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On January 1, 2011, Gless Textiles issued $12 million of 9%, 10-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 shares of Gless's no par common stock. Bonds that are similar in all respects, except that they are nonconvertible, currently are selling at 99 (that is, 99% of face amount). Century Services purchased 10% of the issue as an investment.
1) Prepare journal entries the June 30, 2015, interest payment by both Gless and Century assuming both use the straight-line method.
2) On July 1, 2016, when Gless's common stock had a market price of $33 per share, Century converted the bonds it held. Prepare the journal entries by both Gless and Century for the conversion of the bonds (book value method).
Ron served as a resident advisor in a dormitory and, therefore, the university waived the $2,500 charge for the room he occupied. What is Ron's adjusted gross income for 2010?
Paris Company buys a building on a plot of land for $100,000, paying $20,000 cash and signing a 20-year mortgage note for $80,000 at 6%. Monthly payments are $570. The first monthly payment was made in January, 2013. After the first payment, what ..
What is the acquisition cost of each asset? Prepare a journal entry to record the acquisition. Danny plans to depreciate the operating assets on a straight-line basis for 20 years. Determine the amount of depreciation expense for 2008 on these newl..
You want to buy a new car 5 years from now for N$300 000. Assuming a 6% interest rate compounded annually, how much should you invest today to yield N$300,000 in 5 years?
The Ambrosia Corporation's lead accountant shows the following information.
Flying Penguins Corp. has total current assets of $11,845,175, current liabilities of $5,311,020, and a quick ratio of .89. What is its level of inventory?
Straight-line depreciation is used. Demers reported net income of $28,000 and $32,000 for 2006 and 2007, respectively. Compute the gain recognized by Demers Company relating to the equipment for 2006:
In what ways do the elements of the four financial statements interact with one another? How might changing one of the financial statements affect the other financial statements? Why is it essential to understand the relationship between the finan..
Your schedule and statement must be in proper form - this means they should look like they would in an annual report-Prepare a schedule of cost of goods manufactured in good form.
At the begining of 2009, Emily corporation issued 14000 shares of $100 par, 4% cumulative, preferred stock for $110 per share. no dividends have been paid to preferred share holders.
The expected, undiscounted, net cash flows from the use of the asset and the eventual disposition are determined to be $760,000, and it has a current market value of $710,000. What is the amount of the impairment, if any, that should be recorded b..
TRM Corporation established a defined benefit pension plan in Year 5. In Year 8 the following information is available. Service cost = $45,000. Interest cost = $60,000.
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