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During 2010, Gordon Company issued at 104 three hundred, $1,000 bonds due in ten years. One detachable stock warrant entitling the holder to purchase 15 shares of Gordon's common stock was attached to each bond. At the date of issuance, the market value of the bonds, without the stock warrants, was quoted at 96. The market value of each detachable warrant was quoted at $40. What amount, if any, of the proceeds from the issuance should be accounted for as part of Gordon's stockholders' equity?
Accompanying the bank statement was a debit memo for an NSF check received from a customer. What entry is required in the company's accounts?
If the cost of goods manufactured during the year amounted to $1,330,000 and annual sales were $1,996,000, how much is the amount of gross profit for the year?
West Valley Corporation issues $800,000 of 20 year, 9 percent bonds at 95. Interest is paid semiannually, and the effective interest method is used for amortization.
The company currently owns some unused equipment valued at $60,000. This equipment could be used for producing awnings if $5,000 is spent for equipment modifications. Other equipment costing $780,000 will also be required. What is the amount of th..
With that said, is pursuit of ALL self interest in contract unethical? If not, at what point does it become unethical?
A financial manager is planning two projects, A and project B. A is expected to add $2 million to profits this year while B is expected to add $1 million to profits this year.
In recent years, the treatment of the intangible asset "goodwill" has undergone significant change as a result of the implementation of FASB 142. Goodwill is the value of a going concern. You cannot touch it.
Collect the 4 main financial statements from credible sources (newspaper, peer-reviewed journals, investor relations, web sites or annual reports. Create a flow chart that illustrates the steps in the accounting cycle.
XYZ Corporation, with a division located in Germany, must translate its financial statements from euros to U.S. dollars. What is the major issue involved in translation?
Caravan Corporation has always been an S corporation. Caravan Corporation is 100% owned by Alan Merten. On January 1, Alan has an adjusted basis of $50,000 in his Caravan stock.
The auditors compare information on canceled checks with information contained in the cash disbursement journal. The objective of this test is to determine that:
Executive officers within an organization will often feel compelled and tempted to emphasize short-term results-net income for the current year-over long-term success and company survival.
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