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During 2009, the Ellis Corporation had 370,000 shares of $20 par common stock outstanding. On January 1, 2009, 2,000, 8 percent bonds were issued with a maturity value of $1,000 each. To enchance the bond sale, the company offered a conversion of 50 shares of common stock for each bond at the option of the purchaser. Net income for 2009 was $464,000. The income tax rate was 30 percent. Compute the diluted earnings per chare of common stock.
Discuss circumstances under which Randy's decision would be acceptable under GAAP and circumstances under which it would definitely be unacceptable. (2 to 3 Paragraphs).
many organizations have been in the news over the past few years due to accounting ethical breaches that have affected
Alan, who is a security officer, is shot while on the job. As a result, Alan suffers from a leg injury and must spend most of his time in a wheelchair until his recovery. Alan's physician recommends that he install a whirlpool bath in his home for..
Juanita corporation uses a job-order cost system and applies overhead on the basis of direct labour cost. At the end of october, Juanita had one job still in process. The job cost sheet for this job contained the following info:
A total cash dividend of $90,000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts.
taurus tools has developed a new kitchen utensil. the firm has conducted significant market research and estimated the
obtain a copy of a companys financial statements any company from the internet. find the reportopinion provided by the
A company established a petty cash fund of $100 on September 1. On September 15, the petty cash fund was increased to $125 in total. Record the above transactions in general journal form.
what types of businesses use the cash basis of accounting? how are revenues and expenses recognized in a cash basis
Gilkey Security Systems has the following for the year ended 12-31-09 before adjustments. Gilkey uses the aging method of estimating bad debt expense. The journal entry for estimating bad debt expense at year end is:
Garden Corporation engaged in the following transaction. Indicate where, if at all, it would be classified on the statement of cash flows. Assume the indirect method is used.
Oslo Corporation decided to issue common stock and used the $400,000 proceeds to retire all of its outstanding bonds on January 1, 2010. The following information is available for the company for 2009 and 2010.
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