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Jenks Co. has $2,500,000 of 8% convertible bonds outstanding. Each $1,000 bond is convertible into 30 shares of $30 par value common stock. The bonds pay interest on January 31 and July 31. On July 31, 2007, the holders of $800,000 bonds exercised the conversion privilege. On that date the market price of the bonds was 105 and the market price of the common stock was $36. The total unamortized bond premium at the date of conversion was $175,000. Jenks should record, as a result of this conversion, a
a) credit of $136,000 to Paid-in Capital in Excess of Par.
b) credit of $120,000 to Paid-in Capital in Excess of Par.
c) credit of $56,000 to Premium on Bonds Payable.
d) loss of $8,000.
For inadequacies in internal controls describe the financial statement misstatements that may arise, and describe how they may occur.
When confirming accounts payable, emphasis should be put on what kind of accounts? Which of the following situations indicates a potential material weakness in internal control over acquisition and expenditure?
Find the appropriate SEC filing to identify the document where the IC report was filed with the SEC. A 10K-A is an an amended 10-k filing and a 20-F is a filing for foreign companies that contains the financial statement information.
(a) Journalize the transactions. (b) Indicate the income statement effects of the transacton.
Find the share price of BHP Billiton(BHPBILL)for today.as?uming that no fees were paid,how many shares would you be able to buy with R20000?
The Johnson Manufacturing Company has the following job cost sheets on file. They represent jobs that have been worked on during March of the current year.
Determine the stakeholders impacted by audit reports. Analyze the impact of audit reports for each category of stakeholders.
Which of the following would NOT require an explanatory paragraph in the auditor's report?
Ludwig, Inc., which owes Giffin Co. $2,400,000 in notes payable, is in financial difficulty. To eliminate the debt, Giffin agrees to accept from Ludwig land having a fair value of $1,830,000 and a recorded cost of $1,350,000.
On December 31, the adjusted trial balance of Garg Employment Agency shows the following selected data. Prepare the closing entries for the temporary accounts at December 31.
Paul invest $10,000 cash in an equipment leasing activity for 15% ownership share in the business. The remaining 85% owner is Amanda. Amanda contributes $10,000 and personally borrows $75,000 that she also invests in the business. What are the at-..
Ending inventory consisted of 5,000 units which were 80% complete with respect to materials and 60% complete with respect to conversion costs.
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