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Problem 1: Which of the following accounting concepts states that before a transaction is recorded, sufficient evidence must exist to allow two or more knowledgeable individuals to reach essentially the same conclusion about the transaction?
a) Continuity assumption
b) Separate entity assumption
c) Cost principle
d) Reliability quality
Problem 2: Corporations issue convertible debt for two main reasons. One is the desire to raise equity capital assuming conversion would arise when the original debt is converted. The other is
a) The ease with which convertible debt is sold even if the entity has a poor credit rating.
b) The fact that equity capital has issue costs that convertible debt does not.
c) That many corporations can obtain financing at lower rate.
d) That convertible bonds will always sell at a premium.
Prepare a Statement of Cash Flow using the indirect method for the 2015, using the above statements and the following additional information
How do debt and equity securities differ? Describe how the various levels of ownership impact how companies account for investments
\Ms. Clara Crayola, a teacher, received a cash award of $5,000 from the Chamber of Commerce in recognition of her past accomplishments in the field of education.
Presented below are financial statements (except cash flows) for two not-forprofit organizations. Neither organization has any permanently restricted net assets
The agreement of sale made no mention of interest; however, 8% would be a fair rate for this type of transaction. What be the amount of the notes receivable
You are a journalist for an up-and-coming online news website. You are inadvertently given some information that you know would increase your website's popularity, but could potentially compromise national security. What would "popularity" mean fo..
Accurate Tax return budgets two direct labor hours for every tax return that it prepares, at a standard cost of $32.00 an hour. During the most recent year, 500 returns were completed with the labor cost totaling $26,000. The actual labor cost was $5..
A machine costing $257,500 with a four-year life and an estimated $20,000 salvage value is installed in Luther Company's factory on January 1.
Prepare the adjusting entries to the general ledger. Prepare (A) an income statement, (B) a statement of owner's equity, and (C) a balance sheet.
A project has a beta of 1.24, the risk-free rate is 3.8%, and the market rate of return is 9.2%. What is the project's expected rate of return?
On 1 July 2020 Jenny Ltd issued a prospectus to the public offering 15 million shares at $2.00 each. Prepare general journal entries to record the transactions
Evon would like to organize SHO as either an LLC or as a C corporation generating an 11 percent annual before-tax return on a $200,000 investment.
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