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Volker Inc. Issued $2,500,000 of convertible 10 -year bonds

P16-2 Volker Inc. Issued $2,500,000 of convertible 10 -year bonds on July 1, 2014. The bonds provide for 12% interest payable semiannually on January 1 and July 1.

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You work for a medium sized privately held electronics firm which is considering transitioning to a publically held organization.

Finance Essay

You have been asked to provide more data to support your strategic recommendations that the organization should consider pursuing

Accounting Unit Exam

1. A corporation:

a. can continue indefinitely

b. is owned by stockholders

c. has limited risk to stockholders

d. All of the above.

 

2. The Sarbanes-Oxley Act was passed to:

a. prevent fraud at public companies

b. replace all of the old accounting procedures with new ones

c. improve the accuracy of the company’s financial reporting

d. a and c only

 

3. A legal firm would be considered a:

a. merchandise company

b. manufacturer

c. service company

d. None of the above.

 

Assignment

Assignment 2: Constructive Dividends, Redemptions, and Related Party Losses

Due Week 4 and worth 200 points

Kuhlman Company - Phantom Profit

In its first month of operation, Kuhlman Company purchased 290 units of inventory for $11, then 390 units for $12, and finally 330 units for $13. At the end of the month, 370 units remained.



Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.

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