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mash [69]
3 years ago
7

Sheffield Corporation has outstanding 1,800 $1,000 bonds, each convertible into 40 shares of $10 par value common stock. The bon

ds are converted on December 31, 2020, when the unamortized discount is $30,000 and the market price of the stock is $21 per share. Record the conversion using the book value approach.
Business
1 answer:
alekssr [168]3 years ago
5 0

Answer and Explanation:

The Journal entry is shown below:-

Bonds payable Dr,            $1,800,000

(1,800 × $1,000)

    To Discount on bonds payable        $30,000

    To Common stock                              $720,000

(1,800 × 40 × $10)

     To Paid-in-capital in excess of par   $1,050,000

(Being conversion of bond into common stock is recorded)

Therefore for recording the conversion using the book value approach we simply debited the bonds payable and credited the discount on bonds payable, common stock and paid-in-capital in excess of par.

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At a large department store, the number of years of employment for a cashier is a normally distributed variable with a mean of 5
Yakvenalex [24]

Answer:

0.0084

Explanation:

For this probability problem, we will have to make use of the normal probability distribution table.

to use the table, we will have to compute a certain value

z = (x- mean) /Standard deviation

z = \frac{(10 - 5.7)}{1.8} = 2.39

Probability he has worked in the store for over 10 years can be obtained by taking the z value of 2.39 to the normal probability distribution table to read off the values.

<em>To do this, on the  "z" column, we scan down the value 2.3. we then trace that row until we reach the value under the ".09" column. </em>

This gives us 0.99916

Thus we have P (Z < 2.39) = 0.9916

We subtract the value obtained from the table from 1 to get the probability required.

1 - 0.9916 = 0.0084

The Probability that the employee has worked at the store for over 10 years = 0.0084

4 0
3 years ago
Bear Tracks, Inc., has current assets of $2,280, net fixed assets of $10,400, current liabilities of $1,405, and long-term debt
Vera_Pavlovna [14]

Answer: $7185

Explanation: Shareholders equity refers to the amount of funds that are collected by the company by selling their ownership rights in the market to the general investors.

As per the subject matter of accounts, every asset that is owned by an organisation is either financed by the available funds or some liability is taken to buy it. This could be illustrated as follows :-

assets =  shareholders equity + liabilities

Putting the values into equation we get :-

$2280 + $ 10,400 = $1,405 + $4090 + shareholders equity

therefore :-

shareholders equity = $7185

6 0
3 years ago
All the payroll information needed to prepare payroll and tax reports is found on
Kruka [31]

Answer:

c

Explanation:

7 0
3 years ago
Initial step in the strategic marketing process is to begin planning by conducting a _______. business portfolio analysis. diver
Alex17521 [72]

<span>Initial step in the strategic marketing process is to begin planning by conducting a (SWOT) analysis. SWOT analysis, also called SWOT matrix, means the Strengths, Weaknesses, Opportunities, and Threats that summarizes the evaluation of elements for a project or business.</span>

7 0
3 years ago
Read 2 more answers
Economist Smith favors an activist monetary policy. He says that if the economy is going to be stabilized over time, it is neces
VladimirAG [237]

Answer:

Because of long lags, activist monetary policy is likely to be destabilizing rather than stabilizing.

Explanation:

4 0
3 years ago
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