Create your own company describing the nature of the company and what it provides (should be providing services and assume it is a sole proprietorship) .

Show in details the Accounting cycle (journalizing in general journal, posting in general ledger and preparing financial statements ) taking into consideration the following :

Transaction to start with not less than 25 transactions ( including at least one unearned and one prepaid transactions )

Use the coding for the accounts used

During the adjusting period please make sure you have covered all six categories discussed in class

Make sure to show the method used to calculate the depreciation highlighting over the reason on choosing this specific method

Assume you are using the allowance method in estimating the uncollectible accounts for Accounts receivables .

Question Two :

Reineman Supply Company uses a periodic inventory system. During September, the following transactions and events occurred.

Sept.3         Purchased 90 backpacks at $25 each from Zuzu Company, terms 2/10, n/30.

Sept.6         Received credit of $150 for the return of 6 backpacks purchased on Sept. 3 that were defective.

Sept.9         Sold 15 backpacks for $42 each to Bailey Books, terms 2/10, n/30.

Sept.13       Paid Zuzu Company in full.

Sept.19       Received payments from Bailey Books.

Instructions

Journalize the September transactions for Reinem

Question 4 :

Assume that Swann Company uses a periodic inventory system and has these account balances: Purchases $630,000; Purchase Returns and Allowances $25,000; Purchase Discounts $11,000; and Freight-In $19,000; beginning inventory of $45,000; ending inventory of $55,000; and net sales of $750,000.

Instructions:

Determine the a) cost of goods sold and b)Gross profit ( show computations )

Question Six:

The following accounts appear in the ledger of Alico Corporation after the books are closed at December 31, 2019.

Common Stock, $2 par value, 700,000 shares authorized, 400,000 shares

issued …………………………………………………………………………$800,000

Paid-in Capital in Excess of Par Value—Common Stock ………………….....650,000

Preferred Stock, $100 par value, 8%, 10,000 shares authorized; 2,000 shares

issued …………………………………………………………………………..200,000

Retained Earnings ……………………………………………………………..900,000

Treasury Stock (10,000 common shares) ………………………………………85,000

Paid-in Capital in Excess of Par Value—Preferred Stock …………………….310,000

Required: Prepare the stockholders' equity section at December 31, 2019.

Question 7 :

Adham Corporation was organized on January 1, 2019. During its first year, the corporation issued 40,000 shares of $50 par value preferred stock and 200,000 shares of $5 par value common stock. At December 31, the company declared the following cash dividends:

December            2017                $80,000

December            2018                195,000

December            2019                300,000

Required:

Show the allocation of dividends to each class of stock, assuming that the

         preferred stock is 9% and not cumulative.

Show the allocation of dividends to each class of stock, assuming that the

         preferred stock is 10% and cumulative.

Question 8 :

On January 1, 2019, Western Manufacturing Corporation issued $3,000,000, 10%, 5-year bonds dated January 1, 2019, at 104. The bonds pay semi-annual interest on January 1 and July 1. The company uses the straight-line method of amortization and has a December 31, year end.

Instructions:

Prepare the journal entries to record the following:

The issuance of bonds on January 1, 2019

The payment of interest and the discount (or premium) amortization on July 1, 2019.

The accrual of interest and the discount (or premium) amortization on December 31, 2019.

The payment of interest on January 1, 2020

Question 9 :

Ratio analysis case:

Select a corporation and get its financial statements, evaluate the firms performance using the ratio analysis and briefly discuss your findings.

Question

Create your own company describing the nature of the company and what it provides (should be providing services and assume it is a sole proprietorship) .

Show in details the Accounting cycle (journalizing in general journal, posting in general ledger and preparing financial statements ) taking into consideration the following :

Transaction to start with not less than 25 transactions ( including at least one unearned and one prepaid transactions )
Use the coding for the accounts used
During the adjusting period please make sure you have covered all six categories discussed in class
Make sure to show the method used to calculate the depreciation highlighting over the reason on choosing this specific method
Assume you are using the allowance method in estimating the uncollectible accounts for Accounts receivables .

Question Two :

Reineman Supply Company uses a periodic inventory system. During September, the following transactions and events occurred.

Sept.3 Purchased 90 backpacks at $25 each from Zuzu Company, terms 2/10, n/30.

Sept.6 Received credit of $150 for the return of 6 backpacks purchased on Sept. 3 that were defective.

Sept.9 Sold 15 backpacks for $42 each to Bailey Books, terms 2/10, n/30.

Sept.13 Paid Zuzu Company in full.

Sept.19 Received payments from Bailey Books.

Instructions

Journalize the September transactions for Reinem

Question 4 :

Assume that Swann Company uses a periodic inventory system and has these account balances: Purchases $630,000; Purchase Returns and Allowances $25,000; Purchase Discounts $11,000; and Freight-In $19,000; beginning inventory of $45,000; ending inventory of $55,000; and net sales of $750,000.

Instructions:

Determine the a) cost of goods sold and b)Gross profit ( show computations )

Question Six:

The following accounts appear in the ledger of Alico Corporation after the books are closed at December 31, 2019.

Common Stock, $2 par value, 700,000 shares authorized, 400,000 shares

issued …………………………………………………………………………$800,000

Paid-in Capital in Excess of Par Value—Common Stock ………………….....650,000

Preferred Stock, $100 par value, 8%, 10,000 shares authorized; 2,000 shares

issued …………………………………………………………………………..200,000

Retained Earnings ……………………………………………………………..900,000

Treasury Stock (10,000 common shares) ………………………………………85,000

Paid-in Capital in Excess of Par Value—Preferred Stock …………………….310,000

Required: Prepare the stockholders' equity section at December 31, 2019.

Question 7 :

Adham Corporation was organized on January 1, 2019. During its first year, the corporation issued 40,000 shares of $50 par value preferred stock and 200,000 shares of $5 par value common stock. At December 31, the company declared the following cash dividends:

December 2017 $80,000

December 2018 195,000

December 2019 300,000

Required:

Show the allocation of dividends to each class of stock, assuming that the

preferred stock is 9% and not cumulative.

Show the allocation of dividends to each class of stock, assuming that the

preferred stock is 10% and cumulative.

Question 8 :

On January 1, 2019, Western Manufacturing Corporation issued $3,000,000, 10%, 5-year bonds dated January 1, 2019, at 104. The bonds pay semi-annual interest on January 1 and July 1. The company uses the straight-line method of amortization and has a December 31, year end.

Instructions:

Prepare the journal entries to record the following:

The issuance of bonds on January 1, 2019
The payment of interest and the discount (or premium) amortization on July 1, 2019.
The accrual of interest and the discount (or premium) amortization on December 31, 2019.
The payment of interest on January 1, 2020

Question 9 :

Ratio analysis case:

Select a corporation and get its financial statements, evaluate the firms performance using the ratio analysis and briefly discuss your findings.

Accepted Answer

Hi student
Since there are multiple questions, we will answer only one question. For first question,…