Exam 4: Completing the Accounting Cycle

Which is NOT an example of a temporary account?

Prepaid rent in the worksheet's 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?

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 will be closed by debiting the Income summary account?

The Interest expense in the worksheet's unadjusted trial balance column is $6000.Interest expense in the income statement column is $10,000.Which of the following entries would have caused this difference?

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

Under which of the following categories would Land appear?

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

The last step in the closing process is to credit the Drawings account and debit the Capital account.

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

Net profit (loss)is the difference between the total debits and the total credits in the Income statement columns.

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

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

The current ratio shows the profitability of a firm.

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?

Which of the following does the current ratio measure?

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 \5 05,000 \5 05,000 After the closing entries,what will the final balance in R.Tuttle,capital be?

Which of the following does NOT appear on the worksheet?

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

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?