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Exam 4: The Accounting Cycle

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Question 61

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Calculate the current ratio for each business below. Which business has the best short-term solvency position given your calculations?

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Gamma Company has the best short-term so...

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Question 62

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What is the goal of the closing process?

A) to verify that all adjustments have been made
B) to make sure all temporary accounts have a zero balance
C) to move all equity accounts to Retained Earnings
D) to end the accounting period with a profit

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

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Question 63

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The end-of-period spreadsheet for the current year for Jamal Company shows Balance Sheet columns with a debit total of $614,210 and a credit total of $630,430. This is before the amount for net income or net loss has been included. In preparing the income statement from the work sheet, what is the amount of net income or net loss?

The income statement is prepared from

The income statement is prepared from the adjusted trial balance or the Income Statement columns of the end-of-period spreadsheet.

Use the adjusted trial balance for Stockton Company below to answer the questions that follow. ​ -Determine the current assets.

Beachside Realty rents condominiums and furnishings. Below is the company's adjusted trial balance on December 31. Prepare the entry required to close the Dividends account at the end of the period.

Cash and other assets that may reasonably be expected to be realized in cash, sold, or consumed through the normal operations of a business, usually longer than one year, are called current assets.

Which of these accounts would appear in the Balance Sheet columns of the end-of-period spreadsheet?

A summary of selected ledger accounts appears below for Solomon's Electrical Services for the current calendar year-end. (1) The $18,000 debit to Retained Earnings on December 31 must represent

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

Astin Company has current assets of $82,530, total assets of $242,050, total net income of $58,240, current liabilities of $72,120, and total liabilities of $205,300. Astin's Company's working capital is

The following balance sheet contains errors.​ (a) List the errors in the balance sheet above and (b) prepare a corrected balance sheet.

Journalize the reversing entry on January 1 of the current year for the following adjusting journal entry from the prior year:

Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance on December 31. Prepare the entry required to close the revenue and expense accounts at the end of the period.

Complete the following end-of-period spreadsheet for Danilo Enterprises.

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.

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

Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, or (e) expense: