The following contains information from the records of the Wellborn Engineers and Architects. $\quad $$\quad $$\quad $Wellborn Engineers and Architects $\quad $$\quad $$\quad $Selected financial information $\quad $$\quad $$\quad $$\quad $$\quad $31 December 2016 \[\begin{array} { | l | l | } \hline \text { Current assets } & \$ 80,000 \\ \hline \text { Current liabilities } & 42,000 \\ \hline \text { Non-current assets } & 97,000 \\ \hline \text { Non-current liabilities } & 64,000 \\ \hline \text { Total revenues } & 53,000 \\ \hline \text { Total expenses } & 34,000 \\ \hline \end{array}\] Calculate the current ratio.

A) 1.9 B) 0.6 C) 1.52 D) 2.23 A) 1.9 B) 0.6 C) 1.52 D) 2.23

Below is a list of various balance sheet accounts and their balances. $\begin{array}{|l|l|} \hline\text { Loan payable - short term } & \$ 1500 \\ \hline \text { Salaries payable } & 5000 \\ \hline \text { Loan payable-long term } & 25,000 \\ \hline \text { Accounts payable } & 3500 \\ \hline \text { Unearned revenue } & 1000 \\ \hline \text { Interest payable } & 2300\\\hline \end{array}$ What are the total current liabilities shown on the balance sheet?

A) $5800 B) $13,300 C) $11,000 D) $11,800 A) $5800 B) $13,300 C) $11,000 D) $11,800

Below is a list of various balance sheet accounts and their balances. \[\begin{array} { | l | l | } \hline \text { Loan payable - short term } & \$ 1000 \\ \hline \text { Salaries payable } & 4000 \\ \hline \text { Loan payable -long term } & 21,000 \\ \hline \text { Accounts payable } & 3300 \\ \hline \text { Unearned revenue } & 2000 \\ \hline \text { Interest payable } & 2500 \\ \hline \end{array}\] What are the total non-current liabilities that would be shown on the balance sheet?

A) $4000 B) $1000 C) $5300 D) $21,000 A) $4000 B) $1000 C) $5300 D) $21,000

Exam 4: Completing the Accounting Cycle

Rose Company earned revenues of $18,000 and incurred expenses of $4000.The drawings of Mary Rose,the owner,were $2500.What is the balance in the Income summary account after closing profit or loss to the Rose,capital account?

(Multiple Choice)

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Question 61

Which of the following is considered a good/safe rule-of-thumb debt ratio for businesses?

(Multiple Choice)

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Question 62

The current ratio is a measure of a company's:

(Multiple Choice)

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Question 63

A company has $140,000 in current assets;$600,000 in total assets;$80,000 in current liabilities,and$120,000 in total liabilities.The company has a current ratio of:

(Multiple Choice)

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Question 64

Adkins Company has a current ratio of 1.0 and a debt ratio of 0.7.Wilson Company has a current ratio of 1.4 and a debt ratio of 0.5.Both companies are in the same industry.Which of the following statements is TRUE?

(Multiple Choice)

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Question 65

Which of the following adjusted balances would appear in the balance sheet credit column of a worksheet?

(Multiple Choice)

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Question 66

An increase in the current ratio implies that the profitability of the company has increased from the previous period.

(True/False)

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Question 67

Capital is a permanent account.

(True/False)

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Question 68

Permanent accounts are NOT closed at the end of the period.

(True/False)

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Question 69

A two-year loan payable would be classified as a:

(Multiple Choice)

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Question 70

The Net profit of Sarah for the year is $40,000.The withdrawals Sarah made during the year amounted to $51,000.Which of the following statements is true of the effect of these transactions on Sarah,capital?

(Multiple Choice)

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Question 71

Which of the following accounts would appear in the Income statement credit column?

(Multiple Choice)

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Question 72

The worksheet helps accountants to:

(Multiple Choice)

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Question 73

The worksheet is NOT a journal,a ledger or a financial statement.

(True/False)

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Question 74

The following contains information from the records of the Wellborn Engineers and Architects. $\quad$ $\quad$ $\quad$ Wellborn Engineers and Architects $\quad$ $\quad$ $\quad$ Selected financial information $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ 31 December 2016 Current assets \ 80,000 Current liabilities 42,000 Non-current assets 97,000 Non-current liabilities 64,000 Total revenues 53,000 Total expenses 34,000 Calculate the current ratio.

(Multiple Choice)

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Question 75

Below is a list of various balance sheet accounts and their balances. Loan payable - short term \ 1500 Salaries payable 5000 Loan payable-long term 25,000 Accounts payable 3500 Unearned revenue 1000 Interest payable 2300 What are the total current liabilities shown on the balance sheet?

(Multiple Choice)

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Question 76

Under which of the following categories would Inventory appear?

(Multiple Choice)

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Question 77

Which of the following entries will be necessary to close the appropriate depreciation account at the end of the year?

(Multiple Choice)

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Question 78

To what account is the balance in the Income summary account closed?

(Multiple Choice)

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Question 79

Below is a list of various balance sheet accounts and their balances. Loan payable - short term \ 1000 Salaries payable 4000 Loan payable -long term 21,000 Accounts payable 3300 Unearned revenue 2000 Interest payable 2500 What are the total non-current liabilities that would be shown on the balance sheet?

(Multiple Choice)

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Question 80

Showing 61 - 80 of 86

Rose Company earned revenues of $18,000 and incurred expenses of $4000.The drawings of Mary Rose,the owner,were $2500.What is the balance in the Income summary account after closing profit or loss to the Rose,capital account?

Which of the following is considered a good/safe rule-of-thumb debt ratio for businesses?

The current ratio is a measure of a company's:

A company has $140,000 in current assets;$600,000 in total assets;$80,000 in current liabilities,and$120,000 in total liabilities.The company has a current ratio of:

Adkins Company has a current ratio of 1.0 and a debt ratio of 0.7.Wilson Company has a current ratio of 1.4 and a debt ratio of 0.5.Both companies are in the same industry.Which of the following statements is TRUE?

Which of the following adjusted balances would appear in the balance sheet credit column of a worksheet?

An increase in the current ratio implies that the profitability of the company has increased from the previous period.

Capital is a permanent account.

Permanent accounts are NOT closed at the end of the period.

A two-year loan payable would be classified as a:

The Net profit of Sarah for the year is $40,000.The withdrawals Sarah made during the year amounted to $51,000.Which of the following statements is true of the effect of these transactions on Sarah,capital?

Which of the following accounts would appear in the Income statement credit column?

The worksheet helps accountants to:

The worksheet is NOT a journal,a ledger or a financial statement.

Below is a list of various balance sheet accounts and their balances. Loan payable - short term \ 1500 Salaries payable 5000 Loan payable-long term 25,000 Accounts payable 3500 Unearned revenue 1000 Interest payable 2300 What are the total current liabilities shown on the balance sheet?

Under which of the following categories would Inventory appear?

Which of the following entries will be necessary to close the appropriate depreciation account at the end of the year?

To what account is the balance in the Income summary account closed?

The Role of Accounting in Decision Making

Recording Business Transactions

The Adjusting Process

Retailing Operations

Retail Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Non-Current Assets: Property, Plant and Equipment, and Intangibles

Current Liabilities and Payroll

Non-Current Liabilities, Debentures Payable and Classification of Liabilities on the Balance Sheet

Partnerships

Companies: Formation and Shareholders Equity

Companies: Capital Management and the Income Statement

The Cash Flow Statement

The Framework of Accounting

Financial Statement Analysis

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