Homework Help in Financial accounting

| September 29, 2018

Problem [2]
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. computed the following transactions:
April 6 Issued 550 shares of
common stock to the promoters who organized the corporation, receiving cash of
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 a market value of $22,000.
Prepare the journal entries for the month of April, 2012. [6 points each]
Prepare the stockholder’s equity section of Zippy’s balance sheet at
December 31, 2012. Assume that the company earned net income of $38,000 during
this period. [9 points]

Problem [3]
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%.
Journalize NHS’s issuance of the bonds
and first semiannual interest
payment. Explanations are not required. [7 points each]

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.
Journalize for Del Mare Inc.
Declaring the cash dividends on December 15, 2012 [7 points]
Paying the cash dividends on January 4, 2013. [7 points]

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