A relatively small privately-owned coal-mining company has the sales results summarized below. Determine the annual percentage depletion

Question:

A relatively small privately-owned coal-mining company has the sales results summarized below. Determine the annual percentage depletion for the coal mine. Assume the company€™s taxable income is $140,000 each year.

Spot Sales Price, $/Ton 9.82 Sales, Tons Year 34,300 50,100 10.50 3 11.23 71,900

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Engineering Economy

ISBN: 978-0073523439

8th edition

Authors: Leland T. Blank, Anthony Tarquin

See More Books

Question Posted: Dec 26, 2018 08:57 AM

See More Questions

Green Day Golf Distributors is a relatively small, privately held golf distributing company that operates in the Midwest and handles several product lines, including shoes, clothing, and golf clubs....
McIver's Swimwear Distributors is a relatively small, privately held swimwear distribution company that operates in the Midwest and handles several product lines, including footwear, clothing, and...
Quello Golf Distributors is a relatively small, privately-held golf distributing company handling several product lines including Ping, Callaway, and Taylor-Made in the Midwest. It sells directly to...
In seawater, the pressure p is related to the depth d according to 33p - 18d = 495 where d is in feet and p is in pounds per square inch. (a) Solve this equation for p in terms of d. (b) The Titanic...
Urgent Printers reported the following data for 2017: Income Statement Net income .................................... $63,000 Amortization expense ........................ 10,000 Balance sheet...
Measer Enterprises produces energy- efficient light bulbs and operates in a highly competitive market in which the bulbs are sold for $ 4.50 each. Because of the nature of the production technology,...
Anticorrosive behavior of steel coated with epoxy. Organic coatings that use epoxy resins are widely used to protect steel and metal against weathering and corrosion. Researchers at National...
The intangible assets reported by Ip Company at December 31, 2016, follow: Patent #1 was acquired in January 2015 and has an estimated useful life of 10 years. Copyright #1 was acquired in January...
A new machine with a purchase price of $97.536.00, with transportation costs of $7.889.00, installation costs of $5,377.00, and special acquisition fees of $2,631.00 Calculate a cost basis. Select...
On January 1, 2023, Doone Corporation acquired 60 percent of the outstanding voting stock of Rockne Company for $300,000 consideration. At the acquisition date, the fair value of the 40 percent...
When WTA, Inc. purchased rights to extract silver from a mine for a total price of $2.1 million 3 years ago, the estimated 350,000 ounces of silver was to be removed over the next 10 years. A total...
A commercial generator with an unadjusted basis of $50,000 is straight line depreciated over a 5-year period. The asset will have an AOC of $35,000 and a salvage value of $10,000. The book value at...
You are asked to do a study of shelters for abused and battered women to determine the necessary capacity in your city to provide housing for most of these women. After recording data for a whole...
3. Suppose we have n i.i.d., uniform-(0,t) random variables. Place these random variables on the interval (0, t]. Let 0 = 80 < 81 < ... < Sn1 < (0,t]. Skt. Compute the probability that there are in...
3. (3 pts) Use Python to write a function that takes a single input, a list of numbers. The function should loop through the list and, on each iteration, print the number if it is the largest number...
a) A linear charge density = 4z C/m is distributed on the z axis, what is the total charge within a cylinder of radius r = 0.5 m and height h = 5 m which extends from z = 1 to z = 4? b) A uniform...
Read the articles given below on module 9 now read the articles given below on module 10 Now answer these questions based on both modules slideshow pictures and the links readings Describe how the...
2. For each equation, state the quantity (with units) represented by each variable. a) D=mV F b) P== A c) P = Dgh g 3. Write a single sentence answering each question. a) If the mass remains constant...
In the All About You feature, you learned who is responsible for remitting income tax, CPP, and EI to the Canada Revenue Agency (CRA) if you are an employee or self-employed. You also learned that...
Before the latest financial crisis and recession, when was the largest recession of the past 50 years, and what was the cumulative loss in output over the course of the slowdown?
Discuss trust and leadership. What makes a leader appear to be trustworthy?
Identify when leadership may not be necessary.
Does charismatic/transformational leadership generalize across cultures?
Marigold industries had the following inventory transactions occur during 2020: 2/1/20 Purchase 51 units @ $46 cost/unit 3/14/20 purchase 98 units @ $49 cost/unit 5/1/20 purchase 68 units @ $53...
In this investment portfolio simulation, you and the bean counters, will invest and manage a fictitional amount of $ 1 , 0 0 0 , 0 0 0 during next three weeks. The simulation includes two fictitional...
Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2018 fiscal year: Cost Retail Beginning inventory...

A relatively small privately-owned coal-mining company has the sales results summarized below. Determine the annual percentage depletion

Question:

Spot Sales Price, $/Ton 9.82 Sales, Tons Year 34,300 50,100 10.50 3 11.23 71,900

Step by Step Answer:

Percentage depletion for coal is 10 of gross income ...View the full answer

Engineering Economy

Students also viewed these Business questions