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Fogel Co. has $2,500,000 of 8% convertible bonds outstanding. Each $1,000 bond is convertible into 30 shares of $30 par value common stock. The bonds pay interest on January 31 and July 31. On July 31, 2010, the holders of $800,000 bonds exercised the conversion privilege. On that date the market price of the bonds was 105 and the market price of the common stock was $36. The total unamortized bond premium at the date of conversion was $175,000. Fogel should record, as a result of this conversion, a :
a) credit of $136,000 to Paid-in Capital in Excess of Par.
b) credit of $120,000 to Paid-in Capital in Excess of Par.
c) credit of $56,000 to Premium on Bonds Payable.
d) loss of $8,000.
Lisa's School Supplies suffered a fire loss. The company needs to estimate the cost of the goods destroyed. Beginning inventory was $500,000, purchases totaled $700,000, and sales came equaled $1,000,000.
Compute the number of units of each product that Yard Tools must sell in order to break even under this product mix.
Bee-In-The-Bonnet Company purchased office supplies costing $6,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $2,400 still on hand. The appropriate adjusting j..
"A long term debt of 2,151,000 represents the remaining balance on a 30 year old loan taken out 20 years ago at 11 % which options to refinance every ten years. If we refinance for the remaining 10 years at 7% how much interest expense will we sav..
Estimate Martel's uncollectible accounts percentage based on its actual bad debts experience during the past two years. Prepare the adjusting entry on December 31, 2009 for Martel Co.'s bad debt expenses.
O. Guillen (beginning capital, $69,000) and K.Williams (beginning capital ($82,000) are partners. During 2008, the partnership earned net income of $71,400, and Guillen made drawings of $18,700 while Williams made drawings of $32,200.
Discuss the advantages and disadvantages of each costing method including FIFO, LIFO, and Average Cost.
The Door Company manufactures doors. Classify each of the following quality costs as prevention costs, appraisal costs, internal failure costs, or external failure costs
Pirate, Inc. leased equipment from Shoreline Enterprises under a four-year lease requiring equal annual payments of $180,000, with the first payment due at lease inception.
Weaver Company's predetermined overhead rate is $18.00 per direct labor-hourand its direct labor wage rate is $12.00 per hour.
What are the two techniques used to convert trial balances from foreign currencies in U.S. dollars? Explain the situations when you would employ each metod.
At the beginning of 2009, Baldwin Corporation bought an automobile for $36,000 by issuing a note payable. The automobile has a six-year life and is depreciated using the straight-line method. To determine net cash flow from operating activities fo..
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