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www.assignmentcloud.com Question 1
Foyle Architects incorporated as licensed
architects on April 1, 2014. During the first month
of the operation of the business, these events and
transactions occurred:
Apr. 1 Stockholders invested $22,450 cash in
exchange for common stock of the corporation.
1 Hired a secretary-receptionist at a salary of $468
per week, payable monthly.

2. 2 Paid office rent for the month $1,122.
3 Purchased architectural supplies on
account from Burlington Company $1,621.
10 Completed blueprints on a carport and
billed client $2,370 for services.
11 Received $873 cash advance from J.
Madison
to design a new home.
20 Received $3,492 cash for services
completed and delivered to M. Svetlana.
30 Paid secretary-receptionist for the month
$1,872.
30 Paid $374 to Burlington Company for
accounts payable due.
Journalize the transactions. (If no entry is
required, select "No entry" for the account titles
and enter 0 for the amounts. Credit account titles
are automatically indented when amount is
entered. Do not indent manually. Record journal
entries in the order presented in the problem.)
Post to the ledger T-accounts. (Post entries in
the order of journal entries presented in the
question.)
Prepare a trial balance on April 30, 2014.

3. Question 2
This is the trial balance of Solis Company on
September 30.
SOLIS COMPANY
Trial Balance
September 30, 2014
Debit Credit
Cash $
23,840
Accounts
Receivable 7,240 (
Supplies 4,940
Equipment 10,840
Accounts
Payable
$ 9,440
Unearned
Service
Revenue
3,940
Common 19,640
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4. Stock
Retained
Earnings
13,840
$46,860 $46,860
The October transactions were as follows.
Oct. Received $1,500 in cash from customers for
5 accounts receivable due.
10
Billed customers for services performed
$5,840.
15 Paid employee salaries $1,000.
17
Performed $600 of services in exchange for
cash.
20
29
Paid $1,950 to creditors for accounts
payable due.
31
Paid a $260 cash
dividend. Paid utilities
$420.

5. Prepare a general ledger using T-accounts. Enter
the opening balances in the ledger accounts as of
October 1.
Journalize the transactions. (Credit account titles
are automatically indented when amount is
entered. Do not indent manually. Record journal
entries in the order presented in the problem.)
Post to the ledger accounts. (Post entries in the
order of information presented in the question.)
Prepare a trial balance on October 31, 2014.
Question 3
A tabular analysis of the transactions made during
August 2014 by Colaw Company during its first
month of operations is shown below. Each increase
and decrease in stockholders' equity is explained.
Assets
Liabi
l
ities+
Stockholders' Equity
Cas + A/ +Su+Eq =AccoH
Com+ Retained

6. h R pp uip unts mon Earnings
. . Paya Stoc
ble k
Reve Expe Divid
nues nses ends
(1$24,
) 400
$24,
400
(
2
)
2,0
00
$5,
10
0
$3,1
00
(3 - $7
) 790 90
Co
m.
St
oc
k
(4 4,4
) 30
$5,
61
0
Se
$10, rv.
040 Re
v.
(5
)
1,9
80
1,98
0

7. (6
)
1,4
10
$1,4
10
Di
v.
(7 -)
820 $82
0
Re
nt
Ex
P.
^ 490
49
0
Sal
(9
2,5 2,55 ar.
’ 50 0 Ex
P.
(1
0)
330 -330
Uti
l.
Ex
p-
Determine how much stockholders' equity
increased for the month.
Compute the net income for the month.

8. Question 4
This information relates to Crofoot Real Estate
Agency.
Oct. 1 Stockholders invest $30,950 in exchange
for common stock of the corporation.
2 Hires an administrative assistant at an annual
salary of $32,640.
3 Buys office furniture for $3,950, on account.
6 Sells a house and lot for M.E. Graves;
commissions due from Graves, $11,660 (not
paid
by Graves at this time).
10 Receives cash of $180 as commission for
acting as rental agent renting an apartment.
27 Pays $610 on account for the office furniture
purchased on October 3.
30 Pays the administrative assistant $2,720 in
salary for October.
Journalize the transactions. (If no entry is
required, select "No entry" for the account titles
and enter 0 for the amounts. Credit account titles
are automatically indented when amount is
entered. Do not indent manually. Record journal
entries in the order presented in the problem.)

9. Question 5
The financial statements of The Hershey Company
and Tootsie Roll are presented below. Assume
Hershey's average number of shares outstanding
was 220,688,000, and Tootsie Roll's was
57,892,000.
For each company calculate the following values
for 2011. (Hint: When calculating free cash flow,
do not consider business acquisitions to be part of
capital expenditures.) (Round all ratios to 1
decimal places, e.g. 15.2:1 or 15.2%, earnings per
share to 2 decimal places, e.g. 15.21 and all other
answers to thousands. Enter negative amounts
using either a negative sign preceding the number
e.g. -45 or parentheses e.g. (45).)
(1) Working capital.
(2) Current ratio.
(3) Debt to assets ratio.
(4) Free cash flow.
(5) Earnings per share.
Question 6
The financial statements of The Hershey Company
and Tootsie Roll are presented below.

10. Based on the information contained in these
financial statements, determine the normal
balance for:
Question 7
The following information is available for Cole
Bowling Alley at December 31, 2014.
Prepare a classified statement of financial
position; assume that $13,900 of the notes
payable will be paid in 2015. (List Property, plant
and equipment in order of land, buildings and
equipment. List current assets in reverse order of
liquidity.)
Question 8
The Zetar plc's complete annual report, including
the notes to its financial statements, is available in
the Investors section at www.zetarplc.com.
Describe in which statement each of the following
items is reported, and the position in the
statement (e.g., current asset).
Question 9
This information relates to Crofoot Real Estate
Agency.

11. Oct. 1 Stockholders invest $30,400 in exchange for
common stock of the corporation.
2 Hires an administrative assistant at an annual
salary of $39,960.
3 Buys office furniture for $3,620, on account.
6 Sells a house and lot for M.E. Graves;
commissions due from Graves, $10,660 (not paid
by Graves at this time).
10 Receives cash of $230 as commission for acting
as rental agent renting an apartment.
27 Pays $640 on account for the office furniture
purchased on October 3.
30 Pays the administrative assistant $3,330 in
salary for October.
Post the transactions to T-accounts. (Post
entries in the order of information presented in
the
question.)