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Exam 4: Completing the Accounting Cycle

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Question 21

Multiple Choice

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Net income appears on the work sheet in the

A) debit column of the Balance Sheet columns
B) debit column of the Adjustments columns
C) debit column of the Income Statement columns
D) credit column of the Income Statement columns

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

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Question 22

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Closing entries are entered directly on to the work sheet.

A) True
B) False

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Question 23

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

The following accounts appear in an adjusted trial balance of Brock Pool Service Company. Indicate whether each account would be reported in the current assets, property, plant, and equipment, current liabilities, long-term liabilities, or stockholders' equity section of the December 31, 2011, balance sheet of Brock Pool Service Company.

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

Financial statements should be prepared before the closing entries are journalized and posted.

On January 1, 2014, the retained earnings account of Crystal Pool Service Company had a balance of $252,000. During the year, the company issued an additional $20,000 of capital stock and paid $52,400 in dividends. For the year ended December 31, 2014, Crystal Pool Service Company reported a net income of $73,200. Prepare a retained earnings statement for the year ended December 31, 2014.

Hakik Enterprises offers rug cleaning services to business clients. Below is the work sheet containing the trial balance for the month ended July 31, 2012. Journalize adjusting entries based on the work sheet trial balance and the adjustment data provided below. a) The equipment is estimated to last for 5 years with no salvage value. The asset will be depreciated evenly over its useful life. Record one month's depreciation. b) Accrued wages, $2. c) Unused supplies on hand, $8. d) Of the unearned revenue, 75% has been earned. e) Unexpired insurance remaining at the end of the month, $9.

When preparing the retained earnings statement, the beginning retained earnings balance can always be found

List/describe the four closing entries in the order that they should occur.

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

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

Land is an example of a plant asset.

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:

The balance in the retained earnings account on the work sheet will equal the amount presented in the balance sheet.

The income summary account is also known as the clearing account.

Which of the following is not showed on the retained earnings statement of a company?

What is the last account that should be listed in the post-closing trial balance?

Which of the following is not true about closing entries?

Once an account has been closed for the period, inserting a line in the balance columns zeros out the account, making it ready for the following period.