User Account

All Pages

Prepare the stockholders equity section of zippys balance

Assignment Help Finance Basics
Reference no: EM13480310

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. computed the following transactions:

2012

April 6     Issued 550 shares of common stock to the promoters who organized the 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 a market value of $22,000.

Required:

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

2. 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.

Reference no: EM13480310

Questions Cloud

What does section 404 require of managements internal : what does section 404 require of managements internal control report? research a public company and explain how
Del mare inc earned net income of 210000 during the year : del mare inc. earned net income of 210000 during the year ended december 31 2012. on december 15 2012 del mare inc.
The company pays its employees at the end of the day friday : the company pays its employees at the end of the day friday for work done during that five-day work-week. total wages
Journalize nhss issuance of the bonds and first semiannual : nhs co. issued 350000 of 10-year bonds payable on january 1. nhs pays interest each january 1 and july 1 and
Prepare the stockholders equity section of zippys balance : the charter for zippy inc. authorizes the company to issue 500000 shares of 7 no-par preferred stock and 1100000
Earnings per share and retained earnings okra snack : earnings per share and retained earnings okra snack delights inc. has an operating profit of 210000. interest expense
Closing entries expensesbelow is a list of accounts with : closing entries expenses.below is a list of accounts with corresponding ending balances.account account balancea.
The charter for zippy inc authorizes the company to issue : problem 1the charter for zippy inc. authorizes the company to issue 500000 shares of 7 no-par preferred stock and
The difference between the initial bond price and the : 1 a bonds rating can depend on all of the following excepta.the corporations debt-equity ratio.b.the corporations

Reviews

Write a Review

Finance Basics Questions & Answers

  Financial ratios are the principal tool of financial

financial ratios are the principal tool of financial analysis. ratios standardize the financial information of firms so

  Calculate the value of a bond

Determine the value of a $1,000 bond which has ten years until maturity and pays quarterly interest at an annual coupon rate of 12%. The required return on similar-risk bonds is 20 percent.

  Determine the value of a share

A company has an expected dividend next year of $1.20 each share, a zero growth rate of dividends, and a required return of 10%. The value of a share of the company's common stock;

  Interest rate method problems

Interest Rate Method Problems :   Calculate the monthly payments if you forgo the $2,500 rebate and finance your new car through the dealership.

  In which ratios would each group be most interested

If we divide users of ratios into short-term lenders, long-term lenders, and stockholders, in which ratios would each group be most interested, and for what reasons?

  Calculate a fair price for the stock of united sports

If the discount rate is 9%, calculate a fair price for the stock of United Sports, Inc.

  What is the new dividend yield

what was this talks dividend yielded at the time of issue if the stock market price has risen to 60 per share, what is the new dividend yield?

  Determine the increase or decrease in cash for rinky supply

Determine the increase or decrease in cash for Rinky Supply Company for last year, given the following information. (Assume no other changes occurred during the past year.)

  Determine required rate of return

The current dividend yield on Clayton's Metals common stock is 3.2%. The company just paid a $1.48 yearly dividend and announced plans to pay $1.54 next year.

  Why firms prefer to use accelerated depreciation methods

why are taxes and the tax code important for managerial decision making?

  Iagine that you are starting a business determine the tax

financial statement cash flow and taxes please respond to the followinganalyze the importance and impact of financial

  What are the monthly payments

Bill Smith is borrowing $15,000 at 10% interest for 3 years. Payments are monthly and are calculated by using the add-on method. What are the monthly payments?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd