Exam 4: Completing the Accounting Cycle

Current assets and current liabilities for Brayden Company are as follows:?? 209 208 Current assets \ 498,600 \ 532,400 Current liabilities 269,300 301,500 The change in working capital from 20Y8 to 20Y9 indicates that Brayden will no longer be solvent.

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet:? Accumulated Depreciation \ 3,200 Fees Earned 17,400 Depreciation Expense 1,300 Insurance Expense 400 Prepaid Insurance 4,800 Supplies 900 Supplies Expense 3,800 Net income for the period is

Use the following end-of-period spreadsheet to answer the questions that follow. ​ ​ ​ -Use the end-of-period spreadsheet for Finley Company. The first closing entry would be

Closing entries are dated in the journal as of

The Income Statement columns in the end-of-period spreadsheet show that debits are equal to $55,800 and credits are $77,520. What does this information mean to the accountant?

The work sheet is a working paper that accountants can use to summarize adjusting entries and the account balances for the financial statements.

The following adjusted trial balance is the result of the adjustments made at the end of the month of July for Ladonna Douglas Company. Utilize these adjusted values to perform the closing entries for Ladonna Douglas Company.​

During the closing process, some balance sheet accounts are closed and end the period with a zero balance.

A work sheet heading is dated for a period of time.

What is the first account that should be listed in the post-closing trial balance?

After posting the first closing entry to the owner's capital account, the balance will be increased (decreased) by

All companies must use a calendar year as their fiscal year.

Which one of the steps below is not aided by the preparation of the end-of-period spreadsheet?

Selected T accounts appear below for the current year for Linda's Surveying Services.​ Prepare a statement of owner's equity.

Journalizing and posting closing entries must be completed before financial statements can be prepared.

The statement of owner's equity should be prepared

The balances in the ledger of Good Landscape Services as of January 31 before adjustments are as follows:​ Adjustment data are as follows: supplies on hand, January 31, $900; insurance expired for January, $1,100; depreciation on equipment for January, $1,600; salaries accrued, January 31, $1,650. (a)Prepare a 10-column end-of-period spreadsheet for Good Landscape Services for January. (b)On the basis of the work sheet in (a), present the following in good order: (1) income statement, (2) statement of owner's equity (assume no additional owner investments were made during the month), and (3) balance sheet. (c)On the basis of the work sheet in (a) journalize the closing entries as of January 31.

On the balance sheet, owner's equity is

Notes receivable due in 390 days appear on the

The end-of-period spreadsheet (work sheet) for the current year for Jamal Company shows Balance Sheet columns with a debit total of $630,430 and a credit total of $614,210. This is before the amount for net income or net loss has been included. In preparing the income statement from the end-of-period spreadsheet, what is the amount of net income or net loss?