Exam 4: Completing the Accounting Cycle

After all of the account balances have been extended to the Balance Sheet columns of the work sheet,the totals of the Debit and Credit columns are $36,755 and $32,735,respectively.What is the amount of net income or net loss for the period?

(Multiple Choice)

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Question 201

Use the adjusted trial balance for Stockton Company to answer the questions that follow. -Use the adjusted trial balance for Stockton Company.Determine the owner's equity ending balance.

(Multiple Choice)

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Question 202

On the income statement,miscellaneous expenses are usually presented as the last item without regard to the dollar amount.

(True/False)

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Question 203

Any 12-month accounting period adopted by a company is known as its fiscal year.

(True/False)

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Question 204

Accumulated Depreciation appears on the

(Multiple Choice)

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Question 205

Prepaid insurance is reported on the balance sheet as a

(Multiple Choice)

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Question 206

Wages are $37,500 per week for a five-day workweek,ending on Friday.The last payday of the year was Friday,June 26.Which of the following is correct for the reversing entry on July 1?

(Multiple Choice)

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Question 207

After the account balances have been extended from the Adjusted Trial Balance columns on the work sheet,the difference between the initial totals of the Balance Sheet Debit and Credit columns is net income or net loss.

(True/False)

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Question 208

The drawing account is a temporary account.

(True/False)

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Question 209

Match each journal entry that follows as one of the types of journal entries (a-c) below. -

(Multiple Choice)

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Question 210

Net income appears on the end-of-period spreadsheet in the

(Multiple Choice)

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Question 211

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

(True/False)

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Question 212

Match each journal entry that follows as one of the types of journal entries (a-c) below. -

(Multiple Choice)

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Question 213

Use the following end-of-period spreadsheet to answer the questions that follow. -Use the end-of-period spreadsheet for Finley Company.The entry to close C.Finley,Drawing would be

(Multiple Choice)

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Question 214

The balances in the ledger of Good Landscape Services as of January 31 before adjustments are as follows: Adjustment data are as follows: supplies on hand,January 31,$900; insurance expired for January,$1,100; depreciation on equipment for January,$1,600; salaries accrued,January 31,$1,650.

(Essay)

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Question 215

Showing 201 - 215 of 215

After all of the account balances have been extended to the Balance Sheet columns of the work sheet,the totals of the Debit and Credit columns are $36,755 and $32,735,respectively.What is the amount of net income or net loss for the period?

Use the adjusted trial balance for Stockton Company to answer the questions that follow. -Use the adjusted trial balance for Stockton Company.Determine the owner's equity ending balance.

On the income statement,miscellaneous expenses are usually presented as the last item without regard to the dollar amount.

Any 12-month accounting period adopted by a company is known as its fiscal year.

Accumulated Depreciation appears on the

Prepaid insurance is reported on the balance sheet as a

Wages are $37,500 per week for a five-day workweek,ending on Friday.The last payday of the year was Friday,June 26.Which of the following is correct for the reversing entry on July 1?

After the account balances have been extended from the Adjusted Trial Balance columns on the work sheet,the difference between the initial totals of the Balance Sheet Debit and Credit columns is net income or net loss.

The drawing account is a temporary account.

Match each journal entry that follows as one of the types of journal entries (a-c) below. -

Net income appears on the end-of-period spreadsheet in the

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

Match each journal entry that follows as one of the types of journal entries (a-c) below. -

Use the following end-of-period spreadsheet to answer the questions that follow. -Use the end-of-period spreadsheet for Finley Company.The entry to close C.Finley,Drawing would be

The balances in the ledger of Good Landscape Services as of January 31 before adjustments are as follows: Adjustment data are as follows: supplies on hand,January 31,$900; insurance expired for January,$1,100; depreciation on equipment for January,$1,600; salaries accrued,January 31,$1,650.

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 4: Completing the Accounting Cycle

After all of the account balances have been extended to the Balance Sheet columns of the work sheet,the totals of the Debit and Credit columns are $36,755 and $32,735,respectively.What is the amount of net income or net loss for the period?

Use the adjusted trial balance for Stockton Company to answer the questions that follow. ​ -Use the adjusted trial balance for Stockton Company.Determine the owner's equity ending balance.

On the income statement,miscellaneous expenses are usually presented as the last item without regard to the dollar amount.

Any 12-month accounting period adopted by a company is known as its fiscal year.

Accumulated Depreciation appears on the

Prepaid insurance is reported on the balance sheet as a

Wages are $37,500 per week for a five-day workweek,ending on Friday.The last payday of the year was Friday,June 26.Which of the following is correct for the reversing entry on July 1?

After the account balances have been extended from the Adjusted Trial Balance columns on the work sheet,the difference between the initial totals of the Balance Sheet Debit and Credit columns is net income or net loss.

The drawing account is a temporary account.

Match each journal entry that follows as one of the types of journal entries (a-c) below. -

Net income appears on the end-of-period spreadsheet in the

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

Match each journal entry that follows as one of the types of journal entries (a-c) below. -

Use the following end-of-period spreadsheet to answer the questions that follow. ​ ​ ​ -Use the end-of-period spreadsheet for Finley Company.The entry to close C.Finley,Drawing would be

The balances in the ledger of Good Landscape Services as of January 31 before adjustments are as follows:​ Adjustment data are as follows: supplies on hand,January 31,$900; insurance expired for January,$1,100; depreciation on equipment for January,$1,600; salaries accrued,January 31,$1,650.

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters

Use the adjusted trial balance for Stockton Company to answer the questions that follow. -Use the adjusted trial balance for Stockton Company.Determine the owner's equity ending balance.

Use the following end-of-period spreadsheet to answer the questions that follow. -Use the end-of-period spreadsheet for Finley Company.The entry to close C.Finley,Drawing would be

The balances in the ledger of Good Landscape Services as of January 31 before adjustments are as follows: Adjustment data are as follows: supplies on hand,January 31,$900; insurance expired for January,$1,100; depreciation on equipment for January,$1,600; salaries accrued,January 31,$1,650.