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Milo Co. had 900,000 shares of common stock outstanding on January 1, issued 126,000 shares on May 1, purchased 63,000 shares of treasury stock on September 1, and issued 57,000 shares on November
In the diluted earnings per share computation, the treasury stock method is used for options and warrants to reflect assumed reacquisition (repurchase) of common stock at the average market price du
In computing earnings per share for a simple capital structure, if the preferred stock is cumulative, the amount that should be deducted as an adjustment to the numerator (earnings) is the:
Lang Co. issued bonds with detachable common stock warrants. Only the warrants had a known market value. The sum of the fair value of the warrants and the face amount of the bonds exceeds the cash p
The service period is for two years beginning January 1,2012. As a result of the option granted to Williams, using the fair value method, Trent should recognize compensation expense for 2012 on its
The amount of the proceeds from the issuance that should be accounted for as the initial carrying value of the bonds payable would be:
The market value of the common stock at the date of the conversion was $30 per share. What total amount should be credited to additional paid-in capital from common stock as a result of the conversi
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 $350,000. Fogel should record, a
Robin transferred her 60 percent interest to Cardinal Company as part of a complete liquidation of the company. In the exchange she received land with a fair market value of $800,000.
Richard operates a hair styling boutique out of his home. 300 of the 1,200 square feet of floor space are allocated to the boutique. Other information is as follows:What amount of income or loss fro
Equival Company wishes to sell truck axles to car manufacturers. The current market price of the axles is $400, and Equival knows it must accept the market price. Currently, it costs the company $33
Prepare the journal entry for the issuance when the market price of the common shares is $168 each and market price of the preferred is $210 each. ( round to nearest dollar)
Income before interest and taxes is expected to be $3.000.000.The company has a 30% tax rate and has 600000 ordinary shares outstanding prior to new financing.
Predict the cash flows for the hospital over the next five years beginning with the current year (Year 0). The hospital projects revenues to be $3,100,000 in 2012, $3,200,000 in 2013, 3,250,000 in 2
The bonds were issued on December 31, 2008 at 95, with interest payable on June 30 and December 31. (Use straight-line amortization) On April 1, 2011, Wolfe retired $240,000 of these bonds at 101 pl
Aaron had AGI of $40,000 for 2011. He was injured in a skiing accident and paid $2,600 for hospital expenses and $1,400 for doctor bills. Aaron also incurred medical expenses of $1,200 for his child
Aaron also incurred medical expenses of $1,200 for his child, who lives with his former wife and is claimed as a dependent by her. In 2010, Aaron was reimbursed $1,300 by his insurance company for
Ebony Company uses the weighted-average method of process costing to assign production costs to its products. Ebony Company uses the weighted-average method of process costing to assign production c
On January 1, 2010, Mary transferred cash off $9,000 and land worth $44,000 (basis to her, $23,000) to the Partnership in exchange for a 25% profit/loss interest. For calendar 2010, JKL had a net pr
Eaton Company has a credit balance of $3,500 in Allowance For Doubtful Accounts. The estimated bad debts expense under the percentage of sales basis is $4,1000. The total estimated uncollectibles un
Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $12 per direct labor hour. The direct labor rate is $30 per hour. Journalize the entry to record the factory labo
Havaci's tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2012.
Keyser Beverage Company reported the following items in the most recent year.Compute net cash provided by operating activities, the net change in cash during the year, and free cash flow.
What adjusting entry would you need to make, assuming you decided to allow the maximum amount of revenues for 2009, using modified accrual accounting?
The City of Greenville had a balance in the Reserve for Encumbrances account at the end of 2008 in the amount of $30,000. During 2009, all purchase orders related to the $30,000 were filled and the