Please take a look at these four (4) accounting problems.I need an help with it.Due for tomorrow before 5pm.Thanks

ACCOUNT PROBLEM QUESTION 1) Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example.(If an amount reduces the account balance then enter with negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).) (a) Purchased $110 of supplies for cash. Cash $-110 Net Income $0 (b) Recorded an adjusting entry to record use of $44 of the above supplies. (c) Made sales of $1,299, all on account. (d) Received $879 from customers in payment of their accounts. (e) Purchased equipment for cash, $2,732. (f) Recorded depreciation of building for period used, $768. QUESTION 2 The financial statements of Tootsie Roll are presented below. TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) For the year ended December 31, 2011 2010 2009 Net product sales $528,369 $517,149 $495,592 Rental and royalty revenue 4,136 4,299 3,739 Total revenue 532,505 521,448 499,331 Product cost of goods sold 365,225 349,334 319,775 Rental and royalty cost 1,038 1,088 852 Total costs 366,263 350,422 320,627 Product gross margin 163,144 167,815 175,817 Rental and royalty gross margin 3,098 3,211 2,887 Total gross margin 166,242 171,026 178,704 Selling, marketing and administrative expenses 108,276 106,316 103,755 Impairment charges 14,000 Earnings from operations 57,966 64,710 60,949 Other income (expense), net 2,946 8,358 2,100 Earnings before income taxes 60,912 73,068 Provision for income taxes 16,974 20,005 Net earnings $43,938 $53,063 Net earnings $43,938 $53,063 Other comprehensive earnings (loss) (8,740) 1,183 Comprehensive earnings $35,198 $54,246 Retained earnings at beginning of year $135,866 $147,687 Net earnings 43,938 53,063 Cash dividends (18,360) (18,078) Stock dividends (47,175) (46,806) Retained earnings at end of year $114,269 $135,866 Earnings per share $0.76 $0.90 Average Common and Class B Common shares 57,892 58,685 outstanding (The accompanying notes are an integral part of these statements.) 63,049 9,892 $53,157 $53,157 2,845 $56,002 $144,949 53,157 (17,790) (32,629) $147,687 $0.89 59,425 CONSOLIDATED STATEMENTS OF Financial Position TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) Assets December 31, 2011 2010 CURRENT ASSETS: Cash and cash equivalents $78,612 $115,976 Investments 10,895 7,996 Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394 Other receivables 3,391 9,961 Inventories: Finished goods and work-in-process 42,676 35,416 Raw materials and supplies 29,084 21,236 Prepaid expenses 5,070 6,499 Deferred income taxes 578 689 Total current assets 212,201 235,167 PROPERTY, PLANT AND EQUIPMENT, at cost: Land 21,939 21,696 Buildings 107,567 102,934 Machinery and equipment 322,993 307,178 Construction in progress 2,598 9,243 455,097 440,974 LessAccumulated depreciation 242,935 225,482 Net property, plant and equipment 212,162 215,492 OTHER ASSETS: Goodwill 73,237 73,237 Trademarks 175,024 175,024 Investments 96,161 64,461 Split dollar officer life insurance 74,209 74,441 Prepaid expenses 3,212 6,680 Equity method investment 3,935 4,254 Deferred income taxes 7,715 9,203 Total other assets 433,493 407,300 Total assets $857,856 $857,959 Liabilities and Shareholders' Equity December 31, 2011 CURRENT LIABILITIES: Accounts payable Dividends payable Accrued liabilities Total current liabilities NONCURRENT LIABILITES: Deferred income taxes Postretirement health care and life insurance benefits Industrial development bonds Liability for uncertain tax positions Deferred compensation and other liabilities Total noncurrent liabilities SHAREHOLDERS' EQUITY: Common stock, $.69-4/9 par value120,000 shares authorized 36,479 and 36,057 respectively, issued Class B common stock, $.69-4/9 par value40,000 shares authorized 21,025 and 20,466 respectively, issued Capital in excess of par value Retained earnings, per accompanying statement Accumulated other comprehensive loss Treasury stock (at cost)71 shares and 69 shares, respectively Total shareholders' equity Total liabilities and shareholders' equity 2010 $10,683 4,603 43,069 58,355 $9,791 4,529 44,185 58,505 43,521 26,108 7,500 8,345 48,092 133,566 47,865 20,689 7,500 9,835 46,157 132,046 25,333 25,040 14,601 14,212 533,677 114,269 (19,953) (1,992) 665,935 $857,856 505,495 135,866 (11,213) (1,992) 667,408 $857,959 TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF Cash Flows (in thousands) For the year ended December 31, 2011 2010 2009 CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $43,938 $53,063 $53,157 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation 19,229 18,279 17,862 Impairment charges 14,000 Impairment of equity method investment 4,400 Loss from equity method investment 194 342 233 Amortization of marketable security premiums 1,267 522 320 Changes in operating assets and liabilities: Accounts receivable (5,448) 717 (5,899) Other receivables 3,963 (2,373) (2,088) Inventories (15,631) (1,447) 455 Prepaid expenses and other assets 5,106 4,936 5,203 Accounts payable and accrued liabilities 84 2,180 (2,755) Income taxes payable and deferred (5,772) 2,322 (12,543) Postretirement health care and life insurance benefits 2,022 1,429 1,384 Deferred compensation and other liabilities 2,146 2,525 2,960 Others (708) 310 305 Net cash provided by operating activities 50,390 82,805 76,994 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (16,351) (12,813) (20,831) Net purchase of trading securities Purchase of available for sale securities Sale and maturity of available for sale securities Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Shares repurchased and retired Dividends paid in cash Net cash used in financing activities (3,234) (39,252) 7,680 (51,157) (2,902) (9,301) 8,208 (16,808) (1,713) (11,331) 17,511 (16,364) (18,190) (18,407) (36,597) (22,881) (18,130) (41,011) (20,723) (17,825) (38,548) Increase (decrease) in cash and cash equivalents (37,364) 24,986 22,082 Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 115,976 $78,612 90,990 $115,976 68,908 $90,990 Supplemental cash flow information Income taxes paid $16,906 $20,586 Interest paid $38 $49 Stock dividend issued $47,053 $46,683 (The accompanying notes are an integral part of these statements.) $22,364 $182 $32,538 What was the amount of depreciation expense for 2011 and 2010? (You will need to examine the notes to the financial statements or the statement of cash flows.) (Enter amounts in thousands.) 2011 Depreciation expenses 2010 $ What was the cash paid for income taxes during 2011, reported at the bottom of the consolidated statement of cash flows? What was income tax expense (provision for income taxes) for 2011? (Enter amounts in thousands.) Income tax paid during 2011 Provision for income tax made during 2011 QUESTION 3) $ $ The Solo Hotel opened for business on May 1, 2014. Here is its trial balance before adjustment on May 31. SOLO HOTEL Trial Balance May 31, 2014 Debit Cash Credit $ 2,779 Supplies 2,600 Prepaid Insurance 1,800 Land 15,279 Buildings 71,200 Equipment 16,800 Accounts Payable $ 4,979 Unearned Rent Revenue 3,300 Mortgage Payable 37,200 Common Stock 60,279 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 $114,758 $114,758 Other data: 1. Insurance expires at the rate of $300 per month. 2. A count of supplies shows $1,174 of unused supplies on May 31. 3. (a) Annual depreciation is $3,720 on the building. (b) Annual depreciation is $3,600 on equipment. 4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,690 has been earned. 6. Salaries of $650 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. 1. 2. Account Titles and Explanation Debit Credit 3 (a). 3 (b). 4. 5. 6. SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. (Post entries in the order of journal entries presented in the previous question.) Cash Prepaid Insurance Supplies Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense Interest Expense Insurance Expense Supplies Expense Depreciation Expense SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare an adjusted trial balance on May 31. SOLO HOTEL Adjusted Trial Balance May 31, 2014 Debit Credit $ $ $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare an income statement for the month of May. SOLO HOTEL Income Statement For the Month Ended May 31, 2014 $ $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a retained earnings statement for the month of May. SOLO HOTEL Retained Earnings Statement For the Month Ended May 31, 2014 $ : $ SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a classified balance sheet at May 31. (List current assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment .) SOLO HOTEL Balance Sheet May 31, 2014 Assets $ $ $ : : $ Liabilities and Stockholders' Equity $ $ $ QUESTION 4) Ken Lumas started his own consulting firm, Lumas Consulting, on June 1, 2014. The trial balance at June 30 is as follows. LUMAS CONSULTING Trial Balance June 30, 2014 Debit Cash Credit $ 6,850 Accounts Receivable 7,000 Supplies 2,059 Prepaid Insurance 3,480 Equipment 15,000 Accounts Payable $ 4,280 Unearned Service Revenue 5,200 Common Stock 22,149 Service Revenue 8,000 Salaries and Wages Expense 4,000 Rent Expense 1,240 $39,629 $39,629 In addition to those accounts listed on the trial balance, the chart of accounts for Lumas also contains the following accounts: Accumulated DepreciationEquipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. 2. 3. 4. 5. Supplies on hand at June 30 total $720. A utility bill for $235 has not been recorded and will not be paid until next month. The insurance policy is for a year. Services were performed for $4,114 of unearned service revenue by the end of the month. Salaries of $1,439 are accrued at June 30. The equipment has a 5-year life with no salvage value and is being depreciated at $250 per 6. month for 60 months. Invoices representing $4,252 of services performed during the month have not been recorded 7. as of June 30. Prepare the adjusting entries for the month of June. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No Account Titles and . Explanation 1. 2. 3. 4. 5. Debit Credit 6. 7. SHOW LIST OF ACCOUNTS LINK TO TEXT Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (Use T-Accounts.) (Post entries in the order of journal entries presented in the previous question.) Cash Accounts Receivable Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Service Revenue Common Stock Service Revenue Prepaid Insurance Supplies Salaries and Wages Expense Rent Expense Depreciation Expense Insurance Expense Utilities Expense Supplies Expense SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare an adjusted trial balance at June 30, 2014. LUMAS CONSULTING Adjusted Trial Balance June 30, 2014 Debit Credit $ $ $ $