Tyler Industries Operates a Mineral Deposit with an Estimated 1,500,000

question 182

Multiple Choice

Tyler Industries operates a mineral deposit with an estimated 1,500,000 tons of available ore.The mineral deposit was purchased for $1,500,000,and no salvage value is expected.A total of 200,000 tons are mined,but only 100,000 tons were sold during the year.How would the company record this transaction?

• A)Debit Depletion Expense-Mineral Deposit for $100,000,debit Ore Inventory for $100,000,and credit Accumulated Depletion-Mineral Deposit for $200,000.
• B)Debit Depletion Expense-Mineral Deposit for $200,000 and credit Accumulated Depletion-Mineral Deposit for $200,000.
• C)Debit Depletion Expense-Mineral Deposit for $100,000 and credit Accumulated Depletion-Mineral Deposit for $100,000.
• D)Debit Mineral Expense for $200,000 and credit Mineral Deposit for $200,000.
• E)Debit Amortization Expense-Mineral Deposit for $200,000,credit Ore Deposit for $100,000 and credit Accumulated Depletion-Mineral Deposit for $100,000.

---

Definitions:

Teenagers

Individuals typically aged between 13 and 19 years, characterized by puberty, a transition from childhood to adulthood, and increased independence.

Equilibrium Wage

The equilibrium wage is the wage rate at which the quantity of labor demanded by employers exactly matches the quantity of labor supplied by workers.

Minimum Wage

The lowest legal wage that employers can pay their workers. It's a labor policy tool used to ensure workers can earn a basic standard of living from their employment.

Shortage Of Labor

A situation in which the demand for labor exceeds the supply available, often leading to increased wages and a struggle for employers to fill job positions.