Grade Details 1. Question: (TCO D) A bond discount should be shown on the balance sheet as Your Answer: an asset.
a contra account to bonds payable.
a reduction of stockholders' equity.
both an asset and a liability. Instructor Explanation: Chapte
1. Question: (TCO D) A company offers a cash rebate of $1 on each $4 package of light bulbs sold during 2010. Historically, 10% of customers mail in the rebate form. During 2010, 4,000,000 packages of light bulbs are sold, and 140,000 $1 rebates are maile
1. Question: (TCO A) On July 1, 2010, an interest payment date, $60,000 of Parks Co. bonds were converted into 1,200 shares of Parks Co. common stock, each having a par value of $45 and a market value of $54. There is $2,400 unamortized discount on the bo
4. Question: (TCO F) Anders, Inc., has 5,000 shares of 5%, $100 par value, cumulative preferred stock and 20,000 shares of $1 par value common stock outstanding at December 31, 2011. There were no dividends declared in 2009. The board of directors declare
(TCO D) Edge Company's salaried employees are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar year 2011 is as follows:
At December 31, 2011, what amount should
(TCO C) On January 2, 2011, Klein Co. bought a trademark from Royce, Inc. for $1,000,000. An independent research company estimated that the remaining useful life of the trademark was 10 years. Its unamortized cost on Royce's books was $800,000. In Klein'
International Reporting Case Sepracor, Inc Financial Statements under U.S. GAAP Account Current Liabilities Convertible Debt Total Liabilities Stockholders Equity Net Income 2007(000) $ 554,114 $ 648,020 $1,228,313 $ 176,413 $ 58,333
A. Compute the follow
Financial Reporting Problem: p.790; Procter & Gamble Company A) What is the par or stated value of P & GS preferred stock? P&Gs preferred stock has a stated value of $1 per share. As per information on the consolidated balance sheet page 219
B) What is th
(TCO A) On January 1, 2010, Korsak, Inc. established a stock appreciation rights plan for its executives. It entitled them to receive cash at any time during the next four years for the difference between the market price of its common stock and a pre-est
1. Question: (TCO E) A primary source of stockholders' equity is Your Answer: income retained by the corporation.
appropriated retained earnings.
contributions by stockholders. both income retained by the corporation and contributions by stockholders.
(TCO D) On January 1, 2010, Crown Company sold property to Leary Company. There was no established exchange price for the property, and Leary gave Crown a $2,000,000 zerointerest-bearing note payable in five equal annual installments of $400,000, with the