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Jenks Co. has $2,500,000 of 8% convertible bonds outstanding. Each $1,000 bond is convertible into 30 shares of $30 par value common stock. The bonds pay interest on January 31 and July 31. On July 31, 2007, the holders of $800,000 bonds exercised the conversion privilege. On that date the market price of the bonds was 105 and the market price of the common stock was $36. The total unamortized bond premium at the date of conversion was $175,000. Jenks should record, as a result of this conversion, a
a) credit of $136,000 to Paid-in Capital in Excess of Par.
b) credit of $120,000 to Paid-in Capital in Excess of Par.
c) credit of $56,000 to Premium on Bonds Payable.
d) loss of $8,000.
Write a summary of asset treatment in a business. Examine the aspects of acquisition, depreciation, revising periodic depreciation, expenditures during useful life, and the three different means of disposal.
Why are companies required to prepare a statement of cash flows? Why is the statement of cash flows divided into three sections? What does each section tell you about the operations of a company?
Sampson Apparel Incorporated incurred actual variable overhead expenses of $62,000 in the current year for the production of 10,000 units.
Determine the amount of cash received and prepare the journal entries for (a) the Jan. 1 issuance and (b) the Dec. 31 recognition of interest.
What is the budgeted variable overhead cost rate per output unit? What is the flexible-budget amount for variable manufacturing overhead? What is the flexible-budget variance for variable manufacturing overhead?
Homeville Inc. has a sales budget for next month of $800,000. Cost of goods sold is expected to be 25 percent of sales. All goods are purchased in the month used and paid for in the month following purchase.
What is the budgeted utility cost for September 2011 if 31,250 machine hours are projected?
Many people say that a balance shows the financial position of an entity at a particular point in time. Explain "a particular point in time" and how does this differ from the income statement's time period coverage?
The floor space of Rocky's residence is 2,500 square feet, and he estimates that 20% of this is devoted exclusively to the repair business. Gross income from the business is $12,000, while expenses (other than home office) are $5,000. Expenses rel..
The education expense was for a 2 week nighttime course in business management. Smith believes the expenditure should qualify as an ordinary and necessary business expense. What net income should Smith report from his business? Smith is on the cas..
On January 30, Tensing Corporation bought supplies of $2,000. The supplies were all consumed in February. Determine which of the following statements is true regarding the accounting for these supplies.
On July 1, 2009, Cheryl pays the entire real estate tax of $5,475 for the year ending December 31, 2009. a. How much of the property taxes may Phil deduct?
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