Exam 4: Completing the Accounting Cycle

The end-of-period spreadsheet for the current year for Jamal Company shows Balance Sheet columns with a debit total of $614,210 and a credit total of $630,430.This is before the amount for net income or net loss has been included.In preparing the income statement from the work sheet,what is the amount of net income or net loss?

Net income is shown on the end-of-period spreadsheet in the Income Statement debit column and the Balance Sheet credit column.

Beachside Realty rents condominiums and furnishings.Below is the adjusted trial balance at December 31. ​ Prepare the closing entry required to transfer the income or loss at the end of the period.

Which of the following accounts should be closed to Income Summary at the end of the fiscal year?

You have just accepted your first job out of college,which requires you to evaluate loan requests at Eastwood National Bank.The first loan request you receive is from Richard Enterprises.Richard Tracy,the CEO,is requesting $105,000 and brings you the following trial balance (or statement of accounts)for the first year of operations ended December 31. What three accounts do you think should be relabeled for greater clarity?

The classified balance sheet will show which liability subsections?

If the totals of the Income Statement Debit and Credit columns of an end-of-period spreadsheet are $27,000 and $29,000,respectively,after all account balances have been extended,the amount of the net loss is $2,000.

Notes receivable due in 390 days appear on the

The chart of accounts,the journal,and the ledger are essential parts of the accounting system.

Which of the following accounts ordinarily appears in the post-closing trial balance?

After all of the account balances have been extended to the Income Statement columns of the end-of-period spreadsheet,the totals of the Debit and Credit columns are $77,500 and $83,900,respectively.What is the amount of the net income or net loss for the period?

During the end-of-period processing,which of the following best describes the logical order of steps?

Describe a classified balance sheet.

Stockholders' equity is

The balance sheet should be prepared

Entries required to close the balances of the temporary accounts at the end of the period are called final entries.

The income statement should be prepared

Indicate whether each of the following would be reported in the financial statements as a (a)current asset,(b)property,plant,and equipment,(c)current liability,(d)revenue,or (e)expense:

There are four closing entries.The first one is to close revenues,the second one is to close expenses,the third one is to close ____,and the last one is to close the ____.

The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30 for Abigail Company: ​ Prepare a classified balance sheet.