Question
An oil well cost $2,030,000 and is calculated to hold 350,000 barrels of oil. There is...
An oil well cost $2,030,000 and is calculated to hold 350,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 47,000 barrels of oil during the year? All 47,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent and your final answer to the nearest dollar.) 272,600 272,600 272,600 272,600 O A. Depletion Expense - Oil Reserve Oil Revenue O B. Cost of Goods Sold - Oil Reserve Accumulated Depletion - Oil Reserve O C. Depletion Expense - Oil Reserve Accumulated Depletion - Oil Reserve OD. Oil Reserve Inventory Accumulated Depletion - Oil Reserve 272,600 272,600 272,600 272,600
Fleetwood Company signed a one-year note payable for $58,000 at 8% annual interest. What is the interest expense for 2019 if the note was signed on August 1, 2019? (Do not round any intermediate calculations, and round your final answer to the nearest dollar.) O A. $2,320 O B. $1,933 O c. $13,920 OD. $4,640
Sales revenue for a sporting goods store amounted to $535,000 for the current period. All sales are on account and are subject to a sales tax of 10%. Which of the following would be included in the journal entry to record the sales transaction? O A. a credit to Accounts Receivable for $535,000 O B. a debit to Accounts Receivable for $588,500 O c. a debit to Sales Tax Payable for $53,500 OD. a debit to Sales Revenue for $535,000 OO
Carpenters Company, a manufacturing company, acquired equipment on January 1, 2017 for $570,000. Estimated useful life of the equipment was seven years and the estimated residual value was $10,000. On January 1, 2020, after using the equipment for three years, the total estimated useful life has been revised to nine total years. Residual value remains unchanged. The company uses the straight-line method of depreciation. Calculate depreciation expense for 2020. (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) O A. $54,286 O B. $63,333 O c. $62,222 O D. $53,333
An asset was purchased for $37,000 on January 1, 2019. The asset's estimated useful life was five years, and its residual value was $8,000. The straight-line method of depreciation was used. Calculate the gain or loss if the asset is sold for $23,000 on December 31, 2019, the last day of the accounting period. O A. $8,200 gain OB. $8,200 loss OC. $4,100 gain OD. no gain or no loss
Answers
1) Journal entry
Date account and explanation Debit Credit Depletion expense (2030000/350000*47000) 272600 Accumulated depletion-Oil reserve 272600 So answer is c)
2) Interest expense = 58000*8%*5/12 = 1933
So answer is b) $1933
3) Journal entry
Date account and explanation Debit Credit Account receivable (535000*1.1) 588500 Sales revenue 535000 Sales tax payable 53500 So answer is b) a debit to account receivable $588500
4) Accumulated depreciation = 570000-10000/7*3 = 240000
2020 Depreciation expense = (570000-240000-10000)/6 = 53333
So answer is d) $53333
5) Depreciation expense = (37000-8000/5) = 5800
Book value = 37000-5800 = 31200
Gain (loss) = 23000-31200 = -8200
So answer is b) $8200 loss
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