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In 2009, Singer Inc. issued for $103 per share, 40,000 shares of $100 par value convertible preferred stock. One share of preferred stock can be converted into three shares of Singer's $25 par value common stock at the option of the preferred stockholder. In August 2010, all of the preferred stock was converted into common stock. The market value of the common stock at the date of the conversion was $30 per share. What total amount should be credited to additional paid-in capital from common stock as a result of the conversion of the preferred stock into common stock?
Survival Industries, Inc. purchased a boat at a cost of $360,000-Compute the depreciation expense for 2014
Discuss how we account for investment gains and losses. Is there any controversy here? What is it and why?
Kingbird Corporation (E & P of $800,000) has 1,000 shares of stock outstanding. That stock is held by Amata (550 shares) and Esteban (450 shares), who are unrelated individuals. Kingbird redeems 200 of Amata's shares for $1,000 per share. Amata pa..
When doing a horizontal analysis on a business income statement, you notice that sales have decreased by 9%, but the gross profit has increased by 13%. What are some factors that could cause this to happen?
The subsequent two spreadsheets provide workload (expressed as relative weighted products (RWPs) for inpatient care), revenue, and expense data for Schumpert Medical Center covering their fiscal years 2010 and 2011.
On December 31, 2012, Faital Company acquired a computer from Plato Corporation by issuing a $600,000 zero-interest-bearing note, payable in full on December 31, 2016.
You recently invested $12,000 of your savings in a security issued by a large company. The security agreement pays you 7 percent per year and has a maturity two years from the day you purchased it.
What are the great approaches for cash management? If you are the controller who is in charge of managing cash, what methods would you take and why? 200-250 words please.
the partnership had net taxable income of $10,000; Michelle received a distribution of $8,000 cash from the partnership; and she had a 50% share in the $16,000 of partnership recourse liabilities on the last day of the partnership year. Michelle's..
For each of the following items, indicate whether it would be classified and reported under the operating activities (OA), investing activities (IA), or financing activities (FA) section of a statement of cash flows:
On January 1, Toga Corporation granted stock options to top management. The options are exercisable within 4 years from the date of grant only if the employees are still in Toga's employ. When computing year-end earnings per share at December 31, ..
Paper Company receives a $6,000, 3-month, 6% promissory note from Dame Company in settlement of an open accounts receivable. What entry will Paper Company make upon receiving the note?
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