A parcel of land purchased by Clean Energy, Inc is estimated to contain 15.25 million tons of anthracite coal. The purchase price was 10,850,000, startup costs were 3,411,000, and the residual value is 1,464,000. If 2,325,000 tons were produced during the year, find the annual depletion cost. (Round depletion cost per unit to the nearest cent)
A) 1,437,850
B) 2,476,143
C) 2,318,644
D) 1,953,000
Q. 2What was the trade discount rate if merchandise with a list price of 14,200 was sold at a net price of 9,940?
Q. 3The price of a railroad engine purchased by the Kenneth family for their business was 2,250. Prepare a depreciation schedule using the MACRS (Modified Accelerated Cost Recovery System) method and calculate the accumulated depreciation at the end of year 3. (Round all amounts to the nearest cent)
A) 393.53
B) 432.00
C) 258.12
D) 518.96
Q. 4Logan's Restaurant ordered 15 cases of tomato sauce with a list price of 17.25 each and 6 cases of tuna with a list price of 15.90 each. The wholesaler offered a 34 trade discount to Logan. What is the total net amount Logan owes to the wholesaler? (Round to the nearest cent)
Q. 5A server computer purchased by Selectron, Inc cost 1,483,400. Prepare a depreciation schedule using the MACRS (Modified Accelerated Cost Recovery System) method and calculate the accumulated depreciation at the end of year 3. (Round all amounts to the nearest cent)
A) 284,812.80
B) 890,040.00
C) 683,982.77
D) 1,056,180.80
Q. 6A Beauty Products supplier sold items listing for 8,250 to Revon Salons. The net price of the order was 5,990. What was the trade discount rate? (Round to the nearest tenth of a percent)
Quick Reply
