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In 2010, Eklund, Inc., issued for $103 per share, 60,000 shares of $100 par value convertible preferred stock. One share of preferred stock can be converted into three shares of Eklund's $25 par value common stock at the option of the preferred stockholder. In August 2011, all of the preferred stock was converted into common stock. The market value of the common stock at the date of the conversion was $30 per share. What total amount should be credited to additional paid-in capital from common stock as a result of the conversion of the preferred stock into common stock?
Gordon uses a minium desired rate of return of 12% for selecting new projets and for evaluating the three divisions using residual income (RI). The firm's weighted-average cost of capital is 8%.
Sparrow Co. is currently operating at 80% of capacity and is currently purchasing a part used in its manufacturing operations for $8.00 a unit. The unit cost for Sparrow Co.
What are the purposes of accounting codes? How are they used? What are some examples of codes used by manufacturing firms, accounting firms, and merchandising firms?
Knell Corporation sells a product for $230 per unit. The product's current sales are 33,000 units and its break-even sales are 26,400 units. The margin of safety as a percentage of sales is closest to:
What are some typical types of transactions that appear in the financing section of the statement of cash flows?
Which one of the following would be the same total amount on a flexible budget and a static budget if the activity level is different for the two types of budgets?
Before the current year, the company accounted for its income from long-term construction contracts on the completed-contract basis. Early this year, the company changed to the percentage-of-completion basis for accounting purposes but continues t..
On January 3, 2008, Roberts Company purchased 30% of the 100,000 shares of common stock of Thomas Corporation, paying $1,500,000. What was the balance in the investment account before the shares were sold?
The fixed overhead volume variances is due to:
Discuss the pros and cons related to research and development costs under IFRS and GAAP. With which approach do you agree? Why?
An investor in common stock received dividends in excess of the investor's share of investee's subsequent to the date of the investment. How will the investor's investment account be affected by those dividends under each of the following accounti..
(1) inventory with a basis of $15,000 and a fair market value of $13,000, and (2) land with a basis of 5000 and fair market value of $20,000. What are Amy's bases in the land and her partnership interest after distribution?
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