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Exam 4: Completing the Accounting Cycle

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Question 41

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

A) $23,030
B) $9,330
C) $21,930
D) $8,630

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

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Question 42

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During the closing process, some balance sheet accounts are closed and end the period with a zero balance.

A) True
B) False

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Question 43

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Accounts reported on the balance sheet that are carried forward from year to year are known as permanent accounts.

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.

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 balances for the accounts listed below appear in the Adjusted Trial balance columns of the end-of-period spreadsheet (work sheet). Select whether each balance should be extended to an Income Statement column or (b) a Balance Sheet column.

Deferred expenses that benefit a relatively short period of time are listed on the balance sheet as current assets.

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

If the totals of the Income Statement debit and credit columns of a work sheet are $27,000 and $29,000, respectively, after all account balances have been extended, the amount of the net loss is $2,000.

The following is the adjusted trial balance for Sandeep Company. Prepare closing entries and the post closing trial balance.

A net loss is shown on the work sheet in the credit columns of both the Income Statement columns and the Balance Sheet columns.

Use the following information in the adjusted trial balance for Stockton Company to answer the following questions. Determine the Owner's Equity ending balance for the period.

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

Land is an example of a plant asset.

The following accounts appear in an adjusted trial balance of Brock Pool Service Company. Select 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, 2010, balance sheet of Brock Pool Service Company.

Bob Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31, 2014. The entry required to close the expense accounts at the end of the period includes a:

Which of the items below would appear in the Income Statement columns of the work sheet?

The difference between a classified balance sheet and one that is classified is that the classified one has subheadings.

Bob Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31, 2014. The entry required to close the revenue accounts at the end of the period includes a:

Closing entries are entered directly on to the work sheet.