Exam 4: Completing the Accounting Cycle

Which of the following appears in the balance sheet debit column of a worksheet?

The debt ratio is computed by:

Complete the following December 31, 2019 worksheet for Alcazar Services, using the following adjustments: 1. At year end $2,000 of work done for a client was unrecorded. 2. A count of supplies showed that there were $20 remaining. 3. Unrecorded amortization on the equipment amounted to $240. 4. Accrued salaries amounted to $180.

The balance in the capital account after all closing entries have been posted is:

Table 4-6 Selected accounting data as at December 31, 2019 for Martineau Delivery follows: Cash \ 25,000 Accounts payable 33,000 Accounts receivable 34,000 Salary payable 7,500 Supplies 6,600 Unearned revenue 16,500 Prepaid rent 4,000 Mortgage payable (due 2023 ) 48,000 Equipment 52,000 C. Lexus, Capital 10,000 Accum. amort. -equipment 12,000 Service revenue 69,000 Salary expense 31,000 Accum. amort. -furniture 6,000 Fumiture 49,400 -Referring to Table 4-6, the current liabilities and total liabilities are:

The expense and withdrawals account are closed in the income summary account by credit entries.

Net loss is entered onto which columns of a worksheet?

Under international financial reporting standards (IFRS), a Balance Sheet may also be called a Statement of Financial Position.

Table 4-4 Selected accounting data as at December 31, 2019 for Huma Delivery follows: Cash \ 11,000 Accounts payable 8,000 Accounts receivable 5,500 Salary payable 6,300 Supplies 1,200 Unearned revenue 2,200 Prepaid rent 4,600 Mortgage payable (due 2023) 5,500 Equipment 22,000 J. Huma, Capital 19,900 Accum. amort.-equipment 6,100 Service revenue 29,000 Salary expense 8,000 Furniture 12,000 Accum. amort. -furniture 4,000 Amortization expense 6,800 Utilities expense 4,300 Rent expense 5,600 -Referring to Table 4-4, current assets and total assets are:

On the worksheet, the difference between the balance sheet debit column and the balance sheet credit column represents the net income or net loss.

The worksheet is used only for accounts that are adjusted.

On the income statement, revenues and expenses are classified as either current or long-term to indicate their relative liquidity.

Which of the following statements is true?

If the prepaid rent account had an unadjusted normal balance of $13,400, and an adjustment was made crediting the account for $1,800, then the account would appear on the worksheet as a(n):

Table 4-6 Selected accounting data as at December 31, 2019 for Martineau Delivery follows: Cash \ 25,000 Accounts payable 33,000 Accounts receivable 34,000 Salary payable 7,500 Supplies 6,600 Unearned revenue 16,500 Prepaid rent 4,000 Mortgage payable (due 2023) 48,000 Equipment 52,000 C. Lexus, Capital 10,000 Accum. amort. -equipment 12,000 Service revenue 69,000 Salary expense 31,000 Accum. amort. -furniture 6,000 Furniture 49,400 -Referring to Table 4-6, the debt ratio is:

The adjusting entries can be recorded in the journal as they are entered on the worksheet.

Unearned service revenue has a balance that is $2,800 less in the worksheet's balance sheet credit column than in the worksheet's trial balance credit column. From this data, it can be determined that:

The income summary account had an $8,000 credit balance prior to being closed to the owner's capital account. The capital account had a $32,000 beginning balance and a $36,500 ending balance. Determine the amount of the owner's withdrawals during the current period.

The capital account has an ending balance of $17,000 and a beginning balance of $12,500. If withdrawals were $13,500, then the income summary account had a balance of ________ before closing.

All of the following statements regarding a worksheet are true except: