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

Save and Submit

Click Save and Submit to save and submit. Click Save All Answers to save all answers.

Links to Test Questions and Answers Read question 1 Read answers for question 1 Read question 2 Read answers for question 2 Read question 3 Read answers for question 3 Read question 4 Read answers for question 4 Read question 5 Read answers for question 5 Read question 6 Read answers for question 6 Read question 7 Read answers for question 7 Read question 8 Read answers for question 8 Read question 9 Read answers for question 9 Read question 10 Read answers for question 10 Read question 11 Read answers for question 11 Read question 12 Read answers for question 12 Read question 13 Read answers for question 13 Read question 14 Read answers for question 14 Read question 15 Read answers for question 15 Read question 16 Read answers for question 16 Read question 17 Read answers for question 17 Read question 18 Read answers for question 18 Read question 19 Read answers for question 19 Read question 20 Read answers for question 20 Read question 21 Read answers for question 21 Read question 22 Read answers for question 22 Read question 23 Read answers for question 23 Read question 24 Read answers for question 24 Read question 25 Read answers for question 25 .

Leave a Comment