The following table summarizes the activities for our unvested RSUs for the year ended December 31, 2017:Weighted AverageGrant Date FairValueUnvested at December 31, 2016GrantedVestedForfeitedUnvested at December 31, 2017Required:1. Assuming a four-year vesting period, how much compensation expense did BigTech report in the year ended December 31, 2018, forthe restricted stock units granted during the year ended December 31, 2017?2. Based on the information provided in the disclosure note, prepare the journal entry that summarizes the vesting of RSUS during theyear ended December 31, 2017. (BigTech's common shares have a par amount per share of $0.000006.)Complete this question by entering your answers in the tabs below.Required 1 Required 2Number of Shares(in thousands)115,24454,462(48,650)(15,967)105,089$444,001,455$ 21.6032.6117.1825.53$ 28.40Assuming a four-year vesting period, how much compensation expense did BigTech report in the year ended December 31,2018, for the restricted stock units granted during the year ended December 31, 2017? (Enter your answer in millionsrounded to nearest whole number. (i.e., 10,000,000 should be entered as 10).)Compensation expensemillion

Restricted stock units are a part of the company’s stock that an entity provides to its employees…

Answered: The following table summarizes the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Consider the following scenario: A newly incorporated company ("iX Nuts") engages in the selling of macadamia nuts. For the 2022 year of assessment, the following is applicable: ● The company was initially funded by a bank loan of $500k bearing interest at 5% payable annually in arrears Share capital was $1,000 paid for in cash by shareholders ● The company purchased $1m worth of macadamia nuts as stock during the year. 10% of this was owing to creditors at year end • The company had sold 80% of its stock by year end ● The company incurred packaging costs of $100,000 in converting purchased macadamia nuts into the final product that is ready for sale. This amount is considered to be part of the cost of goods sold. • The mark-up the company applied to its cost (including packaging) was 120% 75% of the company's sales were cash with the remainder being credit sales Salaries for the company for the year were $240,000 ● The only equipment purchased by the company was a packaging machine…
At the beginning of 2019, Ace Company had the following portfolio of investments in available-for-sale debt securities (all of which were acquired at par value): Security Cost 1/1/19 Fair Value A $45,000 $56,000 B 68,000 65,000 Totals $113,000 $121,000 During 2019, the following transactions occurred: Transactions: May 3 Purchased C debt securities at their par value for $50,000. July 1 Sold all of the A securities for $56,000 plus interest of $1,000. Dec. 31 Received interest of $1,000 on the B and C securities. Additionally the following information was available: Security 12/31/19 Fair Value B $75,000 C 53,000 Required: 1. Prepare journal entries to record the preceding information. 2. What is the balance in the Unrealized Holding Gain/Loss account on December 31, 2019? 3. Next Level What justification does the FASB give for its treatment of unrealized holding gains and losses for available-for-sale…
On January 1, 2020, May Company appropriately reported a debit balance of P125,000 (before income tax effect) in the fair value adjustment account on its investment to other comprehensive Income, There was no change during 2020 in the composition of the portfolio of investments. Pertinent data on December 31, 2020 are as follows:Securities Cost MarketC Pl,500,000 PI,475,000P 1,250,000 1,000,000A 2,250,000 1,750,000Total P5,000,000 P4,225,0001. By what amount the equity securities had decreased during 2020? a. none b. 125,000 c. 775,000 d. 900,000 2. What amount of unrealized loss should May company report in December 31,2020 shareholder's equity related to its investment, ignore income tax? a. none b. 125,000 c. 775,000 d. 900,000
During the financial year ending May 31, 2020 the Board of Directors of Chung Sa Corporation authorised the write off of a $3,000 two-year debt belonging to a previous customer Jap Inc. On July 2, 2020 Chung Sa Corporation received an electronic funds transfer from Jap Inc. in the amount of $3,000. Required: Prepare all necessary journal entries to record this transaction.
Presented below is information related to the purchases of common stock by Lilly Company during 2020. Cost(at purchase date) Fair Value(at December 31) Investment in Arroyo Company stock $100,000 $ 80,000 Investment in Lee Corporation stock 250,000 300,000 Investment in Woods Inc. stock 180,000 190,000 Total $530,000 $570,000 Instructions (Assume a zero balance for any Fair Value Adjustment account.) a. What entry would Lilly make at December 31, 2020, to record the investment in Arroyo Company stock if it chooses to report this security using the fair value option? b. What entry(ies) would Lilly make at December 31, 2020, to record the investments in the Lee and Woods corporations, assuming that Lilly did not select the fair value option for these investments?
Excelsior Corporation has the following headings on its December 31, 2019 Balance Sheet: Total Current Assets $200,000 Total Assets $500,000 Total Current Liabilities $169,000 Total Non Current Liabilities $300,000 On January 2020 Excelsior sells temporary investments to pay off $56,400 in long term debt Required 1: How much will working capital increase (decrease) by when comparing December 2019 with January 2020? Required 2: If no other transaction took place in January 2020, the current ratio at the end of January 2020 is: Required 3: If no other transaction took place in January 2020, the debt to equity ratio at the end of January 2020 is: Required 4: If no other transaction took place in January 2020, the financial leverage in January 2020 is (calculate the Equity Ratio and not the Equity Ratio percentage): Required 5: If last 12 month sales as of January 2020 amount to $480,000, the working capital turnover for the period ended January 31st 2020 is:
To get cash to purchase operating assets, Ballard Company, with a December 31 fiscal year-end, issued bonds with the following characteristics: (i) (ii) (iii) (iv) C. Date of bonds: January 1, 2011 Maturity amount and date: $100,000 due in 10 years (December 31, 2020). Interest: 11% per year payable each December 31. Date issued: January 1, 2011. Required: a. Construct the amortization table for the first 2 years for each bond. See (b). b. Give the journal entries to record the issuance and the first 2 interest payments under each of 3 different independent cases: Case A - The bonds sold at par. Case B - The bonds sold to yield 12%. Case C - The bonds sold to yield 10% Provide the following amounts to be reported on the 2011 financial statements: a., Interest expense b., Bonds payable c., Unamortized premium or discount d., Net Liability e., Stated rate of interest (coupon rate) f., Cash paid for interest Case A $ Case B $ Case C $
Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2024: Prior service cost at January 1, 2024, from plan amendment at the beginning of 2022 (amortization: $4 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2024 Service cost Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2024 Beginning of 2025 Service cost PBO $ 300 48 Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2025 24 (2) (20) $ 350 PBO $ 350 38 28 5 (16) Beginning of 2024 Return on plan assets, 7.5% (10% expected) $ 405 Cash contributions Less: Retiree benefits End of 2024 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025: ($ in millions) Beginning of 2025 Return on plan assets, 15% (10%) expected)…
Sunland Technologies Inc. held a portfolio of shares and bonds that it accounted for using the fair value through other comprehensive income model at December 31, 2023. This was the first year that Sunland had purchased investments. In part due to Sunland's inexperience, by December 31, 2023, the market value of the portfolio had dropped $29,700 below its original cost. Sunland recorded the necessary adjustments at December 31, 2023, and was determined to hold the securities until the unrealized loss from 2023 could be recovered. By December 31, 2024, Sunland's goal of recovery had been realized and the original portfolio of shares and bonds had a fair market value $6,600 higher than the original purchase costs. Sunland's income tax rate is 30% for all years. Assume that any gains that will ultimately be realized on the sale of the shares and bonds are taxable as ordinary income when they are realized. Sunland applies IFRS. (a) Prepare the journal entries at December 31, 2023, to…
In 2015, Maine Corporation bought a $5,000,000 life insurance policy on its president, of which Maine Corporation is the beneficiary. Information regarding the policy for the year ended December 31,2020 follows: Cash surrender value, 1/1/2020 : $435,000 Cash surrender value, 12/31/2020 : $540,000 Annual advance premium paid 1/1/2020 : $200,000 During 2020, dividends of $30,000 were applied to increase the cash surrender value of the policy. How much should be the life insurance expense for 2020?
At the end of 2018, Terry Company prepared the following schedule of investments in available-for-sale debt securities (all of which were acquired at par value): Company Amortized Cost 12/31/18 Fair Value Cumulative Change in Fair Value Morgan Company $30,000 $29,200 $(800) Nance Company 50,000 53,200 3,200 Totals $80,000 $82,400 $2,400 During 2019, the following transactions occurred: July 1 Purchased Oscar Company debt securities with a par value of 100,000 for $97,000. The securities carry an annual interest rate of 10%, mature on December 31, 2021, and pay interest seminannually on July 1 and December 31. Terry uses the straight-line method to amortize any discounts or premiums. Oct. 11 Sold all of the Morgan Company securities for $28,000 plus interest of $1,200. Dec. 31 Received interest of $6,000 on the Nance Company and Oscar Company debt securities, and the following yearend total market values were available: Nance Company debt securities, $54,000;…
On January 1, 2020, Concord Company makes the two following acquisitions. 1. Purchases land having a fair value of $370,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $561,686. 2. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $550,000 (interest payable annually). The company has to pay 11% interest for funds from its bank. (a) Record the two journal entries that should be recorded by Concord Company for the two purchases on January 1, 2020. (b) Record the interest at the end of th

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