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On June 30, 2009, Blair Industries had outstanding $80 million of 8%, convertible bonds that mature on June 30, 2010. Interest is payable each year on June 30 and December 31. The bonds are convertible into 6 million shares of $10 par common stock. At June 30, 2009, the unamortized balance in the discount on bonds payable account was $4 million. On June 30, 2009, half the bonds were converted when Blair's common stock had a market price of $30 per share. What journal entry should Blair make record when recording the conversion?
In the financial statements for its fiscal year ended December 31, Year 2, Investor should report a realized loss on disposal of the Investee Co. shares equal to:
Inventory of finished goods on December 31 was 6,400 units. The company desires to have an ending inventory each month equal to one-half of next month's estimated sales.
What are the different ways to estimate bad debt? How does this affect net income? What does Generally Accepted Accounting Principles (GAAP) require? Why? Should all companies have bad debt? Explain your answer.
Describe two ways that the auditors obtain evidence that there are no significant amounts of unrecorded retirements of property.
Mendenhall Corporation constructed a building at a cost of $10,000,000. Average accumulated expenditures were $4,000,000, actual interest was $800,000, and the usefull life is 40 years, depreciation expense for the first full year using the straig..
Medical Instruments produces a variety of electronic medical devices. Compute the materials variances for silver tubing and comment on their meaning.
On January 2, 2007, Riley Corporation issued 20,000 shares of 6% cumulative preferred stock at $100 par value. On December 31, 2010, Riley Corporation declared and paid its first dividend.
Gluten Corporation has the following information pertaining to its Century Division for this year.
What is the total cost of building 8 picture frames by a new employee using the cumulative average-time method?
Britney is beneficiary of an $150,000 insurance policy on her father's life. Upon his death, she may elect to receive the proceeds in five yearly installments of $32,000 or may take the $150 lump sum. She elects to take the lump sum payment. What ..
Skipper, Inc., earns pretax book net income of $500,000 in 2011. Skipper acquires a depreciable asset in 2011, and first-year tax depreciation exceeds book depreciation by $80,000.
What was the affect of unethical behavior on the profitability of the company?
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