Exam 4: Completing the Accounting Cycle

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Net income for the period is

The end-of-period spreadsheet (work sheet)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 work sheet,what is the amount of net income or net loss?

The entry to close the appropriate insurance account at the end of the accounting period is

Prepare an income statement and a retained earnings statement for the month ended August 31,2014,from the following T accounts of Marley Company.

Explain the differences between a nonclassified balance sheet and a classified balance sheet.

Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow. Determine the Retained Earnings ending balance.

The following revenue and expense account balances were taken from the Income Statement columns of the work sheet for Fraser Services Co.for the year ended December 31,2011: Prepare an income statement.

On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March 31 for Boles Athletic Company,journalize the four closing entries.

The work sheet at the end of July has $5,950 in the Balance Sheet credit column for Accumulated Depreciation.The work sheet at the end of August has $7,600 in the Balance Sheet credit column for Accumulated Depreciation.What was the amount of the depreciation expense adjustment for the month of August?

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

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

Accrued revenues are ordinarily listed on the balance sheet as current liabilities.

The majority of businesses end their fiscal year on December 31.

Use the work sheet for Finley Company to answer the questions that follow. The journal entry to close revenues would be

Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year?

The following data were taken from the Balance Sheet columns of the work sheet for April 30,2011 for Mackenzie Company: Prepare a classified balance sheet.

Beachside Realty rents condominiums and furnishings.It's adjusted trial balance at December 31,2011,is as follows: Prepare the entry required to close the expense accounts at the end of the period.

The closing process is sometimes referred to as closing the books.

Which of the following account groups are all considered nominal accounts?

The work sheet