I need these answered in one hour and I will tip you well! A fiscal year Answer ordinarily begins on the first day of a month and ends on the last day of the following twelfth month for a
I need these answered in one hour and I will tip you well!
A fiscal year
Answer ordinarily begins on the first day of a month and ends on the last day of the following twelfth month
for a business is determined by the federal government
always begins on January 1 and ends on December 31 of the same year
should end at the height of the business’s annual operating cycle
.
2 points
Question 2
A summary of selected ledger accounts appear below for Alberto’s Plumbing Services for the current calendar year end.
Alberto, Capital
12/31 8,500 1/1 6,500
12/31 18,500
Alberto, Drawing
6/30 3,500 12/31 8,500
11/30 5,000
Income Summary
12/31 15,000 12/31 33,500
12/31 18,500
Net income for the period is
Answer $16,500
$33,500
$18,500
$15,000
.
2 points
Question 3
Accumulated Depreciation appears on the
Answer balance sheet in the current assets section
balance sheet in the property, plant and equipment section
balance sheet in the long-term liabilities section
income statement as an operating expense
.
2 points
Question 4
After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns are $37,875 and $32,735, respectively. What is the amount of net income or net loss for the period?
Answer $5,140 net income
$37,875 net loss
$5,140 net loss
$32,735 net income
.
2 points
Question 5
After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the debit and credit columns are $77,500 and $85,300, respectively. What is the amount of the net income or net loss for the period?
Answer $7,800 net income
$7,800 net loss
$85,300 net income
$77,500 net loss
.
2 points
Question 6
Closing entries
Answer need not be journalized if adjusting entries are prepared
need not be posted if the financial statements are prepared from the work sheet
are not needed if adjusting entries are prepared
must be journalized and posted
.
2 points
Question 7
Balance sheet accounts
Answer represent amounts accumulated during a specific period of time
are called real accounts
have zero balances after the closing entries have been posted
are equal to assets and liabilities
.
2 points
Question 8
During the end-of-period processing which of the following best describes the logical order of this process
Answer Preparation of adjustments, adjusted trial balance, financial statements
Preparation of Income Statement, adjusted trial balance, Balance Sheet
Preparation of adjusted trial balance, cross-referencing, journalizing
Preparation of adjustments, adjusted trial balance, posting
.
2 points
Question 9
Short-term liabilities are those liabilities that
Answer will be paid in less than one year
are due to paid in 5 to 10 years
are due to be paid in more than one year
are liabilities owed to the owner and will never be paid
.
2 points
Question 10
The Income Statement will include the following accounts
Answer Revenues less Expenses (ordered largest to smallest amount) with Miscellaneous Expense listed last
Revenues less Expenses (ordered smallest to largest amounts) with Miscellaneous Expense listed last
Revenues less Expenses (ordered in alphabetical order)
Revenues less Expenses (order is not important)
.
2 points
Question 11
The accounting cycle requires three trial balances be done. In what order should they be prepared?
Answer Post-closing, unadjusted, adjusted
Unadjusted, post-closing, adjusted
Unadjusted, adjusted, post-closing
Post-closing, adjusted, unadjusted
.
2 points
Question 12
The classified Balance Sheet will divide its Liabilities Section as the following subsections
Answer Current Liabilities and Long-Term Liabilities
Current Liabilities and Other Liabilities
Other Liabilities and Long-Term Liabilities
Present Liabilities and Tomorrow’s Liabilities
.
2 points
Question 13
The entry to close the appropriate insurance account at the end of the accounting period is
Answer debit Income Summary; credit Prepaid Insurance
debit Prepaid Insurance; credit Income Summary
debit Insurance Expense; credit Income Summary
debit Income Summary; credit Insurance Expense
.
2 points
Question 14
The following accounts were taken from the Adjusted Trial Balance columns of the work sheet:
Accumulated Depreciation $ 2,300
Fees Earned 14,700
Depreciation Expense 1,300
Insurance Expense 200
Prepaid Insurance 4,800
Supplies 900
Supplies Expense 3,800
Net income for the period is
Answer $1,400
$9,400
$14,700
$7,100
.
2 points
Question 15
The following are steps to the accounting cycle. Of the following, which step should be done first?
Answer Closing entries are journalized and posted to the ledger.
Transactions are posted to the ledger.
Adjusting entries are journalized and posted to the ledger.
Financial statements are prepared.
.
2 points
Question 16
The income statement is prepared from:
Answer the adjusted trial balance.
the income statement columns of the work sheet.
either the adjusted trial balance or the income statement columns of the work sheet.
both the adjusted trial balance and the income statement columns of the work sheet.
.
2 points
Question 17
The post-closing trial balance differs from the adjusted trial balance in that it
Answer does not take into account closing entries
does not take into account adjusting entries
does not include balance sheet accounts
does not include income statement accounts
.
2 points
Question 18
The proper sequence for the steps in the accounting cycle is a follows
Answer analyze and record transactions, post transaction to the ledger, prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare adjusting entries
prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger
analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger
prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries
.
2 points
Question 19
Which of the following accounts will be closed to the Capital account at the end of the fiscal year?
Answer Rent Expense
Fees Earned
Income Summary
Depreciation Expense
.
2 points
Question 20
Which of the accounts below would be closed by posting a debit to the account?
Answer Unearned Revenue
Fees Earned
Josh Morton, Drawing
Miscellaneous Expense
.
2 points
Question 21
Use the following information in the adjusted trial balance for Stockton Company to answer the following questions.
Stockton Company
Adjusted Trial Balance
For the Year ended December 31, 20XX
Cash $ 6,030
Accounts Receivable 2,100
Prepaid Expenses 700
Equipment 13,700
Accumulated Depreciation $ 1,100
Accounts Payable 1,900
Notes Payable 4,200
Bob Steely, Capital 12,940
Bob Steely, Withdrawals 790
Fees Earned 8,750
Wages Expense 2,500
Rent Expense 1,960
Utilities Expense 775
Depreciation Expense 250
Miscellaneous Expense 85
Totals $28,890 $28,890
Determine the total liabilities for the period.
Answer $1,900
$6,100
$4,200
$19,040
.
2 points
Question 22
Use the following worksheet to answer the following questions.
Finley Company
Worksheet
For the Year Ended December 31, 2010
Adjusted Trial Balance Income Statement Balance Sheet
Account Title Debit Credit Debit Credit Debit Credit
Cash 48,000 48,000
Accounts Receivable 18,000 18,000
Supplies 6,000 6,000
Equipment 57,000 57,000
Accumulated Depr-Equip 18,000 18,000
Accounts Payable 30,000 30,000
Wages Payable 6,000 6,000
C. Finley, Capital 33,000 33,000
C. Finley, Drawing 3,000 3,000
Fees Earned 141,000 141,000
Wages Expense 63,000 63,000
Rent Expense 18,000 18,000
Depreciation Expense 15,000 15,000
Totals 228,000 228,000 96,000 141,000 132,000 87,000
Net Income (Loss) 45,000 45,000
141,000 141,000 132,000 132,000
The journal entry to close revenues would be:
Answer debit Income Summary $141,000, credit Fees Earned $141,000
debit C. Finley, Capital $141,000, credit Fees Earned $141,000
debit Fees Earned $141,000; credit Income Summary $141,000
credit Fees Earned $141,000; credit C. Finley, Capital $141,000
.
2 points
Question 23
Use the following worksheet to answer the following questions.
Finley Company
Worksheet
For the Year Ended December 31, 2010
Adjusted Trial Balance Income Statement Balance Sheet
Account Title Debit Credit Debit Credit Debit Credit
Cash 48,000 48,000
Accounts Receivable 18,000 18,000
Supplies 6,000 6,000
Equipment 57,000 57,000
Accumulated Depr-Equip 18,000 18,000
Accounts Payable 30,000 30,000
Wages Payable 6,000 6,000
C. Finley, Capital 33,000 33,000
C. Finley, Drawing 3,000 3,000
Fees Earned 141,000 141,000
Wages Expense 63,000 63,000
Rent Expense 18,000 18,000
Depreciation Expense 15,000 15,000
Totals 228,000 228,000 96,000 141,000 132,000 87,000
Net Income (Loss) 45,000 45,000
141,000 141,000 132,000 132,000
Based on the preceding trial balance, the entry to close expenses would be:
Answer Wages Expense 63,000
Rent Expense 18,000
Depreciation Expense 15,000
Income Summary 96,000
Expenses 96,000
Income Summary 96,000
Wages Expense 63,000
Rent Expense 18,000
Depreciation Expense 15,000
C. Finley, Drawing 96,000
Income Summary 96,000
Wages Expense 63,000
Rent Expense 18,000
Depreciation Expense 15,000
.
2 points
Question 24
Use the following worksheet to answer the following questions.
Finley Company
Worksheet
For the Year Ended December 31, 2010
Adjusted Trial Balance Income Statement Balance Sheet
Account Title Debit Credit Debit Credit Debit Credit
Cash 48,000 48,000
Accounts Receivable 18,000 18,000
Supplies 6,000 6,000
Equipment 57,000 57,000
Accumulated Depr-Equip 18,000 18,000
Accounts Payable 30,000 30,000
Wages Payable 6,000 6,000
C. Finley, Capital 33,000 33,000
C. Finley, Drawing 3,000 3,000
Fees Earned 141,000 141,000
Wages Expense 63,000 63,000
Rent Expense 18,000 18,000
Depreciation Expense 15,000 15,000
Totals 228,000 228,000 96,000 141,000 132,000 87,000
Net Income (Loss) 45,000 45,000
141,000 141,000 132,000 132,000
Based on the preceding trial balance, the entry to close income summary would be:
Answer debit C. Finley, Capital $45,000; credit Income Summary $45,000
debit Income Summary $141,000; credit C. Finley, Capital $141,000
debit Income Summary $45,000, credit C. Finley, Capital $45,000
debit C. Finley, Capital $9,000; credit Income Summary $9,000
.
2 points
Question 25
There are four closing entries. The first one is to close ____, the second one is to close ____, the third one is to close ____, and the last one is to close ____.
Answer Revenues, expenses, income summary, drawing account
Expenses, assets, income summary, capital account
Capital account, drawing account, income summary, assets
Drawing account, income summary, expenses, revenues
.
2 points
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