Question 24 What Securities Act requires a listed company to file an annual report on Form 10K? The Securities Act of 1933 The Internal Revenue Code The Securities Act of 1934 The Securities Act of 1954
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Question 24
What Securities Act requires a listed company to file an annual report on Form 10K?
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The Securities Act of 1933 |
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The Internal Revenue Code |
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The Securities Act of 1934 |
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The Securities Act of 1954 |
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- (Appendix 21.1) Comprehensive The following are Adair Companys December 31, 2018, post-closing trial balance and the December 31, 2019, adjusted trial balance: A review of the accounting records reveals the following additional information for 2019: Investments in bonds to be held to maturity were purchased at year-end for 8,600. A building was purchased for 28,000. A note payable was issued for 9,000. Common stock was issued for 14,500. Dividends of 6,500 were declared and paid. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support the 2019 statement of cash flows for Adair. 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)P 16 On 1/10/2019 ABC company issued a $120,000, 12%, 4 years bonds. The bonds pay interest quarterly on 1/1 , 1/4,1/7 , and 1/10. The bonds were issued for 136,293.25, since the market rate was equal 8%. On 1/5 / 2021 the company called 75% of its outstanding at 102² Required: Based on the above given information, answer the following question: (a) What is the amount of interest expense that must be presented on ABC" Company income statement for the year ended December, 31, 2019? (b) What is the bond's carrying value that must be presented on the statement of financial position as on December, 31, 2020? (c) Prepare ALL the required journal entries for the year 2021.Chapter 11 Comprehensive Problem – CP11-11 The following note appeared on the balance sheet of Sabre Rigging Limited: As of December 31, 2019, dividends on the cumulative preferred stock were in arrears for three years to the extent of $15 per stock or $15,000 in total. Required: 1.Does the amount of the arrears appears as a liability on the December31, 2019 balance sheet? Explain your answer. Why might the dividends be in arrears? The comptroller of Sabre Rigging projects net income for the2020 fiscal year of $35,000. When the company last paid dividends, the directors allocated 50 per cent of current year’s net income for dividends. If dividends on shares of preferred stock are resumed at the end of 2020 and the established policy of 50 per cent is continued, how much will be available for dividends to the common stockholders if the profit projection is realized?
- Q 28 Question 28 Rector Company s trial balance at December 31 reports Bonds Payable of $100,000 and Discount on Bonds Payable of $4,500. What is the carrying value of the bonds issue reported on the balance sheet at the end of the year? Select one: a. $ 95,500. b. $104,500. c. $ 4,500. d. $100,000.PE 14-2A The first day of the fiscal year, a company issues a $3,500,000, 5%, 10-year bond that pays semiannual interest of $87,500 ($3,500,000 3 5% 3 1⁄2 year), receiving cash of $3,500,000. Journalize the entries to record (a) the issuance of the bonds, (b) the first interest payment, and (c) the payment of the principal on the maturity date.Question 2. Recording and Reporting Bonds Robinson Inc., as a public company, issues $3 million of 10%, 10-year, corporate bonds on January 1, 2010. The bonds pay interest on every January 1 after the issuance. The company uses the effective-interest amortization method. Required: If market rate on issue date is 10%, prepare journal entries for the issuance and journal entries at the end of December 2010, 2011, and 2019. If market rate on issue date is 12%, prepare journal entries for the issuance and journal entries at the end of December 2010 and 2011. If market rate on issue date is 8%, prepare journal entries for the issuance and journal entries at the end of December 2010, 2011, and 2019.
- 10. Sullivan Corporation includes the following selected accounts in its general ledger at December 31, 2025: Viewthe selected accounts. "Notes Payable (long - term) $65, 000 Bonds Payable (long - term)S 195, 000 Accounts Payable$ 19,600 Salaries Payable $ 1,840 Interest Payable (due next year) $ 740 Sales Tax Payable $ 680 Premium on BondsPayable $ 5,600 Estimated Warranty Payable S 1,000 Prepare the liabilities section of Sullivan Corporation's balancesheet at December 31, 2025.Hw.55. On July 1 of Year 1, West Company purchased for cash, 16, $10,000 bonds of North Corporation at a market rate of 6%. The bonds pay 5% interest, payable on a semiannual basis each July 1 and January 1, and mature in three years on July 1. The bonds are classified as trading securities. West Company's annual reporting period ends December 31. Assume the effective interest method of amortization of any discounts or premiums. a. Prepare a bond amortization schedule for the life of the bonds using the effective interest method. b. Record the entry for the purchase of the bonds by West Company on July 1 of Year 1. c. Record the adjusting entries by West Company on December 31 of Year 1 to accrue interest revenue and record the unrealized gain or loss. The fair value of the bonds on December 31 of Year 1 was $166,000. d. Record the receipt of interest on January 1 of Year 2. e. Record the sale of all of the bonds on January 2 of Year 2 for $166,100, eliminating the related Fair Value…Section 11 of Securities Act of 1933: Liability Exposure. Chriswell Corporationdecided to raise additional long-term capital by issuing $20 million of 12 percent subordinated debentures to the public. May, Clark & Company, CPAs, the company’s auditors, wereengaged to examine the June 30, 2018, financial statements, which were included in thebond registration statement.May, Clark & Company completed its examination and submitted an unmodified auditors’ report dated July 15, 2018. The registration statement was filed and became effectiveon September 1, 2018. On August 15, one of the partners of May, Clark & Company calledon Chriswell Corporation and had lunch with the financial vice president and the controller. He questioned both officials on the company’s operations since June 30 and inquiredwhether there had been any material changes in the company’s financial position since thatdate. Both officers assured him that everything had proceeded normally and that the financial…
- Question 36 On January 1, 2018, Marigold Corporation issued $4200000, 10-year, 9% bonds at 102. Interest is payable annually on January 1. The journal entry to record this transaction on January 1, 2018 is Cash 4200000 Bonds Payable 4200000 Cash 4284000 Bonds Payable 4200000 Premium on Bonds Payable 84000 Cash 4284000 Bonds Payable 4284000 Premium on Bonds Payable 84000 Cash 4200000 Bonds Payable 4284000Question 6 (i) On 1 April, year 1, Happy Corporation issues $50 million of 10%, 30-year bonds payable at par. Interest on the bonds is payable semiannually each 1 April and 1 October. The journal entry to record the first cash payment to bondholders on 1 October, year 1, will include: A: A credit to Cash of $5,000,000. B: A credit to Interest Payable of $2,500,000. C: A debit to Bonds Payable of $5,000,000. D: A debit to Interest Expense of $2,500,000. (ii) ABC Manufacturing Company sold a vehicle for cash of $70,000 with a loss of $10,000 recognized. The accumulated depreciation amounted to $140,000. The original cost of the asset must have been: A: $130,000. B: $150,000. C: $200,000. D: $220,000.22 A dealer in securities has the following for the year 2018: Sale of securities held for sale in the ordinary course P4,000,000 Cost of securities held for sale in the ordinary course 2,500,000 Supplies expense, net of VAT 300,000 Rent expense, net of VAT 500,000 The Vat payable shall be:
