Exam 4: Completing the Accounting Cycle

The balances in the ledger of Good Landscape Services as of January 31, 2014 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.

Use the following information in the adjusted trial balance for Stockton Company to answer the following questions. Determine total assets.

The following data were taken from the Balance Sheet columns of the work sheet for April 30, 2010 for Mackenzie Company: Prepare a classified balance sheet.

Office Equipment is an example of a current asset account.

The end-of-period spreadsheet (work sheet) for the current year for Jamal Company shows Balance Sheet columns with a debit total of $630,430 and a credit total of $614,210. 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?

A fiscal year

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?

Journalizing and posting closing entries must be completed before financial statements can be prepared.

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

After posting the second closing entry to the income summary account, the balance will be equal to

Short-term liabilities are those liabilities that

There is really benefit in preparing financial statements in any particular order.

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

Bob Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31, 2010. Prepare the entry required to close the expense accounts at the end of the period.

The work sheet is considered a part of the formal accounting records.

The following are steps to the accounting cycle. Of the following, which step should be done first?

Which of the statements below indicates that a company earned a net income for the period?

Once the adjusting entries are posted, the Adjusted Trial Balance is prepared to

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

A net loss appears on the work sheet in the