By Duane R. Milano
REA's necessities offer speedy and straightforward entry to severe details in a number of varied fields, starting from the main uncomplicated to the main complicated. As its identify implies, those concise, entire learn publications summarize the necessities of the sphere coated. necessities are worthy whilst getting ready for tests, doing homework and may stay an enduring reference resource for college students, academics, and pros. Accounting II contains present liabilities, long term liabilities, bonds, partnerships, organizations, gains and dividends, consolidations, assertion of money flows, and fiscal assertion research.
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As an example, assume that a corporation’s preferred stock is convertible in a ratio of three $10 par common shares for each share of $50 par preferred stock. 1 shows the entry needed to record conversion of 1,000 preferred shares to common stock. 1 In this example, 1,000 shares of $50 par value preferred stock were converted into 3,000 shares of $10 par value common stock. The $20,000 difference is paid-in capital in excess of par value. 9 TREASURY STOCK When a company purchases its own stock, that stock is said to be placed in the treasury of the company as treasury stock.
Since the apartment owner is obligated to return the deposit if the contract terms are met, this amount is a liability of the company. 1 illustrates such a situation. Assume that a renter is required to put up a $500 deposit upon renting an apartment on May 1,1992. On May 1,1993, the renter moves out after meeting all provisions of the rental contract. The entries to record those events are shown below. 1 To record receipt of $500 apartment deposit. To record refund of $500 apartment deposit. 1 DEFINITIONS Long-term liabilities are liabilities that have an expected life of more than one year.
1. Note that again the entire amount of Smith’s investment in Jones is eliminated by crediting that account for $150,000. Debits are to goodwill ($50,000), Jones Corporation capital stock ($40,000), and Jones Corporation retained earnings ($60,000). 5 PURCHASE OF LESS THAN 100% OF SUBSIDIARY If a parent company purchases less than 100% (but still a majority) of the stock of a subsidiary, a minority interest will appear on the consolidated balance sheet. This minority interest represents the stock held by stockholders other than the parent company.
Accounting II Essentials by Duane R. Milano