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At the start of the year, Triple T Company issued $6 million of 7% notes along with warrants to buy 400,000 shares of its $10 par value common stock at $18 per share. The notes mature over the next 10 years, starting one year from date of issuance, with annual maturities of $600,000. At the time, Triple T had 3,200,000 shares of common stock outstanding, and the market price was $23 per share. The company received $6,680,000 for the notes and the warrants. For Triple T, 7% was a relatively low borrowing rate. If offered alone, at this time, the notes would have been issued at a 20 to 24% discount.
Prepare journal entries for the issuance of the notes and warrants for the cash consideration received. Notes would have been issued at a 20% to 24% discount.
Betsy is a veterinarian who is in the process of setting up her own practice. She anticipates that her gross income will start at about $800,000 in her first year and grow by 5% each year. Betsy would prefer to use the cash method of accounting if po..
Use the following information from Blue-Cross Inc 2014 annual report to calculate the dividend yield on common stock and the payout ratios. Then comment on the results. Safeway Company acquired 75 percent of the outstanding voting common stock of Gia..
XYZ Partnership consists of 10 general partners. As a general rule, what is the minimum number of these partners that would have to agree on how ordinary business functions will be conducted?
On January 1, 2014 the Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $42,500 and $625, respectively. The amount of uncollectible accounts expense recognized in the 2014 income statement will be.
The following account balances can be found in the general ledger of Abco Corporation at year-end. Prepare the shareholders' equity section of the balance sheet.
preparation of journal entries for payroll accounting.gross pay for the employees of mr. scott corporation for february
Mt. Hood Furniture—PPS sampling problem) You have been assigned the task of testing the accuracy of the final inventory compilation for Mt. Hood Furniture. You may assume that you have separately observed the inventory and that you are satisfied that..
How many units would have to be sold each month to earn a target profit of $90,000? Use the formula method. Verify your answer by preparing contribution format income statement at the target sales level.
How might fundamentally changing accounting standards from "bright-line" rules to principle-based standards help prevent another Enron-like fiasco in the future? Are there dangers in removing "bright-line" rules? What difficulties might be associa..
Determine whether Jane's Shoes is profitable. Discuss whether long-term creditors should regard Jane's Shoes as a high-risk or a low-risk firm.
Check by number the accounting assumption, principle, or constraint that explains each situation below. Do not use a number more than once.
Compute the rate of depreciation per year to be applied to the plant assets under the composite method. Prepare the adjusting entry necessary at the end of the year to record depreciation for the year. Prepare the entry to record the sale of asset D ..
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