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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 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.

2. 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.
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

3. Accounts
Payable
$ 9,440
Unearned
Service
Revenue
3,940
Common
Stock
19,640
Retained
Earnings
13,840
$46,860 $46,860
The October transactions were as follows.
Oct.
5
Received $1,500 in cash from customers for 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 Paid $1,950 to creditors for accounts payable due.
29 Paid a $260 cash dividend.
31 Paid utilities $420.
Prepare a general ledger using T-accounts. Enter the opening
balances in the ledger accounts as of October 1.

4. 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 =
Liabili
ties
+ Stockholders’ Equity
Cash+A/R+
Su
pp.
+
Equi
p.
=
Accou
nts
Payab
le
+
Com
mon
Stock
+ Retained Earnings
Reven
ues
–
Expen
ses
–
Divide
nds
(1
)
$24,
400
$24,4
00
Co
m.
Sto
ck
(2 – $5,1 $3,10

5. )
2,00
0
00 0
(3
)
–790
$7
90
(4
)
4,43
0
$5,6
10
$10,0
40
Ser
v.
Rev
.
(5
)
–
1,98
0
–
1,980
(6
)
–
1,41
0
–
$1,41
0
Div
.
(7
)
–820 –$820
Re
nt
Exp
.
(8
)
490
–
490
(9
)
–
2,55
0
–
2,550
Sal
ar.
Exp
.
(1
0)
330 –330
Util
.
Exp
.

6. Determine how much stockholders’ equity increased for the
month.
Compute the net income for the month.
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.)
Question 5

7. 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.
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

8. 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.
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.)