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Exam 4: Completing the Accounting Cycle

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Question 101

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The first item appearing on the statement of owner's equity is

A) net income
B) the ending balance of owner's equity
C) owner withdrawals
D) the beginning balance of owner's equity

E) A) and D)
F) B) and C)

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Question 102

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Once the adjusted trial balance is in balance, the flow of accounts will now go into the financial statements.

A) True
B) False

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Question 103

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Examples of temporary accounts are supplies and prepaid expenses which are in the ledger for just a short time before they expire.

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 following end-of-period spreadsheet to answer the questions that follow. ​ ​ ​ -Use the end-of-period spreadsheet for Finley Company. The expenses would be closed by

What is the major difference between the unadjusted trial balance and the adjusted trial 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

A post-closing trial balance should be prepared before the financial statements are prepared.

Which of the following account groups includes nominal accounts?

After all of the account balances have been extended to the Income Statement columns of the work sheet, 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?

Use the adjusted trial balance for Stockton Company to answer the questions that follow. ? $\begin{array}{c}\hline &&&&&&&&&&&\textbf { Stockton Company }&&&&&&&&&& \\\hline &&&&&&&&&&&\textbf { Adjusted Trial Balance }&&&& \\\hline &&&&&&&&&&&\textbf { December 31} &&&&\end{array}$ $\begin{array}{|l|c|c|c|}\hline & \begin{array}{c}\textbf { Account } \\\textbf { No. }\end{array} & \begin{array}{c}\textbf { Debit } \\\textbf { Balances }\end{array} & \begin{array}{c}\textbf { Credit } \\\textbf { Balances }\end{array} \\\hline \text { Cash } & 11 & 6,530 & \\\hline \text { Accounts Receivable } & 12 & 2,100 & \\\hline \text { Prepaid Expenses } & 13 & 700 & \\\hline \text { Equipment } & 18 & 13,700 & \\\hline \text { Accumulated Depreciation } & 19 & & 1,100 \\\hline \text { Accounts Payable } & 21 & & 1,900 \\\hline \text { Notes Payable } & 22 & & 4,300 \\\hline \text { Bob Steely, Capital } & 31 & & 12,940 \\\hline \text { Bob Steely, Drawing } & 32 & 790 & \\\hline \text { Fees Earned } & 41 & & 9,250 \\\hline \text { Wages Expense } & 51 & 2,500 & \\\hline \text { Rent Expense } & 52 & 1,960 & \\\hline \text { Utilities Expense } & 53 & 775 & \\\hline \text { Depreciation Expense } & 54 & 250 & \\\hline \text { Miscellaneous Expense } & 59 & \underline{185} &\_\_\_\_\_ \\\hline \text { Totals } & & \underline{\textbf{29,490}} & \underline{\textbf{29,490}} \\\hline\end{array}$ -Use the adjusted trial balance for Stockton Company. Determine the total assets.

Explain how net income or loss is determined by using the end-of-period spreadsheets.

After all adjustments have been made, but before the accounts have been closed, the following balances were taken from the ledger of Ramona's Designs:​ Journalize the entries to close the appropriate accounts.

Current assets and current liabilities for Brayden Company are as follows:​​ What is the working capital for 20Y9 and 20Y8?​

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, a small proprietorship. Richard Tracy, the owner, is requesting $105,000 and brings you the following trial balance (or statement of accounts) for his first year of operations ended December 31.What three accounts do you think should be relabeled for greater clarity?

Net income is shown on the work sheet in the Income Statement Debit column and the Balance Sheet Credit column.

Balance sheet accounts

All income statement accounts will be closed at the end of the period.

List and describe the purpose of the four closing entries.

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