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Q. No. 1 Topic: Liabilities and Payroll Total Marks=2.5 Part I Zetix borrowed $20,000 on a one-year, 10 percent note payable from the local bank on March 1. Interest was paid quarterly, and the note was repaid one year from the time the money was borrowed. Reg uirements Calculate the amount of cash payments Zetix was required to make in each of the two calendar years that were affected by the note payable assuming accounting period ends on Dec. 31 each year. Part II Topic: Liabilities and Payroll Total Marks=2.5 Glen Pool Club, Inc., has a $300,000 mortgage liability. The mortgage is payable in monthly installments of $3000, which include interest computed at an annual rate of 12 percent. Reg uirements Prepare a partial amortization table showing (1) the original balance of this loan, and (2) the allocation of the rst two monthly payments between interest expense and the reduction in the mortgage's unpaid balance. (Round to the nearest dollar.) Q. NO. 3 Topic: Book value per share of common stock Total Marks=2.5 The balance sheet of Wireless, Inc., reported the following: Preferred stock, 9%, $20 par, 1,300 shares authorized, issued and outstanding = $2600 Common stock, nopar value, 12,000 shares authorized, 5,300 shares issued = 200,000 Retained earnings = 50,000 Total stockholders\" equity =$276,000 Assume that wireless has paid preferred dividends for the current year and all prior years (no dividends in arrears). Reg uirement 1. Compute the book value per share of the common stock. Q. N0. 4 Topic: Stockholders' Equity Section of the Balance Sheet Total Marks=5 The following summaries for 1Maryland Service, Inc., and 2Grapone, Co., provide the information needed to prepare the stockholders' equity section of each company's balance sheet. The two companies are independent. 1. Maryland is authorized to issue 44,000 shares of $1 par common stock. All the stock was issued at $11 per share. The company incurred net losses of $47,000 in 2009 and $15,000 in 2010. It earned net income of $32,000 in 2011 and $178,000 in 2012. The company declared no dividends during the four-year period. 2. Grapone's charter authorizes the issuance of 70,000 shares of 5%, $14 par preferred stock and 470,000 shares of no-par common stock. Grapone issued 1,400 shares of the preferred stock at $14 per share. It issued 130,000 shares of the common stock for $260,000. The company's retained earnings balance at the beginning of 2012 was $60,000. Net income for 2012 was $98,000, and the company declared the specied preferred dividend for 2012. Preferred dividends for 2011 were in arrears. Requirements: 1. For each company, prepare the stockholders' equity section of its balance sheet at December 31, 2012. Show the computation of all amounts. Entries are not required. Q. N0. 2 Part I Topic: Corporation and Paid In capital Total Marks=5 FV Company earned net income of $75,000 during the year ended December 31, 2012. On December 15, FV declared the annual cash dividend on its 5% preferred stock (par value, $115,000) and a $0.50 per share cash dividend on its common stock (55,000 shares). FV then paid the dividends on January 4, 2013. Reguirements 1. Joumalize for FV: 2. Declaring the cash dividends on December 15, 2012. 3. Paying the cash dividends on January 4, 2013. Part II Topic: Dividing cash dividends Total Marks=5 Partlow Company has the following stockholders' equity: Paidincapital Preferred stock, 5%,$15par, 7000 shares authorized, 5,500 shares issued. 32,500 common stock, $0.30 par, 1,200,000 shares authorized and issued 360,000 paid-incapital in excess of parcommon 400,000 Total paid in capital 842,500 Retained Earning 260,000 Total stockholder's Equity 1,102,500 Reg uirements: 1. Is Partlow's preferred stock cumulative or noncumulative? How can you tell? 2. Partlow declares cash dividends of $30,000 for 2010. How much of the dividends goes to preferred. How much goes to common? 3. Partlow passed the preferred dividend in 2011 and 2012. In 2013 the company declares cash dividends of $45,000. How much of the dividend goes to preferred? How much goes to common