Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bramble Corporation acquires a coal mine at a cost of $456,000. Intangible development costs total $114,000. After extraction has occurred, Bramble must restore the property

image text in transcribed
image text in transcribed
Bramble Corporation acquires a coal mine at a cost of $456,000. Intangible development costs total $114,000. After extraction has occurred, Bramble must restore the property (estimated fair value of the obligation is $91,200), after which it can be sold for $182,400. Bramble estimates that 4,560 tons of coal can be extracted. If 798 tons are extracted the first year, prepare the journal entry to record depletion. (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.) Account Titles and Explanation Debit Credit The 2017 Annual Report of Tootsie Roll Industries contains the following information. December 31, 2017 December 31, 2016 (in millions) $920.1 $930.9 Total assets 208.6 197.1 Total liabilities 517.4 515.7 Net sales 67.2 80.7 Net income Compute the following ratios for Tootsie Roll for 2017. times Asset turnover (Round answer to 3 decimal places, e.g. 0.851 times.) (a) Return on assets (Round answer to 2 decimal places, e.g. 4.87%.) (b) Profit margin on sales (Round answer to 2 decimal places, e.g. 4.87%.) (c) 1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: kieso, weygandt and warfield.

IFRS Edition

978-1118443965, 1118800532, 9781118800539, 978-0470873991

More Books

Students also viewed these Accounting questions

Question

What is the problem or situation, and how should we deal with it?

Answered: 1 week ago