Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

problem 1) The charter for Zippy Inc. authorizes the company to issue 500,000 shares of $7, no-par preferred stock and 1,100,000 shares of common stock with $1 par value. During its start-up phase, Zippy Inc. find outd the following transactions:

2012

April 6     Issued 550 shares of common stock to the promoters who organized corporation, receiving cash of $16,500.
April 12   Issued 650 shares of preferred stock for cash of $28,000.
April 14   Issued 1,800 shares of common stock in exchange for land with market value of $22,000.

Required:

1. Create the journal entries for the month of April, 2012.

2. Create the stockholder’s equity section of Zippy’s balance sheet at December 31, 2012. Suppose that the company earned net income of $38,000 during this period.

problem 2) NHS Co. issued $350,000 of 10-year bonds payable on January 1. NHS pays interest each January 1 and July 1 and amortizes any discount or premium by the straight-line method. NHS issued the bonds at a price of $430,000 when the market rate was below 5%.

Required:

Journalize NHS’s issuance of bonds and first semi-annual interest payment.

problem 3) Del Mare Inc. earned net income of $210,000 during the year ended December 31, 2012. On December 15, 2012, Del Mare Inc. declared the annual cash dividend on its 3% preferred stock (total par value, $170,000) and a $0.80 per share cash dividend on its common stock (95,000 shares outstanding). Del Mare Inc. then paid the dividends on January 4, 2013.

Required:

Journalize for Del Mare Inc.

a) Declaring the cash dividends on December 15, 2012

b) Paying the cash dividends on January 4, 2013.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M96234

Have any Question? 


Related Questions in Financial Accounting

Assignemntinstructions for accessing public company

Assignemnt Instructions for Accessing Public Company Financial Statements Accessing through SEC website 1. Start by going to www.sec.gov. 2. Under the ‘Filings' Menu, select ‘Company Filings Search' 3. Type in the Compan ...

Hanson company is constructing a building construction

Hanson Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,872,000 on March 1, $1,236,000 on June 1, and $3,008,500 on December 31. Compute Hanson’s ...

Benoit company produces three products a b and c data

Benoit Company produces three products, A, B, and C. Data concerning the three products follow (per unit): Demand for the company's products is very strong, with far more orders each month than the company can produce wi ...

Assignmentscenarioyou are a first year staff person working

Assignment Scenario You are a first year staff person working with a multidiscipline team to report on a potential company your firm is considering to invest in. The president of your company will review your team's writ ...

Chapter 1 1 which of the following goals of the firm are

Chapter 1 1) Which of the following goals of the firm are synonymous (equivalent) to the maximization of shareholder wealth? A) profit maximization B) maximization of the total market value of the firm's common stock C) ...

Excel project instructionsassume abc company has asked you

EXCEL PROJECT INSTRUCTIONS Assume ABC Company has asked you to not only prepare their 2015 year-end Balance Sheet but to also provide pro-forma financial statements for 2016. In addition, they have asked you to evaluate ...

Assignmentbullwhen a company owns inventory it has to

Assignment • When a company owns inventory, it has to decide how to consistently value the inventory sold and on hand. Four inventory valuation methods are available to help the organization effectively value its invento ...

The market environment heavily influences corporate

The market environment heavily influences corporate decision-making ability. Identify the differences in executive decisions concerning pricing, product design, and advertising between a company in a competitive market a ...

Assignmentintroductionannual report analysis projectis

Assignment INTRODUCTION Annual Report Analysis Projectis designed to get you familiar with a real company's financial statements and disclosures. The purpose of the project is for student to be able to identify the discl ...

Assignmentcomprehensive problem differential

Assignment Comprehensive Problem: Differential Apportionment Mortar Corporation acquired 80 percent ownership of Granite Company on January 1, 20x7, for $173,000. At that date, the fair value of the non-controlling inter ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen