Author Question: Timber, Inc. purchased land for 500,000. It is expected to produce a total of 200,000 cords of wood ... (Read 72 times)

Melani1276

  • Hero Member
  • *****
  • Posts: 516
Timber, Inc. purchased land for 500,000. It is expected to produce a total of 200,000 cords of wood over 5 years, after which it will be sold for 100,000. In 2011, 39,000 cords of wood were cut. In 2012, 41,000 cords of wood were cut.
 
  1. What is depletion expense per cord of wood? __________________
  2. How much depletion should be recorded in 2011? ___________________ ____
  3. How much depletion should be recorded in 2012? ___________________ ____

Question 2

A check for 342 was erroneously charged by the bank as 432 . In order for the bank reconciliation to balance,you must add 90 to the bank statement balance.
 a. True
  b. False
 
   Indicate whether the statement is true or false



Dunkey

  • Sr. Member
  • ****
  • Posts: 333
Answer to Question 1

1. (500,000  100,000) / 200,000 cords = 2 PER CORD
2. 39,000 cords x 2 = 78,000
3. 41,000 cords x 2 = 82,000

Answer to Question 2

True



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Everyone has one nostril that is larger than the other.

Did you know?

Though “Krazy Glue” or “Super Glue” has the ability to seal small wounds, it is not recommended for this purpose since it contains many substances that should not enter the body through the skin, and may be harmful.

Did you know?

The average human gut is home to perhaps 500 to 1,000 different species of bacteria.

Did you know?

The average office desk has 400 times more bacteria on it than a toilet.

Did you know?

Warfarin was developed as a consequence of the study of a strange bleeding disorder that suddenly occurred in cattle on the northern prairies of the United States in the early 1900s.

For a complete list of videos, visit our video library