Accounting problem

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Accounting problem

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Accounting problem

For each of the unrelated transactions described below, present the entry(ies) required to record the bond transactions.1. On August 1, 2011, Lane Corporation called its 10% convertible bonds for conversion. The $8,000,000 par bonds were converted into 320,000 shares of $20 par commonstock. On August 1, there was $700,000 of unamortized premium applicable to the bonds. The fair market value of the common stock was $20 per share. Ignore all interestpayments.2. Packard, Inc. decides to issue convertible bonds instead of...
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Frey Co. is considering the following alternative financing plans: Plan 1 Plan 2 Issue 10% bonds (at face value) $1,280,000 $640,000 Issue preferred $1 stock, $10 par — 1,060,000 Issue common stock, $5 par 1,280,000 860,000 Income tax is estimated at 40% of income. Determine the earnings per share on common stock, assuming that income before bond interest and income tax is $384,000. Enter answers in dollars and cents, rounding to two decimal places. Plan 1...

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Laura Eddy opened Eddy's Carpet Cleaners on March 1, 2021. In March, the following transactions were completed:Complete all steps in accounting cycle.Mar. 1Laura invested $10,000 cash in the business.1Purchased a used truck for $6,500, paying $1,500 cash and signing a note payable for the balance.3Purchased supplies for $1,200 on account.5Paid $1,200 on a one-year insurance policy, effective March 1.12Billed customers $4,800 for cleaning services.18Paid $500 of amount owed on supplies.20Paid $1,800 for employee salaries.21Collected $1,400 from customers billed on March...
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For the past several years, Emily Page has operated a part-time consulting businessfrom her home. As of June 1, 2010, Emily decided to move to rented quarters and tooperate the business, which was to be known as Bottom Line Consulting, on a full-timebasis. Bottom Line Consulting entered into the following transactions during June:June 1. The following assets were received from Emily Page: cash, $20,000; accountsreceivable, $4,500; supplies, $2,000; and office equipment, $11,500. There wereno liabilities received.1. Paid three months’ rent...
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In preparing its bank reconciliation for the month of April, 2012, Delano, Inc. has availale teh following infor:balance per bank statement 4/30/2012 $39,300NSG check returned with 4/30/2012 bank statement $470deposits in transit, 4/30/12 $5,000outstanding checks, 4/30/12 $5,200bank service charges for April $30What should be the adjusted cash balance at April 30, 2012?a) $38,630b) $38,800c) 39,010d) 39,100

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After the success of the company’s first two months, Santana Rey continues to operate Business Solutions. The November 30, 2019, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2019) follows. No.Account TitleDebitCredit101Cash$38,564106Accounts receivable12,818126Computer supplies2,645128Prepaid insurance1,860131Prepaid rent3,200163Office equipment8,700164Accumulated depreciation—Office equipment$0167Computer equipment22,400168Accumulated depreciation—Computer equipment0201Accounts payable0210Wages payable0236Unearned computer services revenue0307Common stock68,000318Retained earnings0319Dividends6,500403Computer services revenue34,064612Depreciation expense—Office equipment0613Depreciation expense—Computer equipment0623Wages expense2,150637Insurance expense0640Rent expense0652Computer supplies expense0655Advertising expense1,688676Mileage expense644677Miscellaneous expenses170684Repairs expense—Computer725Totals$102,064$102,064 Business Solutions had the following transactions and events in December 2019. Dec.2Paid $995...
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