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Explain how the issuance of a convertible bond can be a very attractive means of raising common equity funds.
Classify each of the following as a current asset, noncurrent asset, current liability, noncurrent liability, or equity account.
Explain these preferred stock characteristics-Accumulation of dividends,Participation in excess of stated dividend rate.
What would be the amount of noncontrolling interest on the balance sheet of Corvallis Corporation?
What is treasury stock? Why is it deducted from stockholders' equity?
When would noncontrolling interest be presented on a balance sheet?
What is redeemable preferred stock? Why should it be included with debt for purposes of financial statement analysis?
Why are commercial lending institutions, insurance companies, and mutual funds willing to grant loans to an employee stock ownership plan at favorable rates?
How does a company recognize, in an informal or a formal way, that it has guaranteed commitments to future contributions to an ESOP to meet debt-service.
An accelerated system of depreciation is often used for income tax purposes but not for financial reporting. Why?
Should depreciation be recognized on a building in a year in which the cost of replacing the building rises? Explain.
Assume that a city donated land to a company. What accounts would be affected by this donation, and what would be the value?
Land is listed on the balance sheet at its market value of $1,000,000. It cost $670,000 to purchase 12 years ago.
Compute the amount of dividends that must have been paid to preferred stockholders and common stockholders in each year.
Is it permissible to use different depreciation methods in financial statements than those used in tax returns?
Speculate on what concept of an asset Dana is considering when it states "We believe people are Dana's most important asset."
Under generally accepted accounting principles, should an internally generated brand value be recognized as an asset? Comment.
Big Car Company did substantial advertising in late December. The company's year-end date was December 31.
Should revenue be recorded for the savings between the cost of $50,000 and the bid of $60,000?
What is the basic problem with the monetary assumption when there has been significant inflation?
Briefly describe the operating procedure for Statements of Financial Accounting Standards.
Briefly describe the Committee on Accounting Procedures and Committee on Accounting Terminology.
Financial accounting is designed to measure directly the value of a business enterprise. Comment.
Briefly explain the difference between an accrual basis income statement and a cash basis income statement.
It is not important to know when cash is received and when payment is made. Comment.