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In order to retain certain key executives, Smiley Corporation granted them incentive stock options on December 31, 2009. 80,000 options were granted at an option price of $35 per share. Market prices of the stock were as follows:December 31, 2010 $46 per shareDecember 31, 2011 51 per shareThe options were granted as compensation for executives' services to be rendered over a two-year period beginning January 1, 2010. The Black-Scholes option pricing model determines total compensation expense to be $800,000.
Instructions: 1) What amount of compensation expense should Smiley recognize as a result of this plan for the year ended December 31, 2010 under the fair value method?2) Prepare journal entries relating to the stock option plan for years 2010, 2011, and 2012. Assume that the employee performance services equally in 2010 and 2011.
Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas on November 17, 2013. The units have a list price of $500 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a periodic in..
While US GAAP requires assets to be valued at the lower of cost or market, there is a belief that assets with value fluctuations should be valued at market and adjusted on a regular basis. Create an argument supporting the use of market value for ..
Nora transfers to Needle Corp depreciable machinery originally costing $18,000 and now having a $15,000 adjusted basis. In exchange, Nora receives all 100 shares of Needle stock having an $18,000 FMV and a three-year Needle note having a $4,000 FM..
Syntech is offered credit terms of 2/10, net 40, but decides to forego taking the cash discount and pays on the 45th day. What is Syntech's cost of foregoing the cash discount?
Is there a difference between financial statement fraud and other types of fraud? How does the definitions differ (if they do)? Should there be a distinction between the two or not?
with no residual value. At the beginning of 2011, a decision was made to change to the straight-line method of depreciation for this machine. Assuming a 30% tax rate, the cumulative effect of this accounting change, net of tax, is
Simple Interest, Compound interest, discount rate, force of interest, AV, PV
Betty dies on February 20 of the current year. Her estate consisted of the following assets, all valued as of her date of death:
Prepare the accounting records for Tanya's Tutoring Service (Version A), Set up the Chart of Accounts, Prepare the bank reconciliation for January 31, 2013
Stevenson Corporation acquires a one-year old building at a cost of $500,000 at the beginning of Year 2. The building has an estimated useful life of 50 years.
To ensure achievement of these goals, what are the steps taken in the evolution of an FASB Statement of Financial Accounting Standards.
Write a summary of a current event article relating to cost behavior and/or cost-volume-profit analysis. Please cite your source. The article can be from television, newspaper, or a current magazine. Please give some thought to the assignment and ..
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