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intermediate accounting reporting
Schaum's Outline Of Intermediate Accounting II, Second Edition (Schaum's Outline Series) 2nd Edition Baruch Englard - Solutions
29 For the preceding problem assume that the warrants are nondetachable and prepare the required journal entry.
28 Corporation B issues 200 bonds, $150 par each, at par. Each bond contains a detachable stock warrant enabling the holder to purchase 1 share of $120 par common stock at $130. At the time of the sale, the market value of the bonds (without the warrants) is $140, while the market value of the
27 Corporation A issues a $100,000, six-year convertible bond at 104 on January 1, 19B. This bond is convertible into 1,000 shares of $100 par common stock. Three years later, when the market value of the stock is $120, the bondholder converts the bond and receives a $500 “sweetener.” Prepare
For weighted average purposes, stock dividends and splits are assumed to have taken place at _______
The difference between basic EPS and diluted EPS should be at least _______ .
If a security causes diluted EPS to be higher than basic EPS, it is and should be _______.
The maximum number of treasury shares that can be purchased is limited to _______ .
For diluted EPS the purchase price in the above question is the market price for the year _______ .
The proceeds received by the corporation upon the exercise of stock warrants are assumed to be used to purchase _______ .
For convertible bonds, the numerator is increased by the _______ savings less the _______ .
If preferred stock is noncumulative, then its dividend is subtracted in the numerator only if _______ .
Basic EPS is used for a _______ capital structure, while the diluted EPS is used for a _______ capital structure.
The two types of EPS are _______ and _______ .
Cash bonuses given to employees for the difference between the grant price and the market price are called _______ .
The two methods of allocating the proceeds from the sale of bonds with detachable stock warrants are the _______ method and the _______ method.
A certificate that enables its holder to buy stock at a fixed price per share is called a _______ stock .
When these bonds are exchanged for stock the stock is recorded at value instead of value _______ .
Bonds that can be exchanged for common stock are called _______ bonds.
Fifty shares of preferred stock, $20 par, are donated back to a corporation. These shares were originally issued at $25, and their present market value is $35. Prepare the journal entry under both the cost and par methods.
The following transactions relate to the stock of the Rich Corporation:(a) Issued 300 shares, $10 par common stock at $13(b) Purchased 100 shares treasury stock at $11(c) Resold 50 shares at $8(d) Retired the remaining 50 shares Prepare journal entries for these transactions under both the cost and
In the above problem determine the amortization:(a) under the straight-line method.(b) under the effective interest method and prepare an amortization table.
A $200,000, 2-year, 8% bond paying interest semiannually (4%) is sold to yield a market rate of 6% (3%).Compute the bond selling price and prepare the journal entry for the sale.
The Clark Corporation declared a property dividend payable from its investment in General Motors stock.The stock is carried on the books at $5,000 but has a market value of $7,000. It also declares a liquidating dividend of $12,000.Required:Prepare the entries at the declaration date for both of
On January 1, 19X1, the board of directors declares a cash dividend of $1.00 per share and a stock dividend of 10% to all common stockholders of record as of February 1, payable on March 1. The number of shares presently outstanding is 10,000, and the par and market values are $10 and $12,
When stock is issued for a noncash asset, the asset should be debited at its own _______ or at the _______ , whichever is more clear.
When an asset or treasury stock is donated to a corporation, the account to be credited is _______ .
In some states, stockholders are personally liable for any _______ on the purchase price of the stock.
When stock is issued, assets go _______ , liabilities _______ , and capital _______ .
A par value orally assigned to stock by the board of directors is called _______ value.
The two methods of accounting for stock repurchased from the public are the _______ method and the method _______ .
Stock that is repurchased from the public is stock _______ .
Atemporary capital account that is credited for the par value of a stock subscription is called _______ .
An attempt to borrow money without having to show the liability on the balance sheet is called _______ financing.
If a bond is sold between interest dates _______ , its selling price will be raised by the amount of interest.
Amortization of bond premium _______ interest expense while amortization of bond discount _______ interest expense.
When the market rate of _______ interest is greater than the contract rate, the bond will sell at a _______ .
The face value of a bond is also referred to as _______ .
Unsecured high risk bonds are called _______ bonds.
Restrictions of retained earnings are _______ .
For a stock dividend to be debited at fair market value, _______ it must be no larger than _______ %.
Dividends that are paid out of contributed capital are _______ dividends.
A note payable that promises to pay a dividend is called _______ .
The cutoff date that determines whether or not one is entitled to a dividend is the _______ .
In a corporation, the Income Summary account is closed into _______ .
When a company issues stock, assets and liabilities go up.True–False
Treasury stock is an asset.True–False
If stock is issued for a noncash asset, the asset should be debited at par.True–False
Stock issue costs are debited to an expense account.True–False
Both the cost and par value methods of treasury stock result in the same total stockholders’ equity.True–False
Issued shares are always equal to outstanding shares.True–False
The account Stock Subscriptions Receivable is a capital account.True–False
In a stock split, the par value is doubled.True–False
For property dividends an adjusting entry must first be made to adjust the book value to market value.True–False
Appropriations involve the setting aside of cash.True–False
Errors of prior periods should be reported in the income statement.True–False
Retained earnings should be debited at par value for a stock dividend of 15%.True–False
Deep discount bonds bear a low rate of interest.True–False
The preferred method of premium/discount amortization is the effective interest method.True–False
The bond contract is called a debenture.True–False
Initially, bond issue costs are debited to an expense account.True–False
If a bond is sold after an interest date, the interest starts to accrue from the date of the sale.True–False
A corporation must pay the face value of a bond at maturity, even if it was sold at a premium or discount.True–False
The gain or loss on retirement of a bond is not considered to be extraordinary.True–False
To determine the price of a bond, you must look up the tables at the stated rate.True–False
20 Corporation I has the following capital accounts on January 1, 19A:Common Stock 200,000 Retained Earnings 30,000 The common stock consists of 20,000 shares of $10 par each. Corporation I now decides to effect a quasi-reorganization by reducing the par of the stock to $5 per share. It also
19 During 19B, Corporation H discovers it understated depreciation for 19A in the amount of $40,000.(a) What type of correction entry is needed?(b) Prepare the correction entry. (Ignore income taxes.)
18 On February 1, Corporation G decides to appropriate $50,000 of its $120,000 retained earnings for the retirement of bonds payable. On June 1, the corporation decides it no longer needs the appropriation.Prepare the entries for the original appropriation and its elimination.
17 Corporation F has 20,000 shares of $120 par value common stock, with a market value of $180 per share.(a) If the stock is split 2 : 1, what will be the new par value per share, new market value per share, and total number of shares outstanding?(b) What will your answers be to these questions if
16 For the previous problem, prepare the journal entries if the dividend was 30% rather than just 10%.
15 Corporation E has 10,000 shares of $60 par common stock outstanding. On February 1, 19A, when the market value of the stock is $80 per share, it declares a 10% stock dividend. Prepare the entries for both the declaration and the payment.
14 Corporation D declares a dividend of $80,000, of which $20,000 is considered to be a liquidating dividend. Prepare the necessary journal entry.
13 On January 1, 19A, Corporation C declares a scrip dividend of $100,000 payable on May 1 to stock holders of record on April 1. The scrip pays interest at a 10% annual rate. Prepare entries for these three dates.
12 On April 1, 19A, Corporation B declares a dividend to be paid out of its merchandise inventory. On this date, the book value of the inventory is $5,000 while its market value is $4,000.(a) What type of dividend is this?(b) Prepare entries for the declaration and the payment.
11 CorporationAhad net income during 19X1 in the amount of $100,000 and had 10,000 shares of common stock outstanding. On June 30, it declared a cash dividend of $1 per share payable on October 1 to stockholders of record on August 1.(a) Prepare an entry for the net income.(b) What is the name
Dividends may be paid in the form of _______ , _______ , or _______ .
Corrections of errors in previous periods are called _______ and must flow through the account.
To eliminate a deficit, a corporation will engage in a _______ .
A debit balance in retained earnings is referred to as a _______ .
A restriction on retained earnings is called a (an) _______ .
When a corporation reduces the par of its stock to make it more affordable to the public, that is called _______.
If a stock dividend is less than _______ %, it is debited to retained earnings at fair market value.
Dividends paid out of contributed capital rather than out of retained earnings are _______ dividends.
When a corporation issues a note promising to pay a dividend in the future, that is called a _______ dividend.
The three dates associated with dividends are date of _______ , date of _______ , and date of _______.
Distributions made by the corporation to its stockholders are called _______ .
Income summary of a corporation is closed into the account called _______ .
32 For the previous problem, prepare journal entries under the par method.
31 Corporation I issues 400 shares of $100 par common stock at $120. Some time later the shareholders donate 200 shares back to the corporation. At this time the fair market value of the shares is $150 per share. Prepare the entries for the original issuance, the donation and the retirement, under
30 Prepare the entries for the previous problem using the par method.
29 Corporation H issues 1,000 shares of $90 par common stock at $100 per share. Prepare the journal entry for the issuance and for the following additional transactions, under the cost method:(a) It buys back 600 shares at $110.(b) It then resells 300 shares at $120.(c) It then resells another 200
28 Company G issues 100 shares of $180 par common stock at $190. It also incurs $900 in attorney fees relating to the issuance.Prepare an entry for the issuance and for the attorney fees.
27 A corporation has 300 shares, 8%, $200 par preferred stock outstanding.(a) How much is the dividend per share?(b) How much in dividends must the preferred get before the common can get anything?(c) If the dividends are 3 years in arrears, and this year’s total dividend is $5,500, how much will
26 Corporation F issues 500 shares of $100 par preferred stock for a piece of equipment. Prepare an entry if:(a) the market price of the equipment is $75,000 and the market price of the stock is unclear.(b) the market price of the stock is $125 per share and the market price of the equipment is
25 Corporation E issues 1,000 shares of $75 par common stock and 2,000 shares of $100 par preferred stock for a lump-sum price of $400,000. The market value of the common is $125 per share; the market value of the preferred is unknown. Prepare the necessary journal entry.
24 Corporation D issues 1,000 shares of $120 par common stock on subscription at $150 per share. Prepare entries for the subcription, the subsequent cash collection, and the issuance of the stock.
23 Corporation C issues 10,000 shares no-par common stock at $90 per share. Prepare an entry if:(a) the shares have no stated value.(b) the shares have a stated value of $60.
22 Corporation B is authorized to issue 50,000 shares of $70 par common stock. It issues 10,000 shares.Prepare the journal entry if:(a) these shares are issued at $80 per share.(b) these shares are issued at $50 per share.
21 Corporation A is authorized to issue 50,000 shares of common stock. It issues 20,000 shares but buys back 7,000 shares as treasury stock. Determine the number of authorized shares, issued shares, and outstanding shares.
The two types of preferred stock that receive dividends over and above their fixed percentage are _______ and _______ .
If preferred stock is entitled to receive prior years’ dividends that were skipped, it is _______ preferred stock.
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