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Exam 4: Completing the Accounting Cycle

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Question 61

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The classified balance sheet will show which asset subsections?

A) current assets and other equity
B) current assets and property, plant, and equipment
C) current liabilities and short-term assets
D) other revenues and property, plant and equipment

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Question 62

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On the work sheet, the capital and drawing account balances are extended to the Balance Sheet columns.

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Question 63

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Which of the following accounts will not be closed to the capital account at the end of the year?

It is not necessary to post the closing entries to the general ledger.

Accrued taxes payable are generally reported on the balance sheet as a current liability.

After net income or loss is entered on the work sheet, the Debit column total must equal the Credit column total for the Balance Sheet pair of columns.

The totals of the Adjusted Trial Balance columns on a work sheet will always be the sum of the Trial Balance column totals and the Adjustments column totals.

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 show debits of $37,686 and credits of $41,101. This indicates that

Prepaid Insurance is an example of a current asset.

Net income is closed to the owner's capital account.

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

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

The current ratio is more useful than working capital in making comparisons across companies.

The following accounts appear in an adjusted trial balance of Blaine Auto Service Company. Indicate whether each account would be reported in the (a) current assets, (b) property, plant, and equipment, (c) current liabilities, (d) long-term liabilities, or (e) owner's equity section of the December 31 balance sheet of Blaine Auto Service Company. 1.Blaine Brock, Capital 2.Accumulated Depreciation 3.Unearned Revenues 4.Mortgage Payable 5.Equipment 6.Notes Payable (due in two years) 7.Cash 8.Accounts Receivable

When accounts do not appear on the unadjusted trial balance but are needed to post adjustments, they are simply added to the Account Title column.

On September 1, the company pays rent for 12 months in advance and debits an asset account. At year-end, the adjusting entry on the work sheet would

When preparing the statement of owner's equity, the beginning capital balance can always be found

Land is an example of a plant asset.

On the basis of the following information taken from the Adjusted Trial Balance columns of the work sheet for the month ended September 30, journalize the closing entries for Perez Roofing Company.​

Robert Evans owns a business, Beachside Realty, that 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.