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Exam 4: Completing the Accounting Cycle

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Question 41

True/False

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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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verified

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Question 42

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All companies must use a calendar year as their fiscal year.

A) True
B) False

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Question 43

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Notes receivable due in 390 days appear on the

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet:? $\begin{array} { l r } \text { Accumulated Depreciation } & \$ 3,200 \\\text { Fees Earned } & 17,400 \\\text { Depreciation Expense } & 1,300 \\\text { Insurance Expense } & 400 \\\text { Prepaid Insurance } & 4,800 \\\text { Supplies } & 900 \\\text { Supplies Expense } & 3,800\end{array}$ Net income for the period is

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

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

Which one of the steps below is not aided by the preparation of the end-of-period spreadsheet?

The statement of owner's equity should be prepared

The Income Statement columns in the end-of-period spreadsheet show that debits are equal to $55,800 and credits are $77,520. What does this information mean to the accountant?

After posting the first closing entry to the owner's capital account, the balance will be increased (decreased) by

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 the end-of-period spreadsheet, what is the amount of net income or net loss?

The following adjusted trial balance is the result of the adjustments made at the end of the month of July for Ladonna Douglas Company. Utilize these adjusted values to perform the closing entries for Ladonna Douglas Company.​

On the balance sheet, owner's equity is

A work sheet heading is dated for a period of time.

The work sheet is a working paper that accountants can use to summarize adjusting entries and the account balances for the financial statements.

Selected T accounts appear below for the current year for Linda's Surveying Services.​ Prepare a statement of owner's equity.

Current assets and current liabilities for Brayden Company are as follows:?? $\begin{array} { | l | r | r | } \hline & { 20 \mathrm { Y } 9 } &{ 20 \mathrm { Y } 8 } \\\hline \text { Current assets } & \$ 498,600 & \$ 532,400 \\\hline \text { Current liabilities } & 269,300 & 301,500 \\\hline\end{array}$ The change in working capital from 20Y8 to 20Y9 indicates that Brayden will no longer be solvent.

Use the following end-of-period spreadsheet to answer the questions that follow. ​ ​ ​ -Use the end-of-period spreadsheet for Finley Company. The first closing entry would be

The balances in the ledger of Good Landscape Services as of January 31 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. (a)Prepare a 10-column end-of-period spreadsheet for Good Landscape Services for January. (b)On the basis of the work sheet in (a), present the following in good order: (1) income statement, (2) statement of owner's equity (assume no additional owner investments were made during the month), and (3) balance sheet. (c)On the basis of the work sheet in (a) journalize the closing entries as of January 31.

Closing entries are dated in the journal as of