(Solved) -ACC 290 Week 2 WileyPLUS - 100% Correct


ACC 290 Week 2 WileyPLUS - 100% Correct

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.
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

  

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.

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

Liabilities

Stockholders’ Equity

  

Cash

A/R

Supp.

Equip.

Accounts Payable

Common Stock

Retained Earnings

 
              

Revenues

– 

Expenses

– 

Dividends

 

(1)

 

$24,400

         

$24,400

      

Com. Stock

(2)

 

–2,000

     

$5,100

 

$3,100

         

(3)

 

–790

   

$790

             

(4)

 

4,430

 

$5,610

         

$10,040

    

Serv. Rev.

(5)

 

–1,980

       

–1,980

         

(6)

 

–1,410

               

–$1,410

Div.

(7)

 

–820

             

–$820

  

Rent Exp.

(8)

 

490

 

–490

               

(9)

 

–2,550

             

–2,550

  

Salar. Exp.

(10)

         

330

     

–330

  

Util. Exp.



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

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 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.)

 







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