Expense for the year is select one a 300000 b 37500 c

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Applied Calculus for the Managerial, Life, and Social Sciences
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Chapter 6 / Exercise 41
Applied Calculus for the Managerial, Life, and Social Sciences
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expense for the year is:Select one:a. $300,000. b. $37,500.
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Applied Calculus for the Managerial, Life, and Social Sciences
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Chapter 6 / Exercise 41
Applied Calculus for the Managerial, Life, and Social Sciences
Tan
Expert Verified
c. $35,000. d. None of these. e. $30,000. Correct. The depletion charge for the first year is: Depletion charge per ton ($375,000 – $75,000)/ 1,000,000 = $0.30. Depletion charge for the year = $0.30×100,000 = $30,000. Since all of the ore that was extracted was sold, all of the $30,000 is expensed as cost of ore sold.f. $375,000. FeedbackThe correct answer is: $30,000.Question 10CorrectMark 10.00 out of 10.00Flag questionQuestion textBren Company purchased a patent for $36,000. The patent is expected to have a finite life of 10 years even though its legal life is 17 years. The amortization for the first year is:Select one:a. $2,118. b. $1,800 c. $3,240. d. None of these. e. $36,000. f. $3,600. Correct. The patent is amortized over 10 years: Annual amortization expense $36,000 / 10 = $3,600.Feedback
The correct answer is: $3,600.Question 11CorrectMark 6.00 out of 6.00Flag questionQuestion text(T / F) Plant assets are sometimes wrecked in accidents or destroyed by fire, flood, storm, and other causes. If the asset was not insured, the loss is equal to the book value. If the asset was insured, only the amount of the loss exceeding the amount to be recovered from the insurance company would be considered a loss.Select one:True False FeedbackCorrect.The correct answer is 'True'(T / F) Stock "Par value" is an arbitrary amount assigned to each share of a given class of stock and printed on the stock certificate.Select one:True False FeedbackCorrect.The correct answer is 'True'.Question 2Correct
Mark 1.00 out of 1.00Flag questionQuestion text(T / F) "Capital stock authorized" is the maximum number of shares of stock that a corporation can issue as designated in its charter.Select one:True False FeedbackCorrect. "Capital stock authorized" is the number of shares of stock that a corporation is entitled to issue as designated in its charter.The correct answer is 'True'.Question 3CorrectMark 1.00 out of 1.00Flag questionQuestion text(T / F) "Capital stock issued" is the number of shares of stock that have been sold and issued to stockholders. Capital stock issued includes any Treasury Stock. Select one:True False
FeedbackCorrect.The correct answer is 'True'.Question 4CorrectMark 1.00 out of 1.00Flag questionQuestion text(T / F) "Capital stock outstanding" is the number of authorized shares of stock that have been issued and that are still currently held by stockholders. Capital stock outstanding excludes any Treasury Stock.Select one:True False FeedbackCorrect.The correct answer is 'True'.Question 5CorrectMark 1.00 out of 1.00Flag questionQuestion text(T / F) The return on average common stockholders' equity equals net income available to common stockholders divided by average common stockholders' equity.

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