One : 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.3Purchased 90 backpacks at $25 each from Zuzu Company, terms 2/10, n/30. Sept.6Received credit of $150 for the return of 6 backpacks purchased on Sept. 3 that were defective. Sept.9Sold 15 backpacks for $42 each to Bailey Books, terms 2/10, n/30. Sept.13Paid Zuzu Company in full. Sept.19Received payments from Bailey Books. Instructions Journalize the September transactions for Reineman Supply Company. Question three : Seif Company sells many products. chairs is one of its popular items. Below is an analysis of the inventory purchases and sales of chairs for the month of April. Seif's Company uses the periodic inventory system. Ending Inventory is determined to be 150 unit. Purchases UnitsUnit Cost 3/1Beginning inventory150$40 3/3Purchase50$50 3/10Purchase250$55 3/30Purchase100$65 Instructions (a)Using the FIFO assumption, calculate the amount charged to cost of goods sold for April. (Show computations) (b)Using the weighted average method, calculate the amount assigned to the inventory on hand on April 30. (Show computations) (c)Using the LIFO assumption, calculate the amount assigned to the inventory on hand on April 30. (Show computations) 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 5 : Olio Corporation is authorized to issue 800,000 shares of $5 par value common stock, and 100,000 shares of 8%, $60 par value preferred stock. On January 1, 2019, the second year of operations, the retained earnings balance was $75,000. During 2019, the company had the following stock transactions. Jan. 7 Issued 100,000 shares of common stock at $14 per share. May. 5 Attorneys for the company accepted 200 shares of common stock as payment for legal services rendered. The legal services are estimated to have a value of $3,200. June 1 Issued 10,000 share of preferred a stock at $100 per share. July 4Issued 10,000 shares of common stock in exchange for a building. The building was advertised for $200,000. Olio Corporation's common stock has been actively traded on the stock exchange at $19 per share at the time of the exchange. Sept. 1 Purchased 7,000 shares of common stock for the treasury at $20 per share. Oct. 2 Sold 2,000 shares of the treasury stock at $21 per share. Oct. 15Sold 3,000 shares of the treasury stock at $18 per share. Nov. 1 A cash dividends of $0.25 per share was declared to stockholders of record on November 15. Dec. 1Paid the cash dividends. Dec.5 A 5% stock dividends was declared. The market price at the declaration date was $6 per share. Dec. 30Distributed the stock dividends shares. Required: Journalize the 2019 transactions for Olio Corporation. 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 ValueCommon 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 ValuePreferred 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: December2017 $80,000 December2018 195,000 December2019 300,000 Required: 1. Show the allocation of dividends to each class of stock, assuming that the preferred stock is 9% and not cumulative. 2. 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: 1. The issuance of bonds on January 1, 2019 2. The payment of interest and the discount (or premium) amortization on July 1, 2019. 3. The accrual of interest and the discount (or premium) amortization on December 31, 2019. 4. 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