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Accounting for bond related transaction through journal entries.
(Entries for Conversion, Amortization, and Interest of Bonds) Counter Inc. issued $1,500,000 of convertible 10-year bonds on July 1, 2007. The bonds provide for 12% interest payable semiannually on January 1 and July 1. The discount in connection with the issue was $34,000, which is being amortized monthly on a straight-line basis. The bonds are convertible after one year into 8 shares of Counter Inc.'s $100 par value common stock for each $1,000 of bonds. On August 1, 2008, $150,000 of bonds were turned in for conversion into common. Interest has been accrued monthly and paid as due. At the time of conversion any accrued interest on bonds being converted is paid in cash. Hint: (LO 1) Instructions (Round to nearest dollar) Prepare the journal entries to record the conversion, amortization, and interest in connection with the bonds as of the following dates.
a. August 1, 2008. (Assume the book value method is used.)b. August 31, 2008.c. December 31, 2008, including closing entries for end-of-year.
If the allowance for doubtful accounts before any necessary adjustment is at $10,000, what adjustment will have to be made at the end of the period?
What is the shareholder's debt basis at January 1,3012?
What are the equivalent units for conversion and material using the weighted average technique?
Purpose an income statement through gross profit and Prepare an income statement through gross profit for the year ended December 31, 2007
What are the major risk factors that you see in this project? b. As the controller and a management accountant, what is your responsibility to this project? c. What do you recommend the CEO do?
Purpose a report that reconciles the total costs assigned to the ending work in process inventory and the units transferred out with the costs in beginning inventory and costs added during the period.
Show the likelihood of these payments being treated as constructive dividends. If a payment is deemed to be a constructive dividend, show how such a payment will be treated.
Complete the flexible budget at the 90,000-unit level of activity. Consider that the cost of goods sold and variable operating expenses vary directly with sales and that income taxes remain at 30 % of operating income.
Analysis of financial statement using horizontal analysis - Prepare the 2006 common-size income statement and compare it to the 2005 statement. Which areas require further analysis and investigation?
Prepare the appropriate bad debt expense adjusting entry for the year 2011 and Show how the various accounts related to accounts receivable should be shown on the December 31, 2011 balance sheet.
The company is contemplating a 2-for-1 stock split. Which of the following best describes your position after the proposed stock split takes place?
The Assembly Division of the same company needs a part that is just like Product A. The Assembly Division can choose whether to buy Product A from an outside supplier for $14.15 or buy it internally from the Parts Division. and evaluate the most ..
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