Ask Question, Ask an Expert


Ask Financial Accounting Expert

problem 1) prepare detailed note on the following:

(a) Donated capital   

(b)  Stock split

(c) Continued operations   

(e) Preferred stock

problem 2) Bar Harbor Gas and Electric obtained authorization to issue 90 million face values of 10%, 20 year bonds, dated May 1, 2001. Interest payment dates were November 1, and May 1. Issuance of the bonds didn’t take place until August 1, 2001. On this date all the bonds were sold at a price of 100 plus three months accrued interest.

Create the essential entries in general Journal form on:

(a) August 1, 2001, to record the issuance of bonds.

(b) November 1, 2001, to record the first semi-annual interest payment on the bond issue.

(c) December 1, 2001, to accrue bond interest expense through year end.

(d) May 1, 2002, to record the second semi-annual interest payment.

problem 3) Income statement data for Star Corporation is:

                                     2002            2003
Sales                         Rs.1400       Rs.1200
Cost of sales                    850             730
Selling expenses               205             240
General expenses             140             100
Income tax expense           82               50

Create the income statement in comparative form, setting each item for both years as percent of sales (vertical common size analysis) and comment on the findings.

problem 4)(a) What is the significance of Cash Flow Statement?

(b) Operating cash flow per share is better indicator of profitability than is EPS. Do you agree? Describe in detail.

problem 5) describe the different ways of combining the businesses and the accounting procedures followed in this regard.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M95917

Have any Question? 

Related Questions in Financial Accounting

The sales budget for modesto corp shows that 20000 units of

The sales budget for Modesto Corp. shows that 20,000 units of Product A and 22,000 units of Product B are going to be sold for prices of $10 and $12, respectively. The desired ending inventory of Product A is 20% higher ...

A trial balance lists all the accounts and their

A trial balance lists all the accounts and their corresponding balances as on a particular date. It indicates whether an account has a debit or a credit balance. Consider the features of a trial balance and respond to th ...

Louis files as a single taxpayer in april of this year he

Louis files as a single taxpayer. In April of this year he received a $1,120 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following ind ...

The following transactions adjusting entries and closing

The following transactions, adjusting entries, and closing entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method ...

Comparative financial statements for weller corporation a

Comparative financial statements for Weller Corporation, a merchandising company, for the fiscal year ending December 31 appear below. The company did not issue any new common stock during the year. A total of 860,000 sh ...

Last year flynn company reported a profit of 65000 when

Last year, Flynn Company reported a profit of $65,000 when sales totaled $515,000 and the contribution margin ratio was 41%. If fixed expenses increase by $9,500 next year, what amount of sales will be necessary in order ...

Following are the operating results of the two segments of

Following are the operating results of the two segments of Parklin Corporation: Segment A Segment B Total Sales $10,000 $15,000 $25,000 Variable costs of goods sold 4,000 8,500 12,500 Fixed costs of goods sold 1,500 2,50 ...

Lisah inc manufactures golf clubs in three models for the

Lisah, Inc., manufactures golf clubs in three models. For the year, the Big Bart line has a net loss of $3,600 from sales $201,000, variable costs $175,000, and fixed costs $29,600. If the Big Bart line is eliminated, $1 ...

1 as of january 31 hudson corporation owes 600 to u-rent-it

1. As of January 31, Hudson Corporation owes $600 to U-Rent-It for equipment used during January. If no adjustment is made for this item at January 31, how will Hudson's financial statements be affected? Cash will be ove ...

Maria palomo purchased a used car from leblanc hyundai

Maria Palomo purchased a used car from LeBlanc Hyundai Partnership. She explained to the sales representative that she needed the car to go to work and to take care of her grandchildren. The representative told her that ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate