Exam 4: Completing the Accounting Cycle

In which of the columns of the worksheet would Profit be found?

Which of the following accounts will be closed by debiting the Income summary account?

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

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

The adjusting entry for depreciation would include a:

Calculate the current ratio using the following information: Cash \ 7000 Accounts receivable 1400 Prepaid rent 800 Land 20,000 Equipment 6000 Accumulated depreciation 1200 Accounts payable 4000 Salaries payable 800 Loan payable, non-current 10,000

Rose Company earned revenues of $17,000 and incurred expenses of $4500.The drawings of Mary Rose,the owner,were $1000.What is the balance in the Income summary account prior to closing profit or loss to the Rose,capital account?

A current ratio that has increased from the prior period indicates an improvement in the company's ability to pay its current debts.

Which of the following is NOT a current asset?

Under which of the following categories would Accounts payable appear?

Which of the following does NOT appear on the worksheet?

Swan Song's adjusted trial balance as of 31 December 2017 is given below: Accounts Debit Credit Cash \ 13,000 Accounts receivable 11,000 Prepaid rent 9000 Prepaid insurance 2000 Office supplies 3000 Building 56,000 Accumumlated depreciation - building \ 11,000 Equipment 38,000 Accumumlated depreciation - equipment 7000 Land 10,000 Accounts payable 5500 Salaries payable 4300 Interest payable 2700 Loan payable, non-current 5000 R. Lee, capital (deficit) 11,000 R. Lee, drawings 6900 Service revenue 239,500 Salaries expense 43,500 Insurance expense 5000 Rent expense 12,000 Electricity and gas expense 18,000 Advertisting expense 9000 Depreciation expense - building 10,000 Depreciation expense - equipment 7900 Office supplies expense 1700 Total \ 286,000 \ 286,000 Calculate the current ratio.

Which of the following accounts will be closed by debiting the Income summary account?

The following is the adjusted trial balance for Tuttle Photography. Accounts Debit Credit Cash \ 81,000 Accounts receivable 26,000 Prepaid insurance 6500 Office supplies 3400 Building 130,000 Accumulated depreciation - building \ 13,500 Equipment 70,000 Accumulated depreciation - equipment 9000 Land 47,000 Accounts payable 20,000 Salaries payable 4000 Unearned service revenue 22,000 Mortgage payable 103,000 R. Tuttle, capital 15,500 R. Tuttle, drawings 25,000 Service revenue 318,000 Salaries expense 61,000 Depreciation expense - building and equipment 5700 Supplies expense 14,000 Insurance expense 14,400 Electricity and gas expense 21,000 Total \ 505,000 \ 505,000 After the closing entries,what will the final balance in R.Tuttle,capital be?

Which of the following does the debt ratio measure?

Please refer to the worksheet below. Trial Balance Adjustments Adjusted Trial balance Income statement Balance sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash \ 1700 \ 1700 \ 1700 Accounts receivable 8500 52000 10500 10500 Supplies 100 500 20 20 Equipment 7500 7500 7500 Accumulated Depreciation \ 2000 240 \ 2240 \ 2240 Accounts payable 1200 1200 1200 Salary payable 800 180 980 980 Unearned revenue 600 600 600 Capital 3400 3400 3400 Drawings 2300 2300 2300 Service revenue 40000 2000 42000 42000 Salary expense 24000 100 24100 24180 Supplies expense 2300 80 2300 2380 Depreciation expense 1600 240 1840 1840 \ 48000 \ 48000 \ 2500 \ 2500 \ 50420 \ 50420 \ 28400 \ 42000 \ 22020 \ 8420 \ 42000 \ 42000 \ 22020 \ 22020 How much was the Profit?

Interest expense in the worksheet's trial balance column is $3 000.Interest expense in the Income statement column is $7 000.Which of the following entries would have caused this difference?

Which of the following accounts would appear in the balance sheet debit column?

A balance sheet that has the assets listed above the liabilities and equity sections is a(n):

A list of the accounts and their balances at the end of the period after journalising and posting the closing entries which includes only permanent accounts is called: