Exam 3: Supplement - Closing Entries and the Work Sheet

The balances of the Accumulated Depreciation accounts will appear on the credit side of the work sheet's Balance Sheet columns.

In the completed work sheet,which set of columns usually should be out of balance after the initial footing?

The work sheet is a type of accountant's working paper.

In preparing adjustments on the work sheet,which of the following accounts could not be added to the Account Name column?

When a company has suffered a net loss,the net loss amount is entered on the work sheet on the

An important reason to use a work sheet is to

The heading of a work sheet might include the line "As of December 31,20xx."

An amount would not appear along the Dividends account line in which of the following work sheet columns?

Which of the following accounts most likely would have an amount contained in the Income Statement columns of a work sheet?

The amount of dividends for the period can be found on the work sheet.

Using the information below from the Income Statement and Balance Sheet columns of Tople Corporation's work sheet for the month ended April 30,2010,prepare the income statement,statement of retained earnings,and balance sheet.

From the following items in the Income Statement columns of the work sheet of ElKay Corporation at December 31,2010,prepare the closing entries,assuming that a $75 dividend was paid during the period (omit explanations). Income Statement Debit Credit Service Revenue 1,800 Wages Expense 1,200 Rent Expense 400 Supplies Expense 200 Income Taxes Expense 100 Depreciation Expense-Building 150 2,050 1,800 Net Loss 250 2,050 2,050

The amount for Dividends will appear in the Income Statement columns of a work sheet.

Monty Milko is the only accountant employed at Gamma Enterprises,Inc.When asked by the company president if the financial statements had been prepared yet,Milko answered that he had completed all of his work except the preparation of the statements.He added that the net income that would appear on the current income statement would be $369,075.Identify the two instances where Milko would have learned the net income before he actually prepared the income statement.

In preparing adjustments on the work sheet,which of the following accounts most likely would be added to the Account Name column?

When a company has earned a net income,the net income amount is entered on the work sheet on the

Prepare closing entries for December from the following Income Statement columns of the work sheet of Custom Cleaning Service,Inc.,assuming that a $500 dividend was paid during the period (omit explanations). Income Statement Debit Credit Cleaning Revenue 2,600 Wages Expense 1,200 Rent Expense 400 Supplies Expense 300 Income Taxes Expense 40 1,940 2,600 Net Income 660 2,600 2,600

When the Income Statement columns of the work sheet are initially footed,they should be out of balance by the amount of net income or net loss.

Omitting key letters in the work sheet would make which of the following difficult?

On the work sheet,under what circumstances will the last two columns be in balance after the initial footing?