The following is the Balance Sheet for Green Landscaping: $\begin{array}{|l|l|l|l|l|} \hline & & \text { Greene Landscaping } & & \\ \hline & & \text { Balance Sheet } & & \\ \hline & & \text { December } 31,2008 & & \\ \hline \text { Assets } & & & \text { Liabilities } & \\ \hline \text { Cash } & & \$ 15,000 & \text { Accounts payable } & \$ 22,000 \\ \hline \text { Accounts receivable } && 30,000 & \text { Salaries payable } & 12,000 \\ \hline \text { Supplies } && 4,000 & \text { Unearned service revenue } & 25,000\\ \hline \text { Prepaid Insurance } & & 8,000 & & \\ \hline & & & \text { Total liabilities } & \\ \hline \text { Equipment } & & & & 59,000 \\ \hline & \$ 85,000 & & \text { Owner's equity } & \\ \hline \begin{array}{l} \text { Less: Accumulated } \\ \text { depreciation } \end{array} & 10,000 & 75,000 & \text { Green, Capital } & 73,000 \\\hline\\ \hline \text { Total assets } & \underline{\$ 132,000} & \begin{array}{l} \text { Total liabilities and } \\ \text { owner's equity } \end{array} & \underline{\$ 132,000} \\ \hline \end{array}$ What is the total of long-term liabilities?

A) $59,000 B) $132,000 C) $25,000 D) $-0- A) $59,000 B) $132,000 C) $25,000 D) $-0- D

of various columns from the work sheet are shown below. What is the net income or loss? \[\begin{array} { | l | l | l | l | } \hline \text { Income Statement } & & \text { Balance Sheet } & \\ \hline \text { Debit } & \text { Credit } & \text { Debit } & \text { Credit } \\ \hline \$ 8,500 & \$ 6,750 & \$ 4,300 & \$ 6,050 \\ \hline \end{array}\]

A) Net loss of $4,300 B) Net income of $4,300 C) Net income of $1,750 D) Net loss of $1,750 A) Net loss of $4,300 B) Net income of $4,300 C) Net income of $1,750 D) Net loss of $1,750 D

Exam 4: Completing the Accounting Cycle

The following is the Balance Sheet for Green Landscaping: Greene Landscaping Balance Sheet December 31,2008 Assets Liabilities Cash \ 15,000 Accounts payable \ 22,000 Accounts receivable 30,000 Salaries payable 12,000 Supplies 4,000 Unearned service revenue 25,000 Prepaid Insurance 8,000 Total liabilities Equipment 59,000 \ 85,000 Owner's equity Less: Accumulated depreciation 10,000 75,000 Green, Capital 73,000 Total assets Total liabilities and owner's equity What is the total of long-term liabilities?

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Question 1

Correct Answer:

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D

To what account is the balance in the owner's withdrawals account closed?

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Question 2

Correct Answer:

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A

of various columns from the work sheet are shown below. What is the net income or loss? Income Statement Balance Sheet Debit Credit Debit Credit \ 8,500 \ 6,750 \ 4,300 \ 6,050

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Question 3

Correct Answer:

Verified

D

Which of the following statements is an accurate interpretation of the current ratio?

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Question 4

Accounts that close after each completed accounting period are called:

(Multiple Choice)

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Question 5

current ratio and the debt ratio are computed numbers contained on the income statement.

(True/False)

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Question 6

columns of a work sheet are used to compile the financial statements?

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Question 7

net loss would be closed as a:

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Question 8

The first-year portion of a three-year note payable would be classified as a:

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Question 9

Which of the following statements is an accurate interpretation of the debt ratio?

(Multiple Choice)

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Question 10

of the following is an asset that is expected to be converted to cash, sold, or consumed during the next year (or normal operating cycle, if longer)?

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Question 11

In which of the columns of the work sheet would the Service revenue account be found?

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Question 12

Including the adjustments on the work sheet satisfies the matching principle.

(True/False)

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Question 13

Which of the following is TRUE of a completed work sheet?

(Multiple Choice)

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Question 14

which of the columns of the work sheet would the unearned fees account be found?

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Question 15

Which of the following is a debt that is due to be paid with cash, or with goods and services within the next year (or normal operating cycle, if longer)?

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Question 16

Which of the following is a current ratio where there is more current debt than current assets?

(Multiple Choice)

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Question 17

Which of the following statements is a TRUE statement about the work sheet?

(Multiple Choice)

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Question 18

Owner's withdrawal account is extended to the Income Statement columns on the work sheet.

(True/False)

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Question 19

Which of the following statements is an accurate interpretation of a current ratio of 2.5?

(Multiple Choice)

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Question 20

Exam 4: Completing the Accounting Cycle

To what account is the balance in the owner's withdrawals account closed?

of various columns from the work sheet are shown below. What is the net income or loss? Income Statement Balance Sheet Debit Credit Debit Credit \ 8,500 \ 6,750 \ 4,300 \ 6,050

Which of the following statements is an accurate interpretation of the current ratio?

Accounts that close after each completed accounting period are called:

current ratio and the debt ratio are computed numbers contained on the income statement.

columns of a work sheet are used to compile the financial statements?

net loss would be closed as a:

The first-year portion of a three-year note payable would be classified as a:

Which of the following statements is an accurate interpretation of the debt ratio?

of the following is an asset that is expected to be converted to cash, sold, or consumed during the next year (or normal operating cycle, if longer)?

In which of the columns of the work sheet would the Service revenue account be found?

Including the adjustments on the work sheet satisfies the matching principle.

Which of the following is TRUE of a completed work sheet?

which of the columns of the work sheet would the unearned fees account be found?

Which of the following is a debt that is due to be paid with cash, or with goods and services within the next year (or normal operating cycle, if longer)?

Which of the following is a current ratio where there is more current debt than current assets?

Which of the following statements is a TRUE statement about the work sheet?

Owner's withdrawal account is extended to the Income Statement columns on the work sheet.

Which of the following statements is an accurate interpretation of a current ratio of 2.5?

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Merchandising Operations

Merchandising Inventory

Internal Control and Cash

Receivables

Plant Assets and Intangibles

Current Liabilities, Payroll, and Long-Term Liabilities

Corporations: Paid-In Capital and the Balance Sheet

Corporations: Effects on Retained Earnings and the Income Statement

The Statement of Cash Flows

Financial Statement Analysis

Introduction to Management Accounting

Job Order and Process Costing

Appendix: Process Costing

Activity-Based Costing and Other Cost Management Tools

Cost-Volume-Profit Analysis

Short-Term Business Decisions

Capital Investment Decisions and the Time Value of Money

The Master Budget and Responsibility Accounting

Flexible Budgets and Standard Costs

Performance Evaluation and the Balanced Scorecard

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