How does depletion affect the balance sheet and income, Accounting Basics

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How does depletion affect the balance sheet and income

Question: 1. How does depletion affect the balance sheet and income statement? Why is depletion accounted for in a manner that differs from depreciation and amortization?

2. Over what period should an addition to an existing long-lived asset be depreciated? Explain.

3. In what two ways does the disposal of an asset through exchange differ from disposal through discarding or selling the asset?

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Accounting Basics: How does depletion affect the balance sheet and income

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Accounting Basics: How does depletion affect the balance sheet and income

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