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Clarkston Inc issued $1,000,000 of convertible 10- year, 11% bonds on July 1, 2014. The interest is payable semiannually on January 1 and July 1. The discount in connection with the issue was $9,500, which is amortized monthly using the straight line basis. THe debentures are convertible after one year into five shares of the company's $1 par common stock for each $ 1,000 of bonds
On August 1, 2015, $100,000 of the bonds were converted. Interest has been accured monthly and paid as due. Any interest accured at the time of conversion of the bonds is paid in cash.
Prepare the journal entries on Clarkstons books to record the conversion, amortization, and interest on the bonds as of August 1 amd August 31, 2015
On June 1, Year 5, the common stock split 3 for 1, and the company redeemed one-half of the preferred stock at par value. Cooper Inc.'s net income for the year ended May 31, Year 6 was 10% higher than in Year 5. Basic earnings per share in Year 6 ..
Which scheme does not inflate sales? A) Recognizing sales on disputed claims against customers. B) Recognizing sales without shipping the goods. C) Understanding allowances for sales discounts.
B. Tanner contributed $14,000 in cash plus office equipment valued at $7,000 to the TC Partnership. At the same time Chen will invest a building which is worth $90,000 to the partnership. What will be the journal entry to record the formation of t..
Brain files a single tax return and decides to itemize his deductions. Bob's income for the year consists of $75000 of salary, $3000 long term capital gain and $1500 interst income. Bob's expenses for the year consists of $800 investment advice fe..
Al is a medical doctor who conducts his practice as a sole proprietor. During 2011, he received cash of $280,000 for medical services. Of the amount collected, $40,000 was for services provided in 2010.
What issues will create variances within a company? What other information can we derive from our variance analysis? What expenses would you imagine to be fixed in nature?
Dogwood City's water enterprise fund received interest of 10,000 on long term investments. How should this amount be reported on the statement of cash flows?
Which is better, statistical sampling or non-statistical sampling? Why? Should Generally Accepted Auditing Standards prescribe specific risk levels that auditors must use? Why or why not?
Julia Katchum is in charge of the Eastern Regional Counterterrorism Computer Forensics Unit. Her recent investigations led her to believe that an imminent threat of a terrorist act in the Chicago area exists.
During the year, purchases were $600,000 and sales were $1,000,000. December 31 inventoy at year-end prices was $126,500, and the price index was 110. What is Ely Company gross profit?
Compute the price of the bonds on their issue date. The following information is taken from present value tables: Present value of an annuity for 10 periods at 3%..8.5302
To alleviate the overstocing of refrigertors at a Minneapolis retailer, some were reshipped to a Kansas City retailer where they were still held in inventory at Decmber 31,2009. Happlia paid the cost of this reshipment. Happlia use the specific id..
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