the statistics, the panel width ranges from 200 to 302 m with an average of 262 m. The …
اقرأ أكثر
Solved Required information Problem 10-7A (Algo) Natural
It installs and pays for machinery costing $1,959,600 on July 25. The company removes and sells 438,250 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. Problem 10-7A (Algo) Part 1-4 ...
اقرأ أكثر
Solved Required information (The following information
On July 23 of the current year, Dakota Mining Co. pays $6,445,440 for land estimated to contain 8,952,000 tons of recoverable ore. It installs and pays for machinery costing $984,720 on July 25. The company removes and sells 461,250 tons of ore during its first five months of operations ending on December 31.
اقرأ أكثر
Solved Required information [The following information
The company removes and sells 443,000 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.
اقرأ أكثر
Quizzes solution in financial accouting
Labor cost of tearing down a wall to permit extension of an assembly line. 200, Major replacement of the motor of the machine. This replacement was anticipated when the machine was purchased. 500, Cost of grading land prior to construction 600, Dust filters in the of the factory were replaced. The new filters are expected to reduce employee ...
اقرأ أكثر
C10 Flashcards | Quizlet
b) PPE is held for use in the production of goods and services. c) PPE can be tangible or intangible. d) PPE is tangible. b. Examples of property, plant, and equipment include. a) land, equipment, goodwill. b) equipment, apple trees, mineral resource property. c) machinery, livestock, patents.
اقرأ أكثر
On July 23 of the current year, Dakota Mining Co. pays …
Prepare entries to record the following: (a)To record the purchase of the land. (b)To record the cost and installation of machinery. (c) To record the first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. ... This mining equipment, with a first cost of $500,000, has an estimated salvage value of ...
اقرأ أكثر
On July 23 of the current year, Dakota Mining Co. pays …
Prepare entries to record the following. a) To record the purchase of the land. b) To record the cost and installation of machinery. c) To record the first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. ... This mining equipment, with a first cost of $500,000, has an estimated salvage value of ...
اقرأ أكثر
On July 23 of the current year, Dakota Mining Co. pays $4,71 …
Find step-by-step Accounting solutions and your answer to the following textbook question: On July 23 of the current year, Dakota Mining Co. 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 …
اقرأ أكثر
An In-Depth Guide to Mining Equipment and Technology
2. Discovery, where a specific location is confirmed and a significant portion of the legal workaround mining begins. 3. Development, where the feasibility of the site is proven and construction starts, among many other foundational processes. 4. Production, where the mine is active and produces the desired resource. 5.
اقرأ أكثر
Solved Required information [The following information
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. July 23 a) Record the cost of the ore mine of $7,814,400 cash.
اقرأ أكثر
ACC Chapter 10 Final Flashcards | Quizlet
Beaverton Lumber purchased filing equipment for $35,000. In addition to the purchase price, Beaverton made the following expenditures: freight, $1,500; installation, $3,000; testing, $2,000; personal property tax on the equipment for the first year, $500. What is the initial cost of the equipment. sales price: 35,000+ freight: 1,500 ...
اقرأ أكثر
Intacc Finals
Cost of installation excluding the storage cost amounted to P80,000. What is the initial amount to be capitalized as the cost of the machine? a. 2,300, b. 2,380, c. 2,410, d. 2,600, Problem 23-17 (IAA) Lax Company recently acquired two items of equipment. Acquired a press at an invoice price of P3,000, subject to a 5% cash discount which was ...
اقرأ أكثر
Solved Required information [The following information
It installs and pays for machinery costing $1, 103, 040 on July 25 . The company removes and sells 473,750 tons of ore during its first five months of operations ending on December 31 . Depreciation of the machinery in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined.
اقرأ أكثر
Solved Required information [The following information
On July 23 of the current year, Dakota Mining Company pays $6,318,000 for land estimated to contain 8,424,000 tons of recoverable ore. It installs and pays for machinery costing $1,347,840 on July 25. ... Prepare entries to record the following. (a) The purchase of the land. (b) The cost and installation of machinery. (c) The first five months ...
اقرأ أكثر
Chapter 9 Mining Equipment Costing
Some of the important reasons for mining equipment costing are as follows [3,4]: To determine the appropriate selling price of mining equipment. To perform new equipment …
اقرأ أكثر