From the following items in the Income Statement columns of the work sheet of Antin Corporation at December 31,2010,prepare the closing entries,assuming that a $50 dividend was paid during the period (omit explanations). $\begin{array} { | l | r | r | } \hline & { \text { Income Statement } } \\ \hline \text { Service Revenue } & \text { Debit } & \text { Credit } \\ \hline \text { Wages Expense } & & 3,000 \\ \hline \text { Rent Expense } & 1,800 & \\ \hline \text { Supplies Expense } & 600 & \\ \hline \text { Income Taxes Expense } & 300 & \\ \hline \text { Depreciation Expense-Building } & 150 & \\ \hline & 250 & \\ \hline \text { Net Loss } & 3,100 & 3,000 \\ & & 100 \\ \hline&3,100&3,100\\ \hline \end{array}$

The answer of From the following items in the Income...

Use this information from the Income Statement columns of the work sheet of Corner Laundry Service to answer the following question. $\begin{array} { | l | r | r | } \hline & { \text { Income Statement } } \\ \hline & \text { Debit } & \text { Credit } \\ \hline \text { Laundry Revenue } & & 2,500 \\ \hline \text { Wages Expense } & 750 & \\ \hline \text { Rent Expense } & 500 & \\ \hline \text { Supplies Expense } & 300 & \\ \hline \text { Insurance Expense } & 200 & \\ \hline \text { Income Taxes Expense } & 50 & \\ \hline\\ \text { Net Income } & 1,800 & 2,500 \\ & 700 & \\ \hline&2,500&2,500\\ \hline \end{array}$ The entry to close the expense accounts includes a

A) $\begin{array} { l l } \text { All Expenses } & 1,800 \\ \text { Retained Earnings } & 1,800 \end{array}$ B) All Expenses$\quad$$\quad$1,800 Income Summary$\quad$$\quad$1,800 C) Income Summary$\quad$$\quad$1,800 All Expenses$\quad$$\quad$1,800 D) $\begin{array} { l l l } \text { Retained Earnings } & 1,800 \\ \text { All Expenses } & & 1,800 \end{array}$ A) $\begin{array} { l l } \text { All Expenses } & 1,800 \\ \text { Retained Earnings } & 1,800 \end{array}$ B) All Expenses$\quad$$\quad$1,800 Income Summary$\quad$$\quad$1,800 C) Income Summary$\quad$$\quad$1,800 All Expenses$\quad$$\quad$1,800 D) $\begin{array} { l l l } \text { Retained Earnings } & 1,800 \\ \text { All Expenses } & & 1,800 \end{array}$

Exam 3: Supplement - Closing Entries and the Work Sheet

Which of the following accounts probably would have a smaller balance in the Adjusted Trial Balance columns of a work sheet than in the Trial Balance columns?

(Multiple Choice)

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Question 41

When adjusting entries are entered onto a work sheet,it is not necessary to record them in the general journal.

(True/False)

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Question 42

Working papers provide a written record of the work performed by the accountant.

(True/False)

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Question 43

From the following items in the Income Statement columns of the work sheet of Antin Corporation at December 31,2010,prepare the closing entries,assuming that a $50 dividend was paid during the period (omit explanations). Income Statement Service Revenue Debit Credit Wages Expense 3,000 Rent Expense 1,800 Supplies Expense 600 Income Taxes Expense 300 Depreciation Expense-Building 150 250 Net Loss 3,100 3,000 100 3,100 3,100

(Essay)

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Question 44

On a work sheet,the balance of Retained Earnings is its ending amount for the period.

(True/False)

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Question 45

Use this information from the Income Statement columns of the work sheet of Corner Laundry Service to answer the following question. Income Statement Debit Credit Laundry Revenue 2,500 Wages Expense 750 Rent Expense 500 Supplies Expense 300 Insurance Expense 200 Income Taxes Expense 50 Net Income 1,800 2,500 700 2,500 2,500 The entry to close the expense accounts includes a

(Multiple Choice)

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Question 46

The total assets and the total liabilities and stockholders' equity on the balance sheet are the same as the totals of the Balance Sheet columns on the work sheet.

(True/False)

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Question 47

The Adjusted Trial Balance columns of the work sheet are prepared by combining the Trial Balance and Adjustments columns of the work sheet.

(True/False)

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Question 48

Which of the following accounts most likely would have an amount contained in every set of columns but the Balance Sheet columns of a work sheet?

(Multiple Choice)

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Question 49

A work sheet is more useful for a small company than for a large one.

(True/False)

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Question 50

The process of crossfooting on the work sheet results in the

(Multiple Choice)

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Question 51

The following items represent a classification scheme for a multistep income statement. write the letter indicating to which category it belongs.

Interest Income

Revenues

Accumulated Depreciation

Cost of goods sold

Sales Returns and Allowances

Selling expenses

Correct Answer:

Verified

Interest Income

Accumulated Depreciation

Sales Returns and Allowances

Inventories

Company President's Salary

Utilities Expense for Store

(Matching)

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Question 52

Why would a large company probably benefit more from a work sheet than would a very small company?

(Essay)

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Question 53

Closing entries may be prepared by referring solely to the Income Statement columns of the work sheet.

(True/False)

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Question 54

When the Balance Sheet columns of the work sheet are initially footed,they should be in balance.

(True/False)

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Question 55

On the work sheet,account balances are "extended" from the

(Multiple Choice)

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Question 56

A work sheet is useful for all except which of the following?

(Multiple Choice)

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Question 57

The Trial Balance and Adjusted Trial Balance columns of Roland Cleaning Corporation's work sheet are shown below.(The Adjustments columns have been omitted.)In the journal provided,prepare the seven adjusting entries and the four closing entries for the month ended June 30,2010.Omit explanations.

(Essay)

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Question 58

Despite the many uses of microcomputers,they cannot be used to prepare work sheets.

(True/False)

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Question 59

The balance sheet may be prepared by referring solely to the Balance Sheet columns of the work sheet.

(True/False)

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Question 60

Exam 3: Supplement - Closing Entries and the Work Sheet

Which of the following accounts probably would have a smaller balance in the Adjusted Trial Balance columns of a work sheet than in the Trial Balance columns?

When adjusting entries are entered onto a work sheet,it is not necessary to record them in the general journal.

Working papers provide a written record of the work performed by the accountant.

On a work sheet,the balance of Retained Earnings is its ending amount for the period.

The total assets and the total liabilities and stockholders' equity on the balance sheet are the same as the totals of the Balance Sheet columns on the work sheet.

The Adjusted Trial Balance columns of the work sheet are prepared by combining the Trial Balance and Adjustments columns of the work sheet.

Which of the following accounts most likely would have an amount contained in every set of columns but the Balance Sheet columns of a work sheet?

A work sheet is more useful for a small company than for a large one.

The process of crossfooting on the work sheet results in the

Why would a large company probably benefit more from a work sheet than would a very small company?

Closing entries may be prepared by referring solely to the Income Statement columns of the work sheet.

When the Balance Sheet columns of the work sheet are initially footed,they should be in balance.

On the work sheet,account balances are "extended" from the

A work sheet is useful for all except which of the following?

The Trial Balance and Adjusted Trial Balance columns of Roland Cleaning Corporation's work sheet are shown below.(The Adjustments columns have been omitted.)In the journal provided,prepare the seven adjusting entries and the four closing entries for the month ended June 30,2010.Omit explanations.

Despite the many uses of microcomputers,they cannot be used to prepare work sheets.

The balance sheet may be prepared by referring solely to the Balance Sheet columns of the work sheet.

Uses of Accounting Information and the Financial Statements

Analyzing Business Transactions

Measuring Business Income

Financial Reporting and Analysis

The Operating Cycle and Merchandising Operations

Inventories

Cash and Receivables

Current Liabilities and Fair Value Accounting

Long Term Assets

Long-Term Liabilities

Contributed Capital

Investments

The Corporate Income Statement and the Statement of Stockholders Equity

The Statement of Cash Flows

The Changing Business Environment - a Managers Perspective

Cost Concepts and Cost Allocation

Costing Systems- Job Order Costing

Costing Systems- Process Costing

Value-Based Systems- Abm and Lean

Cost Behavior Analysis

The Budgeting Process

Performance Management and Evaluation

Standard Costing and Variance Analysis

Short Run Decision Analysis

Capital Investment Analysis

Pricing Decisions, incltarget Costing and Transfer Pricing

Quality Management and Measurement

Financial Analysis of Performance

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