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At the start of the year Huish Company issued $18,000,000 of 12% bonds along with warrants to buy 1,200,000 shares of its $10 par value common stock at $18 per share. The bond matures over the next 10 years, starting one year from date of issuance, with annual maturities of $1,800,000. At the time, Huish had 9,600,000 shares of common stock outstanding, and the market price was 423 per share. The company received $20,040,000 for the bonds and the warrants. For Huish Company, 12% was a relatively low borrowing rate. If offered alone, at this time, the bonds would have been issued at a 22% discount. Prepare the journal entry for the issuance of the bonds and warrants for the cash considered received.
Formulate your own opinion on the proper treatment for the $5,000,000 commercial paper based on your reading in the text. Explain how you think the item should be reported and give text pages to support your conclusions.
What are the different ways to estimate bad debt? How does this affect net income? What does Generally Accepted Accounting Principles (GAAP) require? Why? Should all companies have bad debt? Explain your answer.
Please describe the accounting treatment when a company purchases less than 20% of another company's stock. Please describe how revenue and dividends are treated when the equity method is used.
Partners A and B have a profit and loss agreement with the following provisions: salaries of $41,600 and $38,400 for A and B, respectively; a bonus to A of 10% of net income after salaries and bonus; and interest of 10% on average capital balances..
Sampson Company's accounting records show the following for the year ending on December 31, 2010. Using the periodic system, the cost of goods purchased is?
Swanson Inc. purchased $400,000 of Malone Corp. ten-year bonds with a stated interest rate of 8 percent payable quarterly. At the time the bonds were purchased
NewDrugs, Inc., an international corporation, has identified a list of expenditures it believes to be intangible assets. Which items would be recognized as assets under US GAAP? Which items would be capitalized under IFRS?
You are considering a five-year lease of office space for R&D personnel. Once signed, the lease cannot be canceled. It would commit your firm to six annual $100,000 payments, with the first payment due immediately.
Arantxa Corporation has outstanding 20,000 shares of $5 par value common stock. Prepare Arantxa's journal entries to record these transaction using the cost method.
What are intangible assets? Can you provide a few examples? Why are these important, and how are they recorded?
What if a cahs receipt were applied to the wrong customer? Identify Internal control that would detect or prevent thid from occurring.
(Consignment Computations) On May 3, 2012, Eisler Company consined 80 freezers, costing $500 each, to Remmers Company. The cost of shipping the freezers amount to $840 and was paid by Eisler Company.
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