Please help and explain how to get the answers I got incorrect. This is my second time posting this, as the first person got it incorrect. Please note, the answer is NOT 225,570, 36,600
Please help and explain how to get the answers I got incorrect. This is my second...
Just need help where the red X's are, please.
Depletion On January 2, 2019, Whistler Company purchased land for $490,000, from which it is estimated that 370,000 tons of ore could be extracted. It estimates that the present value of the cost necessary to restore the land is $85,000, after which it could be sold for $39,000. During 2019, Whistler mined 71,000 tons and sold 53,000 tons. During 2020, Whistler mined 97,000 tons and sold 97,000 tons. At the beginning...
On January 2, 2019, Whistler Company purchased land for $420,000, from which it is estimated that 440,000 tons of ore could be extracted. It estimates that the present value of the cost necessary to restore the land is $77,000, after which it could be sold for $24,000. During 2019, Whistler mined 76,000 tons and sold 56,000 tons. During 2020, Whistler mined 105,000 tons and sold 106,000 tons. At the beginning of 2021, Whistler spent an additional $100,000, which increased the...
On January 2, 2019, Whistler Company purchased land for $420,000, from which it is estimated that 440,000 tons of ore could be extracted. It estimates that the present value of the cost necessary to restore the land is $77,000, after which it could be sold for $24,000. During 2019, Whistler mined 76,000 tons and sold 56,000 tons. During 2020, Whistler mined 105,000 tons and sold 106,000 tons. At the beginning of 2021, Whistler spent an additional $100,000, which increased the...
I am not sure why some of my answers were incorrect, please show
me some details on how you get your answers. Thank you.
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 90 units at $40 per unit. During the year. Cortez made two batch purchases of this chair. The first was a 170-unit purchase at $45 per unit: the second was a 208-unit purchase at $48 per unit. During the period,...
May I get some help on the incorrect answers.
Recording Error Corrections Related to Equipment On April 1, 2021, the following 2020 errors were discovered after the 2020 financial statements were issued. a. Equipment purchased on January 1, 2020, with a cost of $28,000, salvage value of $1,680, and useful life of 8 years was incorrectly expensed as maintenance cost. The company uses the straight-line method to depreciate all equipment. b. In 2020, fully depreciated equipment with an original cost...
I have asked for help regarding this problem over four times. Can someone please help with this question and provide the explanation for the correct answer. The incorrect answers are in bold. Thanks The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2019. The accounting department of Thompson has started the fixed-asset and depreciation schedule presented below. You have been asked to assist in completing this schedule. In addition to ascertaining that the data already on...
If
I could get help with answers and also explain how to get those.
Oriole Electric sold $3,250,000, 12%, 10-year bonds on January 1, 2020. The bonds were dated January 1 and pay interest annually on January 1. Oriole Electric uses the discount. The bonds were sold at 103. Prepare the journal entry to record the issuance of the bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Done Date Account Titles and Explanation...
This is all the information given; please write out how you have
got to our answers as I want to use it as a study guide. Thank
you
The following information is provided in the 2021 annual report to shareholders of The BizStore: Required: Compute the missing amount in the BizStore financial statement information. (Round your intermediate calculations and final answers to 1 decimal place.) December 31, 2021 $ 43 million 268 million December 31, 2020 24 million $ 38...
Need help with the ones I got incorrect please
The options for the journal entry are:
Cash
Dividend income
Dividend receivable
Dividends payable
Equity in investee income
Goodwill
Inventory
Investment in Burma inc
Notes payable
Retained earnings
Sales
Saved Help Save&Exit Submit ck my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Problem 1-17 (LO 1-3, 1-6) disclosed net assets with n acquired...
Need help figuring out the right answers for the comparative
income statement.
Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): Sales revenue Cost of goods sold Administrative expense Selling expense Interest revenue Interest expense Loss on sale of assets of discontinued component 2021 2020 $5,350,000 $4,450,000 3,050,000 2,190,000 990,000 865,000 550,000 492,000 169,000 159,000 238,000 238,000 124,000 On July 1, 2021, the company adopted a plan to...