On august 1, 2018, limbaugh communications issued $22 million of 11% nonconvertible bonds at 105. the bonds are due on july 31, 2038. each $1,000 bond was issued with 40 detachable stock warrants, each of which entitled the bondholder to purchase, for $50, one share of limbaugh communications’ no par common stock. interstate containers purchased 20% of the bond issue. on august 1, 2018, the market value of the common stock was $48 per share and the market value of each warrant was $10.in february 2029, when limbaugh’s common stock had a market price of $62 per share and the unamortized discount balance was $2 million, interstate containers exercised the warrants it held. required: 1. prepare the journal entries on august 1, 2018, to record (a) the issuance of the bonds by limbaugh and (b) the investment by interstate.2. prepare the journal entries for both limbaugh and interstate in february 2029, to record the exercise of the warrants.

Data pertaining to the current position of forte company are as follows: cash $437,500 marketable securities 170,000 accounts and notes receivable (net) 320,000 inventories 700,000 prepaid expenses 42,000 accounts payable 240,000 notes payable (short-term) 250,000 accrued expenses 310,000 required: 1. compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. round ratios to one decimal place. 2. compute the working capital, the current ratio, and the quick ratio after each of the following transactions, and record the results in the appropriate columns of the table provided. consider each transaction separately and assume that only that transaction affects the data given. round to one decimal place. a. sold marketable securities at no gain or loss, 75,000. b. paid accounts payable, 135,000. c. purchased goods on account, 100,000. d. paid notes payable, 105,000. e. declared a cash dividend, 125,000. f. declared a common stock dividend on common stock, 45,000. g. borrowed cash from bank on a long-term note, 205,000. h. received cash on account, 130,000. i. issued additional shares of stock for cash, 635,000. j. paid cash for prepaid expenses, 15,000.

Which of the following characteristics are emphasized in the accounting for state and local government entities? i. revenues should be matched with expenditures to measure success or failure of the government entity. ii. there is an emphasis on expendability of resources to accomplish objectives. a. i only b. ii only c. i and ii d. neither i nor ii

Given the following information, calculate the savings ratio: liabilities = $25,000 liquid assets = $5,000 monthly credit payments = $800 monthly savings = $760 net worth = $75,000 current liabilities = $2,000 take-home pay = $2,300 gross income = $3,500 monthly expenses = $2,050 multiple choice 2.40% 3.06% 34.78% 33.79% 21.71%