Questions from Intermediate Accounting

Q: Amy Dyken, controller at Fitzgerald Pharmaceutical Industries, a public company

Amy Dyken, controller at Fitzgerald Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for Fitzgera...

Q: Melton Corporation is preparing the comparative financial statements for the annual report

Melton Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2012, and May 31, 2013. The income from operations for eac...

Q: Charles Austin of the controller’s office of Thompson Corporation was given the

Charles Austin of the controller’s office of Thompson Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ending December 31, 2013. Austin...

Q: Assume the bonds in IFRS14-3 were issued for $644

Assume the bonds in IFRS14-3 were issued for $644,636 and the effective-interest rate is 6%. Prepare the company’s journal entries for (a) The January 1 issuance, (b) The July 1 interest payment, and...

Q: The information below pertains to Barkley Company for 2013. Net

The information below pertains to Barkley Company for 2013. Net income for the year ……………………………………………………………………………………. $1,200,000 8% convertible bonds issued at par ($1,000 per bond); each bond is conv...

Q: Agassi Corporation is preparing the comparative financial statements to be included in

Agassi Corporation is preparing the comparative financial statements to be included in the annual report to stockholders. Agassi employs a fiscal year ending May 31. Income from operations before inco...

Q: Incurring long-term debt with an arrangement whereby lenders receive an

Incurring long-term debt with an arrangement whereby lenders receive an option to buy common stock during all or a portion of the time the debt is outstanding is a frequent corporate financing practic...

Q: Sprinkle Inc. has outstanding 10,000 shares of $10

Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2012, Sprinkle reacquired 100 shares at $87 per share. On September 1, Sprinkle reissued 60 shares at $90 per shar...

Q: The executive officers of Rouse Corporation have a performance-based compensation

The executive officers of Rouse Corporation have a performance-based compensation plan. The performance criteria of this plan is linked to growth in earnings per share. When annual EPS growth is 12%,...

Q: For various reasons a corporation may issue warrants to purchase shares of

For various reasons a corporation may issue warrants to purchase shares of its common stock at specified prices that, depending on the circumstances, may be less than, equal to, or greater than the cu...