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On January 2, 2014, Jones Company purchases a call option for $300 on Merchant common stock. The call option gives Jones the option to buy 1,000 shares of Merchant at a strike price of $50 per share. The market price of a Merchant share is $50 on January 2, 2014 (the intrinsic value is therefore $0). On March 31, 2014, the market price for Merchant stock is $53 per share, and the time value of the option is $200.Instructions(a) Prepare the journal entry to record the purchase of the call option on January 2, 2014.(b) Prepare the journal entry(ies) to recognize the change in the fair value of the call option as of March 31, 2014.(c) What was the effect on net income of entering into the derivative transaction for the period January 2 to March 31, 2014?
Determine the balance in the Finished Goods Inventory and compute the cost of goods manufactured for November
Explain in detail a post-closing trial balance, how it relates to the practice of accounting and its uses in business?
Suppose that nominal output rises from $12.5 trillion in 2005 to $13 trillion in 2006. Assume also that the GDP deflator rises from 100 to 105.
How much goodwill did World Media purchase as part of the acquisition of The Dandy Dime?
How should Victoria account for the sale of securities from each portfolio? And Why? (What is the justification for the recommended accounting treatment).
At Ace Company, overhead is assigned to production departments at the rate of $5 per machine hour. In July, machine hours were 3,000 in the Machining Department and 2,400 in the Assembly Department. Prepare the entry to assign overhead to producti..
During each of the next two years, warner declared and paid cash dividends of $0.85 per share, and its net income was $72,000 and $67,000 for 2007 and 2008, respectively. The January 12, 2009, entry to record the sale of 3,000 shares of warner com..
Standard variable manufacturing costs were $15 per unit, and total budgeted fixed manufacturing overhead was $150,000. If there were no variances, net income under absorption costing would be:
A local church is studying the amount of offerings in an envelope from their early Sunday mornings services. The church studied 500 envelopes and found the following:
Canoe Company's manufacturing accounting system uses direct labor costs to apply overhead to goods in process and finished goods inventories. Canoe Company's manufacturing costs for the year were:
A bond issued by the State of Pennsylvania provides a 7% yield. What yield on a Synthetic Chemical Company bond would cause the two bonds to provide the same after-tax rate of return to an investor in the 35% tax bracket?
In its 2004 annual report, Apple Computer reported the following in one of its disclosure notes: "Warranty Expense: The Company provides currently for the estimated cost for product warranties at the time the related revenue is recognized."
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