3 Doubledeclining balance E 1115 Depletion LO113 On April 17 2018 the Loadstone Mining Company purchased the rights to a coal mine The purchase price plus additional costs necessary to prepare the mine for extraction of the coal totaled 4500000 The company expects to extract 900000 tons of coal during a fouryear period During 2018 240000 tons were extracted and sold
read moreAfter mining Hoya estimates to recover 150000 from the sale of the land Hoyas engineers have determined that approx 26000 tons of coal could be extracted from the mines During 2014 Hoya mined 8000 tons of coal Record Hoyas depletion for the year Also during 2014 Hoya sold 6000 tons of coal for 120ton in cash
read moreApr 21 2017 Vouchers and Entries The actual procedure in accounting for expense items comprises the following steps 1 Making the voucher 2 entry in cashvoucher record 3 entry in distribution book and 4 summary on cost sheet or monthly report The first step consists of writing the check for the net amount due on an invoice using preferably a
read moreAug 25 2021 Natural resources include oil natural gas coal iron uranium and timber These assets are often referred to as wasting assets because once they are removed from the ground or physically consumed they cannot be replaced Accounting for Natural Resources Natural resources give up their benefits as the resources are removed
read moreCoal Mining Equipment Everything in the surface mining world Including machinery ranges from Haul Trucks to Draglines Even a few historical images are tossed
read moreDepletion accounting Wikipedia the free encyclopedia Depletion is an accounting concept used most often in mining timber Depletion is similar to depreciation in that it is a cost recovery system for accounting and tax reporting
read moreDepreciation for the first 9 months of 2017 is 5250 Prepare the journal LO 3 entries to a update depreciation to September 30 2017 and b record the sale of the equipment BE1011 Franceour Mining Co purchased for 7 million a mine that is estimated to have Prepare depletion entry and 35 million tons of ore and no salvage value
read moreduring oil sands mining International Journal of Mining Reclamation and Environment 22 2 120145 2008 62 Erdem B and korkmaz F Analysis of Dragline cycle time
read moreFeb 10 2013 Coal mining Wikipedia the free encyclopedia Area miningStrip mining exposes the coal by removing the overburden the earth above the coal seams in As the longwall mining equipment moves forward More detailed
read moreHaving and maintaining the appropriate equipment Managing new stock coming into the facility Picking packing and shipping orders Tracking and improving overall warehouse performance Most high growth retailers would use automation tools like some form of
read moreIn 1970 for example 260 coal miners lost their lives in the United States 47 coal miners died in 1993 During this period USBM research had played an important role providing much of the breakthrough technology to reduce accidents fatalities and healthrelated problems in the US coal mining industry
read moreIncludes all process plant equipment and structures used in this coal gasification process and all utility assets such as cooling systems water supply and treatment facilities and assets used in the production and distribution of electricity and steam for use by the taxpayer in a gasification plant and attendant coal mining site processes but
read moreInventory Inventory is a current asset account found on the balance sheet consisting of all raw materials workinprogress and finished goods that a Investments PPE Property Plant and Equipment PPampE Property Plant and Equipment PPampE Property Plant and Equipment is one of the core noncurrent assets found on the balance sheet
read moreJul 03 2015 734 Highwall Mining Highwall mining is very similar to auger mining in its concept where the entry into the coal seam in made at the highwall of the ultimate pit limit The difference lies in the use of a more sophisticated machine known as a highwall miner The highwall miner shares some common elements with a continuous mining machine
read moreJul 12 2021 Faulty equipment poor training are main factors in Illinois coal mining deaths A small price to pay Illinois mines routinely appeal safety penalties For generations of Illinois coal mining families risk is part of everyday life Contract coal miners
read moreJul 29 2016 Breaker boys working in Ewen Breaker of Pennsylvania Coal Co Source Library of Congress Photo by Lewis Hine Updated August 2016 As part our Mining and Minerals unit we discuss the impact of obtaining natural resources and their effects on the environment
read moreMachining Services Welding Services Minor repairs to Major full machine rebuilds Grace Equipment Company is here for the coal mining industry Our experienced and knowledgeable technicians can be carried out with minimal downtime Contact Grace Equipment Company by calling 3044750003
read moreMacMann Company purchased a mine on January 1 2018 for 500000 The mine is estimated to contain 30000 tons of iron ore There is no residual value The business has extracted and sold 2500 tons of ore in 2018 Prepare the journal entry to record depletion expense for 2018 Round your intermediate calculations to the nearest cent
read moreMar 20 2021 An asset retirement obligation ARO is a liability associated with the eventual retirement of a fixed asset The liability is commonly a legal requirement to return a site to its previous condition A business should recognize the fair value of an ARO when it incurs the liability and if it can make a reasonable estimate of the fair value of
read moreMcGraw Hill Financial Accounting Chapter 11 cost residual valueuseful life At the beginning of year 1 Valerie Corp purchases equipment for 10000 The equipment has a residual value of 4000 and an expected useful life of 4 years
read morePrepare the journal entry to record depletion expense for the second year c What amount and in what account are the tons of ore not sold reported Solution 244 10 min a Calculation of the depletion expenseton of coal 70000000 10000000 250000 tons 240 per ton First Year 50000 tons 240 12000000
read morePursuant to industry accounting described above the resulting journal entries for the removal would be Dr Cash proceeds from net salvage 750 Dr Accumulated Depreciation 19250 Cr Property 20000 Calculated as 15000 accumulated depreciation plus the 4250 calculated loss net salvage of 750 less the cost of the
read moreReclass Entry Accounting for business also means being responsible for adjustments and corrections One such adjustment entry is reclass or reclassification journal entry The process of transferring an amount from one ledger account to another is termed as reclass entry It is most often seen as a transfer journal entry amp is a critical
read moreSep 19 2020 a flush used phosphorous fertilizer into waterways so that it does not inhibit the effectiveness of newly applied phosphorous b encourage organic farming methods
read moreSince 1885 many of the improvements made on stripping equipment and on auxiliary equipment used in surface mining resulted from pioneering efforts in Illinois coal fields Today we find two of the largest stripping units the BucyrusErie 140 yd 3850B shovel and the Marion 180 yd 6360 shovel working in Southern Illinois pits
read moreStock of coal D Mining equipment 3 If light fittings and carpets were purchased on 1 January for 35 000 what is the accounting entry for depreciation at the end of the calendar year Use the straightline method at 10 pa A Debit depreciation fixtures and
read moreThe entries under this method are Illustration 4 Where there is no minimum rent clause X Ltd took a lease of coalfields from Y Ltd against a royalty of Rs 10 per ton of coal raised There was no minimum Rent Coal raised in March in tonnes 200920000 tonnes March 201025000 tonnes and 201140000 tonnes
read moreThe Jackson Mining Company paid 1000000 for the right to explore for a coal deposit on 500 acres of land in Pennsylvania Costs of exploring for the coal deposit totaled 800000 and intangible development costs incurred in digging and erecting the mine shaft were 500000 In addition Jackson purchased new excavation equipment for the
read moreThe largest and best collection of online learning resourcesguaranteed Hundreds of expert tutors available 247 Get answers in as little as 15 minutes Educators get free access to course content Access syllabi lecture content assessments and more from our network of college faculty Neil Garg Professor of Chemistry University of
read moreWhen property is purchased a journal entry assigns the purchase price to the two assets purchasedthe natural resource and the land If we purchased an ore mine for 650000 cash and we determined the land value was 50000 and the Ore Deposit value was 600000 the entry would be
read morewwwpwccommining Financial reporting in the mining industry International Financial Reporting Standards 6th edition
read moreYour client Hazelton Mining recently entered into an agreement to obtain the rights to operate a coal mine in West Virginia for 15 million Hazelton incurred development costs of 6 million in preparing the mine for extraction which began on July 1 2021
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