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When calculating depletion, what is the proper treatment of residual value?
A) There is no residual value in the calculation of depletion expense.
B) The residual value is subtracted from cost to determine the depletable base.
C) The residual value is added to cost to determine the depletable base.
D) Residual value is ignored until the end of the asset's life at which time it is used to limit the final year's expense amount.
B
Properties whose physical substance consists of natural resources that are consumed in the operation of a business are called:
A) depreciable assets.
B) depletable assets.
C) amortizable assets.
D) intangible assets.
A
Information needed to compute a depletion charge per unit includes the:
A) estimated total amount of resources available for removal.
B) amount of resources removed during the period.
C) cumulative amount of resources removed.
D) amount of resources sold during the period.
C
Subtracting accumulated depletion from the asset account coal mine would yield the:
A) current market value of the coal mine.
B) original cost of the coal mine.
C) net book value of the coal mine.
D) current period's depletion expense for the coal mine.
B
If the amount extracted from a coal mine was different every year for four years, you would:
A) recompute the depletion expense rate per unit each year.
B) use the same depletion expense rate per unit each year.
C) debit Depletion expense for the same amount each year.
D) credit Accumulated depletion–coal mine for the same amount each year.
B

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