Joe's Quik Shop bought machinery for $$42,000$ on January $1,2016.$ Joe estimated the useful life to be $5$ years with no salvage value, and the straight$-$line method of depreciation will be used. On January $1,2017,$ Joe decides that the business will use the machinery for a total of $6$ years. What is the revised depreciation expense for $2017?$

A$)$ $$$6,720$

B$)$ $$3,360$

C$)$ $$5,600$

D$)$ $$8,400$

If a mining company extracts $1,500,000$ tons in a period but only sells $1,200,000$ tons

A$)$ total depreciation on the mine is based on the $1,200,000$ tons

B$)$ depletion expense is recognized on the $1,500,000$ tons extracted

C$)$ depletion expense is recognized on the $1,200,000$ tons extracted and sold

D$)$ a separate accumulated depletion account is set up to record depletion on the $300,000$ tons extracted but not sold

A coal company invests $$16$ million in a mine estimated to have $20$ million tons of coal and no salvage value. It is expected that the mine will be in operation for $5$ years. In the first year, $1,000,000$ tons of coal are extracted and sold. What is the depletion expense for the first year?

A$)$ $$800,000$

B$)$ $$320,000$

C$)$ $$80,000$

D$)$ Cannot be determined from the information provided

During $2016,$ Sitter Corporation reported net sales of $$2,000,000,$ net income of $$1,200,000$ and depreciation expense of $$100,000.$ Sitter also reported beginning total assets of $$1,000,000,$ ending total assets of $$1,500,000,$ plant assets of $$800,000,$ and accumulated depreciation of $$500,000.$ Sitter's asset turnover ratio is

A$)2$ times

B$)1\mathrm{.}6$ times

C$)1\mathrm{.}3$ times

D$)\mathrm{.}96$ times $.$