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Darby Corporation issued at a premium of $5,000 a $100,000 bond issue convertible into 2,000 shares of common stock (par value $40). At the time of the conversion, the unamortized premium is $2,000, the market value of the bonds is $110,000, and the stock is quoted on the market at $60 per share. If the bonds are converted into common, what is the amount of paid-in capital in excess of par to be recorded on the conversion of the bonds?
a. $25,000
b. $22,000
c. $32,000
d. $40,000
Recently, a group of university students decided to incorporate for the purposes of selling a process to recycle the waste product from manufacturing cheese.
If Congress reenacts additional first-year depreciation for 2010, Rustin elects not to take additional first-year depreciation. Determine the write-off Rustin can take in 2010.
The journal entry to record accrued interest on a short-term note payable must include an increase to:
Examine the accounting for investments. Be sure to distinguish between debt securities and equity securities and provide examples. Who uses derivatives and why?
Assume for 2011 that Don made one transfer involving his granddaughter as follows: Don opened a joint checking account with his granddaughter, with right of survivorship, for her college expenses.
The bonds were properly carried at $2,134,000 upon issue. On its December 31, Year 1 financial statements, Novastar Corporation would display the following balances:
Quayle Corporation's inventory cost on its balance sheet was lower using first-in, first-out than it would have been using last-in, first-out. Assuming no beginning inventory, in what direction did the cost of purchases move during the period?
Canoe Company uses a job order cost accounting system and allocates its overhead on the basis of direct labor costs. Canoe Company's production costs for the year were: direct labor, $30,000; direct materials, $50,000; and factory overhead applied..
It is sometimes said that in debt service funds, the accounting for interest revenue is inconsistent with that for interest expenditure. Explain. What is the rationale for this seeming inconsistency?
Journalize Fidelity's distribution of the stock dividend on May 11. What was the overall effect of the stock dividend on Fidelity's total assets? On total liabilities? On total stockholders' equity?
Jackson Corporation has two service departments whose direct department costs are $75,000 and $10,000, respectively, and two producing departments whose direct department costs are $60,000 and $250,000, respectively.
On January 1, 2003, Marina Clothing Company had Accounts Receivable of $54,200 and Allowance for Doubtful Accounts of $4,700. Marina Clothing Company prepares financial statements annually. During the year the following selected transactions occur..
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