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Aubrey Inc. issued $5,982,600 of 10%, 10-year convertible bonds on June 1, 2014, at 99 plus accrued interest. The bonds were dated April 1, 2014, with interest payable April 1 and October 1. Bond discount is amortized semiannually on a straight-line basis. On April 1, 2015, $2,243,475 of these bonds were converted into 33,300 shares of $18 par value common stock. Accrued interest was paid in cash at the time of conversion. (a) Prepare the entry to record the interest expense at October 1, 2014. Assume that accrued interest payable was credited when the bonds were issued. (b) Prepare the entry to record the conversion on April 1, 2015. (Book value method is used.) Assume that the entry to record amortization of the bond discount and interest payment has been made.
Assume that Ernesto purchased a laptop computer on July 10 of year 1 for $3,000. In year 1, 80 percent of his computer usage was for his business and 20 percent was for computer gaming with his friends.
Identify decisions that managers like Choi must make in applying depreciation methods.
compute ending inventory valuation under absorption andnbsp variable costingconsider the following information
Determine the consolidated balance for each of the following accounts as of December 31, 2011:Goodwill ..... Buildings (net)Equipment (net) . Dividends PaidCommonStock
ot-for-profits are required to classify assets into three categories, restricted, temporarily restricted and unrestricted. Explain why would this requirement exist for NFP organizations
Quark Spy Equipment manufactures espionage equipment. Quark uses a job-order costing system and applies overhead to jobs on the basis of direct labor-hours. For the current year, Quark estimated that it would work 100,000 direct labor-hours and incur..
What is the future value of $7,000 at the end of 5 periods at 8% compounded interest? What is the present value of $7,000 due 8 periods hence, discounted at 11%?
Analyze reporting requirements for private sector, not-for-profit organizations under Financial Accounting Standard Board guidance. Compare and contrast accounting practices between the two different assignments.
analysis of financial statement using ratio analysis.alegro manufacturing co. partial comparative balance sheet and
criteria should accountants consider in determining whether a transaction or an event is material
Suppose that today is January 1, 2012. Assume the interest rate is 1% per year and a stock index currently at 1,200 pays a dividend yield of 2%. Find the futures price for contract maturity dates of February 14, 2012, May 21, 2012, and November 18, 2..
ABC Company employs a periodic inventory system and sells its inventory to customers for $32 per unit. ABC Company had the following inventory information available for the month of May: Calculate the dollar amount of ending inventory shown on ABC Co..
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