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On June 30, 2009, Blair Industries had outstanding $80 million of 8%, convertible bonds that mature on June 30, 2010. Interest is payable each year on June 30 and December 31. The bonds are convertible into 6 million shares of $10 par common stock. At June 30, 2009, the unamortized balance in the discount on bonds payable account was $4 million. On June 30, 2009, half the bonds were converted when Blair's common stock had a market price of $30 per share. What journal entry should Blair make record when recording the conversion?
What is activity-based costing? What are some of the key elements of activity-based costing? How does this method differ from a more traditional costing method? Do you prefer ABC over traditional costing methods?
The Malbim Company uses a process costing system and adds materials at the beginning. July 1st has 400 units in the beginning inventory (100% materials). The units in beginning inventory (July 1) are only 75% complete on conversion costs-Calculate..
Spock Corporation's unadjusted trial balance at Dec 31, 2007, included the following accounts. Spock Corporation estimates its bad debt expense to be 1.5% of net sales.
What would be the flexible budget amounts at an activity level of 12,000 machine hours if indirect materials is a variable cost and factory rent was a fixed cost?
Page Company is contemplating the acquisition of a machine that costs $50,000 and promises to reduce annual cash operating costs by $11,000 over each of the next six years.
Metro Express has 5 sales employees, each of whom earns $4,000 per month and is paid on the last working day, of the month. Each employee, wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages.
What kind of situation would make guaranteed payments a logical way of starting a two-person partnership?
Depreciation expense should be charged in the appropriate governmental funds, and reported in the governmental activities accounts.
Assume that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.
On the first day of the current fiscal year, $1,000,000 of 10-year, 7% bonds, with interest payable semiannualy were sold for $1,050,000. Present entries to record the following transactions for the current fiscal year:
What are some advantages and disadvantages of each: (a) team-based, (b) network-based, and (c) boundaryless organizations?
Provide the following (and support ALL of your work)- c) Reconcile and explain the difference between Deep Space's Net Operating Income using variable costing and absorption costing.
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