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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.
Judge Drago has decided to set up an educational fund for his favorite granddaughter, Emma, who will start college in one year. The judge plans to deposit an amount in a savings account that pays 9 percent interest. He wants to deposit an amount that..
Prepare an income statement and retained earnings statement for July. Prepare a balance sheet as of July 31, 2007. Prepare a statement of cash flows for July.
Prepare the journal entries for the business first month of operations. Explanations are not necessary and post your journal entries in the General Ledger T-accounts and calculate the balance
Prepare a cash flow forecast. Assume that the business will be run for 6 years, and then the building will be sold for 300,000. The equipment will be depreciated straight line over the life of the restaurant. The tax rate is 30%.
Calculate the gross margin percentage (Gross Profit divided by Net Sales) for each period presented in the income statement. What trend in gross margin do you observe and what factors may be causing this trend?
The Gallo Company uses a flexible budget and standard costs to aid planning and control of its machining manufacturing operations. Its costing system for manufacturing has two direct cost categories
The company’s weighted average cost of capital is 12% and payments are made at the end of each month. Illustrate which is cheaper for the company: to buy or lease real estate? Show your computations.
Purpose the journal entry at May 31, 2008, to record the sale of the bonds. and the journal entry at September 30, 2008, to record the semiannual bond interest payment.
Research this issue and write a brief memorandum for the working papers describing the issue and summarizing the appropriate method of accounting for the development costs.
Prepaid rent at 1/1/1X was $25,000. During 201X, rent payments of $123,000 were made and charged to "rent expense." The 201X income statement shows as a general expense the item "rent expense" in the amount of $122,000. You are to prepare the missing..
Determine amounts that Beckman should report in its year-end consolidated financial statements for noncontrolling interest in subsidiary income, total noncontrolling interest,Calvin's machine (accumulated depreciation) and the process trade secret..
The goods were placed immediately in the inventory warehouse
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