Exam 4: Completing the Accounting Cycle

Rosewood,Inc.earned revenues of $19,000 and incurred expenses of $4,000.The company declared and paid cash dividends of $1,500.What is the balance in the Income Summary account after closing net income or loss to the Retained Earnings account?

Revenues and expenses are transferred to the ________ account before their final transfer into the Retained Earnings account.

Your Best Advisors,a service company,uses reversing entries.On March 31,2016,they journalized and posted the following adjusting entry to accrue Utilities Expense: Utilities Expense 400 Utilities Payable 400 Which of the following entries is the correct reversing entry to be prepared on April 1,2016?

Salaries Payable,Interest Payable,and Unearned Revenue are examples of ________.

List the steps of the accounting cycle that take place at the end of the period.

List the order in which the balance sheet,statement of retained earnings,and income statement are prepared.Briefly discuss why this order is necessary.

Assets with no physical form are called ________.

At the beginning of the year,the total stockholders' equity of Alpha Technologies,Inc.was $80,000.The revenues and expenses were $70,000 and $40,000,respectively.The company did not declare dividends.No common stock was issued during the year.The total stockholders' equity at the end of the year will amount to $100,000.

Which of the following is a measure of how quickly an item can be converted to cash?

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

Reversing entries are ________.

The Salaries Payable account is a permanent account.

The Dividends account is a permanent account.

The current ratio is calculated using the values from the income statement.

Under which of the following categories would bonds held as an investment for more than a year appear?

The balances of select accounts of Sandra,Inc.as of December 31,2016 are given below: Debit Credit Building \ 140,000 Cash 8,000 Office Supplies 1,100 Furniture 5,000 Prepaid Insurance 450 Accumulated Depreciation-Furniture \ 3,000 Land 32,000 Accumulated Depreciation-Building 4,700 Accounts Receivable 2,300 The insurance has been prepaid until June 30,2017.Determine the amount of total current assets reported on the balance sheet.

Which of the following are NOT included in a post-closing trial balance?

Which of the following is a plant asset?

The Supplies Expense account is a temporary account.

The financial statements are prepared from the ________.