Finance Assignment Help 24
January 1, 2014, Frick Co. issued 3,000 of its 9%, $1,000 face value bonds at 102 1/2. In connection with the sale of these bonds, Frick paid the following expenses:
Promotion costs $ 20,000
Engraving and printing 35,000
Legal fees & commissions 200,000
Do not provide any journal explanations. If no entry is necessary, write “no entry.” Prepare the journal entries for the bond issue & any unamortized bond issue costs on January 1, 2014.
On June 1, 2014, Day Co. received $103,288 for $100,000 face amount, 12% bonds, a price that yields 10%. Assuming management does not elect the fair value option, prepare the adjusting entry for December 31, 2014. If no entry is necessary, write “no entry.” Round all values to the nearest dollar.
On July 1, 2016, after recording interest and amortization, Frick Co. converted $1,000,000 of its 12% convertible bonds into 60,000 shares of $1 par value common stock. On the conversion date the carrying amount of the bonds was $1,300,000, the market value of the bonds was $1,400,000, and Frick’s common stock was publicly trading at $30 per share. Using the book value method, prepare the general journal entry to record the conversion. Do not provide any journal explanations.
The following accounts were among those reported on Good Corp.’s balance sheet at December 31, year 1:
Available-for-sale securities (market value $140,000) $80,000
Preferred stock, $20 par value, 20,000 shares issued and outstanding 400,000
Additional paid-in capital on preferred stock 30,000
Retained earnings 900,000
On January 20, year 2, Good exchanged all of the available-for-sale securities for 5,000 shares of Good’s preferred stock. Market values at the date of the exchange were $150,000 for the available-for-sale securities and $30 per share for the preferred stock. The 5,000 shares of preferred stock were retired immediately after the exchange. Prepare the general journal entry, without explanation, to record this event.
Flam Co.’s payroll for the month ended January 31, 2015, is summarized as follows: Total wages $121,000 Federal income tax withheld 1,200 All wages paid were subject to FICA. FICA tax rates were 7% each for employee and employer. Flam remits payroll taxes on the 15th of the following month. In its financial statements for the month ended January 31, 2015, what amounts should Flam report as:
a. total payroll tax liability
b. payroll tax expense
In its 2015 financial statements, Flam Co. reported interest expense of $58,000 in its income statement and cash paid for interest of $68,000 in its cash flow statement. There was no prepaid interest or interest capitalization either at the beginning or end of 2015. Accrued interest at December 31, 2014, was $25,000. What amount should Flam report as accrued interest payable in its December 31, 2015 balance sheet?
On July 1, 2016, after recording interest and amortization, Frick Co. converted $1,000,000 of its 12% convertible bonds into 60,000 shares of $1 par value common stock. On the conversion date the carrying amount of the bonds was $1,300,000, the market value of the bonds was $1,400,000, and Frick’s common stock was publicly trading at $30 per share. Using the book value method, what amount of additional paid-in capital should Frick record as a result of the conversion?
On June 30, year 1, Frick Co. had outstanding 9%, $5,000,000 face value bonds maturing on June 30, year 6. Interest was payable semiannually every June 30 and December 31. Frick did not elect the fair value option for reporting its financial liabilities. On June 30, year 1, after amortization was recorded for the period, the unamortized bond premium and bond issue costs were $30,000 and $50,000, respectively. On that date, Frick acquired all its outstanding bonds on the open market at 99 and retired them. At June 30, year 1, what amount should Frick recognize as gain before income taxes on redemption of bonds?
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On January 1, year 1, Floozy Corp. issued 1,000 of its 10%, $1,000 bonds for $1,040,000. These bonds were to mature on January 1, year 11 but were callable at 101 1/2 any time after December 31, year 4. Interest was payable semiannually on July 1 and January 1. Floozy did not elect the fair value option for reporting its financial liabilities. On July 1, year 6, Floozy called all of the bonds and retired them. Bond premium was amortized on a straightline basis. Before income taxes, Floozy’s gain or loss in year 6 on this early extinguishment of debt was?
On January 1, year 13, Frick Inc. redeemed its fifteen-year bonds of $500,000 par value for 102. They were originally issued on January 1, year 1, at 96 with a maturity date of January 1, year 16. The bond issue costs relating to this transaction were $20,000. Frick did not elect the fair value option for reporting its financial liabilities. Frick amortizes discounts, premiums, and bond issue costs using the straight-line method. What amount of loss should Frick recognize on the redemption of these bonds?
Good Corp. issued 200,000 shares of common stock when it began operations in year 1 and issued an additional 100,000 shares in year 2. Good also issued preferred stock convertible to 100,000 shares of common stock. In year 3, Good purchased 175,000 shares of its common stock and held it in Treasury. At December 31, year 3, how many shares of Good’s common stock were outstanding?
Good Corp. issued 20,000 shares of $5 par common stock at $10 per share. On December 31, year 1, Good’s retained earnings were $300,000. In March year 2, Good reacquired 5,000 shares of its common stock at $20 per share. In June year 2, Good sold 1,000 of these shares to its corporate officers for $25 per share. Good uses the cost method to record treasury stock. Net income for the year ended December 31, year 2, was $50,000. At December 31, year 2, what amount should Good report as retained earnings?
Good Corporation was organized on January 2, year 1, with 100,000 authorized shares of $10 par value common stock. During year 1 Good had the following capital transactions:
> January 5–issued 75,000 shares at $14 per share.
> December 27–purchased 5,000 shares at $10 per share.
Good used the par value method to record the purchase of the treasury shares. What would be the balance in the paid-in capital from treasury stock account at December 31, year 1?
On December 31, year 1, Good Corp.’s board of directors canceled 50,000 shares of $2.25 par value common stock held in treasury at an average cost of $13 per share. Before recording the cancellation of the treasury stock, Good had the following balances in its stockholders’ equity accounts:
In its balance sheet at December 31, year 1, Good should report a common stock balance of?
Good Co. purchased 10,000 shares (2% ownership) of Ty Corp. on February 14, year 1. Good received a stock dividend of 2,000 shares on April 30, year 1, when the market value per share was $35. Ty paid a cash dividend of $1 per share on December 15, year 1. In its year 1 income statement, what amount should Good report as dividend income?
On June 27, year 1, Good Co. distributed to its common stockholders 100,000 outstanding common shares of its investment in Baddy, Inc., an unrelated party. The carrying amount on Good’s books of Baddy’s $1 par common stock was $2 per share. Immediately after the distribution, the market price of Baddy’s stock was $2.25 per share. In its income statement for the year ended June 30, year 1, what amount should Good report as gain before income taxes on disposal of the stock?
Good Co. had 100,000 shares of common stock issued and outstanding at January 1, year 1. During year 1, Good took the following actions:
In Good’s statement of stockholders’ equity for year 1, what amount should Good report as dividends?
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