Exam 4: Completing the Accounting Cycle

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

Which of the following is a plant asset?

The following contains information from the records of the Wellborn Engineers and Architects. - Calculate the current ratio.

Calculate the current ratio using the following information:

In which of the columns of the worksheet would Net Income be found?

Which of the following account's balance is carried forward to the next accounting period?

The Interest Expense in the worksheet's unadjusted 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?

The following contains information from the records of the Wellborn Engineers and Architects. - Which of the following statements is an accurate interpretation of the current ratio of Wellborn Engineers and Architects?

Your Best Advisors,a service company,uses reversing entries.On March 31,2014,they prepared the following adjusting entry to accrue Utilities Expense: Which of the following entries is the correct reversing entry to be prepared on April 1,2014?

A reversing entry is ________.

In a balance sheet,assets are classified as either current or long-term depending on their liquidity.

The operating cycle is the process by which companies produce their financial statements for a specific period.

Patents,copyrights,and trademarks are examples of ________.

The financial statement that reports assets,liabilities,and stockholders' equity as of the last day of the period is called the ________.

People like to think they see themselves in Ditka for the same reasons you think you see yourself in Theo Epstein.On December 31,2014,Axle Services Inc.prepared the following accrual adjustment: The company paid salaries amounting to $200 on January 07,2015 for salaries due in 2014.Journalize the entries for January 1,2015 and January 7,2015,assuming the company uses reversing entries.

The Prepaid Rent in the worksheet's unadjusted trial balance column is $4,000.Prepaid Rent in the balance sheet column is $2,000.Which of the following entries would have caused this difference?