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Exam 4: The Accounting Cycle

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Question 41

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If end-of-period spreadsheets are not considered part of the formal accounting records, then why are they used?

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The end-of-period spreadsheets...

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Question 42

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The post-closing trial balance will generally have fewer accounts than the trial balance.

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B) False

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Question 43

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Office Equipment is an example of a current asset account.

After the account balances have been extended from the Adjusted Trial Balance columns on the end-of-period spreadsheet, the difference between the initial totals of the Balance Sheet debit and credit columns is Net Income or Net Loss.

During closing, revenue accounts are closed by debiting the revenue account and crediting the retained earnings account.

Which of the accounts below would not appear in the balance sheet columns of the end-of-period spreadsheet?

Use the adjusted trial balance for Stockton Company below to answer the questions that follow. ​ -Determine the total liabilities for the period.

The accumulated depreciation account is closed to the retained earnings account.

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

Alpha Company has current assets of $74,524, total assets of $203,310, total net income of $67,913, current liabilities of $60,100, and total liabilities of $150,600.​ What is Alpha Company's current ratio?

Use this end-of-period spreadsheet to answer the questions that follow.​ -The effect of closing revenues and expenses to Retained Earnings will be to:

Which of the following accounts should be closed to Retained Earnings at the end of the fiscal year?

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

The formula for the current ratio is

Debts listed as current liabilities are those that

The dividends account is a temporary account.

Match each journal entry that follows with one of the types of journal entries (a-c) below. -Retained Earnings 597 Rent Expense 200 Supplies Expense 180 Utilities Expense 110 Miscellaneous Exp. 107 A)Journal entries B)Adjusting journal entries C)Closing journal entries

The dividends account is closed to the common stock account.

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

There are two closing entries. The first one is to close revenues and expenses to _________, and the second one is to close _________ to Retained Earnings.