Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need some help on these three accounting homework questions! Chasteen Company acquired mineral rights for $7, 500,000. The mineral deposit is estimated at 2, 500,000
Need some help on these three accounting homework questions!
Chasteen Company acquired mineral rights for $7, 500,000. The mineral deposit is estimated at 2, 500,000 tons. During the current year, 30,000 tons were mined and sold. The depletion expense for the year would be: $1,000,000 $2, 500,000 $150,000 $90,000 On January 1, Victoria Company signed a 90-day, 6% note payable, with a face value of $8,000. What is the maturity value of this note? (Use 360 days a year.) $8,000 $8, 120 $8, 480 $9,000 A company estimates that warranty expense will be 2% of sales. The company's sales for the current period are $180,000. The current period's entry to record the warranty expense is: Debit Estimated Warranty Liability $3, 600; credit Cash $3, 600. Debit Warranty Expense $3, 600; credit Estimated Warranty Liability $3, 600. Debit Estimated Warranty Liability $3, 600; credit Warranty Expense $3, 600. Debit Warranty Expense $3, 600; credit Sales $3, 600Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started