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ABC Limited needs Sh 2 million for additional financing. On December 31, 2014, it borrowed money by issuing Sh 500,000, 11%, 10-year convertible bonds. The bond sold at face value and pay semi -annual interest on January 1 and July 1. Each Sh 1,000 bond is convertible into 30 shares of Cynthia Inc. Sh 20 par value common stock. Prepare journal entries for:
a) Issuance of the bonds on January 1, 2015.
b) Interest expense on July 1, and December 31, 2015.
c) The payment of interest on January 1, 2016.
d) The conversion of all bonds to common stock on January 1, 2016, when the market value of common stock was Sh 67 per share.
The new note carried an 8 percent interest rate with similar payment terms. - Prepare the original and the adjusting journal entries at the end of 2010
Determine the ending balance of unadjusted the trial and what is the ending balance of the cash account
Compute the estimated inventory at May 31, assuming that the gross profit is 30% of sales. Compute the inventory by the conventional retail inventory method.
If the required direct materials purchases are 21,200 pounds, the direct materials needed for production are 53,800, and the beginning direct materials are 66,400, what are the desired ending direct materials in pounds?
The spot rate for British Pound (GBP) into South African Rand (ZAR) is 14.06 ZAR/GBP. 6-month interest rates in the UK are 0.75% and 6-month interest rates in South Africa are 5.5%. Assume rates are of the form
ParentCo and SubCo are calendar year corporations that keep their respective books on the accrual basis. The companies have taxable income of $200,000 and $250,000, respectively, for tax year 2013. Calculate the consolidated taxable income and consol..
Agassi Corporation sells products for $38 each that have variable costs of $15 per unit. Agassi’s annual fixed cost is $526,700. Determine the break-even point in units and dollars.
Nelson Company provides the following information for the month ended October 31, 2017: sales on credit $360,800, cash sales $106,800, sales discounts $6,300, and sales returns and allowances $10,900. Prepare the sales section of the income statement..
Which depreciation method is better for a company to use? Why? How does each depreciation method affect the financial statements? City Electrical Distributor is looking for a new line of 60 watt solar panels to retail for $150.00. If management wants..
Display Labs Inc recently began production of a new product, flat panel displays, which required the investment of $1,800,000 in assets. The costs of producing and selling 9000 units of flat panel displays are as follows: Variable cost per unit, dire..
When preparing a cash flow statement, with limited information, how do you arrive at the "cash at the beginning of the year" and "cash at the end of the year" amounts? What information do you need to obtain those amounts?
The Taxpayer Compliance Measurement Program has been controversial. Illustrate what public service do you think it provides? Should it be discontinued or changed in any way? If yes, in what ways and why? If not, why not?
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