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On January 1, 2019; ½ of the bonds were converted into common stock by the bondholders. Each bond was converted into 50 shares of ACME $1 par stock when the stock was selling for $44 per share. On 1/1/19 the value in ‘discount on bonds payable’ was $24,000.
Make the journal entry ACME makes on January 1, 2019 when ½ of the bonds are converted into stock.
On January 1, 2020 ACME retired the remaining ½ of the bonds buying them at 99. On 1/1/20 the value in ‘discount on bonds payable’ was $16,000.
Make the journal entry ACME makes on January 1, 2020 when the other ½ of the bonds are retired by ACME.
At the beginning of the machine's sixth year it was recognized the machine had three years of remaining life instead of five and that at the end of the remaining three years its salvage value would be $1,600. Illustrate what amount of depreciatio..
Valley Manufacturing Corporation's beginning work in process inventory consisted of 12,500 units, 100% complete with respect to materials cost and 30% complete with respect to conversion costs. The total cost in the beginning inventory was $35,000. D..
Farmer Frank’s produces items from local farm products and distributes them to supermarkets. Over the years, price competition has become increasingly important, so Susan Kramer, the com- pany’s controller, is planning to implement a standard cost sy..
Determine fixed and variable cost components of the catering costs using the high-low method. Are the facilities at the fairgrounds adequate to handle crowds needed to generate ticket revenues calculated in number 8 above to earn a $6,000 profit? ..
You may also write the journal entries to record each transaction/adjustment. Interest on bonds payable has not been accrued for the current month. The company has outstanding $240,000 of 8.5% bonds.
You are the plant manager. You have recently implemented a bonus system for your employees that provide a 10% bonus for favorable variances. What are the potential benefits, costs, and ethical concerns of such a bonus system?
Evaluate the operating income under variable costing and absorption costing for each month
On 2009 August 31, Hutch Company sold a truck for USD 6,900 cash. The truck was acquired on 2006 January 1, at a cost of USD 17,400. Prepare the journal entries to update the depreciation on the truck on 2009 August 31, and to record the sale of the..
How many employees does the RTWMTC company have and what is the break down of their salaries and what additional costs does RTWMTC have (include utilities, lease/mortgage, phone, etc.)?
Prepare a schedule for each month showing budgeted cash disbursements for the Tilson Company and a schedule for each month showing budgeted cash receipts for Tilson Company
Why does an intra-entity sale of a depreciable asset (such as equipment or a building) require subsequent adjustments to depreciation expense within the consolidation process?
Present the items above in proper format to prepare a balance sheet. Use the answer sheet provided.
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