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Presented below are three independent situations: (a) Howell Corporation purchased $350,000 of its bonds on June 30, 2010, at 103 and immediately retired them. The carrying value of the bonds on the retirement date was $339,500. The bonds pay semiannual interest and the interest payment due on June 30, 2010, has been made and recorded. (b) Justice, Inc. purchased $400,000 of its bonds at 96 on June 30, 2010, and immediately retired them. The carrying value of the bonds on the retirement date was $393,000. The bonds pay semiannual interest and the interest payment due on June 30, 2010, has been made and recorded. (c) Riser Company has $80,000, 10%, 12-year convertible bonds outstanding. These bonds were sold at face value and pay semiannual interest on June 30 and December 31 of each year. The bonds are convertible into 40 shares of Riser $5 par value common stock for each $1,000 par value bond. On December 31, 2010, after the bond interest has been paid, $20,000 par value of bonds were converted. The market value of Riser's common stock was $38 per share on December 31, 2010. Instructions For each of the independent situations, prepare the journal entry to record the retirement or conversion of the bonds.
Lagerfield Company reported the following results from the sale of 5,000 hammers in May: sales $200,000, variable costs $120,000, fixed costs $60,000, and net income $20,000. Assume that Lagerfield increases the selling price of hammers by 10% on ..
What conditions/factors cause a business to have a high degree of operating leverage as compared to others?
which of the following is an advantage of corporations relative to partnerships and sole proprietorships?reduced legal
In its income statement for 2009, Howard Co. would show the following line-item amounts for net income and income tax expense:
Prepare an appropriate journal entry to indicate the impact of the transactions on the state's fund financial statements for the year ending December 31, 2011.
What journal entry should be made at the beginning of the fiscal year to reestablish the Encumbrances account of a capital projects fund for a multi-year capital project?
Before considering the dividend, Bob is in the 10% marginal tax bracket and Leo is in the 28% marginal tax bracket. Which of the following statements is incorrect?
Suppose the price of a stock is $50 at the beginning of the year and $53 at the end of the year and it pays a $2 dividend during the year. Calculate the stocks current yield, capital gains yield and the stock's return.
given the following information compute the current and quick ratioscash 100000accounts receivable 357000inventory
What would be the impact on the balance of accounts receivable if the firm initiates a more aggressive collection policy and is able to reduce the average payment period to 60 days for those customers not taking the cash discount?
Of those started, 80,000 were finished and the remaining 40,000 were left 20% complete. Calculate the equivalent units of production for the year using the weighted average method.
Determine the effective annualized cost of forgoing the trade credit discount on the following terms:
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