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1. (Issuance of Bonds with Detachable Warrants) On September 1, 2010, Jacob Company sold at 104 (plus accrued interest) 3,000 of its 8%, 10-year, $1,000 face value, nonconvertible bonds with detachable stock warrants. Each bond carried two detachable warrants. Each warrant was for one share of common stock at a specified option price of $15 per share. Shortly after issuance, the warrants were quoted on the market for $3 each. No market value can be determined for the Jacob Company bonds. Interest is payable on December 1 and June 1. Bond issue costs of $30,000 were incurred. Prepare in general journal format the entry to record the issuance of the bonds.(AICPA adapted)
Using the following data, complete the balance sheet. Blue Co.'s records show that current and former customers owe the firm a total of $4,000; $600 of this amount has been d
SCR Company had 600,000 shares of common stock outstanding on December 31, 2013. During the year 2014 the company acquired and then retired 15,000 shares on April 1 and issu
Determine the 2014 predetermined overhead rate per machine hour. Using the predetermined overhead rate per machine hour, determine the manufacturing overhead applied to Work-i
Let's say that a company produces a single product with a sale price of $25 per unit. The variable cost per unit is $15 and the company incurs fixed costs of $50,000 per mon
Wynn Company offers a set of building blocks to customers who send in 3 UPC codes from Wynn cereal, along with 50¢. The block sets cost Wynn $1.10 each to purchase and 60¢ e
Explain why it might make sense for this company to award bonuses based on sales growth. How might this approach encourage poor business decisions when compared to a bonus p
Tanker Ltd has two divisions, Division A and B, which are profit centres. During 2003, Division A purchased a product called leggos from Division B at a cost of $75 per unit
Greener Grass Fertilizer Company plans to sell 270,000 units of finished product in July and anticipates a growth rate in sales of 4 percent per month. The desired monthly e
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