Exam 4: Completing the Accounting Cycle

All of the following are current assets except:

The capital balance found in the balance sheet credit column of a worksheet is the balance reported on the formal balance sheet.

The worksheet is a:

Describe a worksheet and list the benefits to be derived from using a worksheet. Be specific.

The bookkeeper recorded purchasing $50 of office supplies by erroneously crediting cash instead of accounts payable. Which of the following journal entries will correct the ledger accounts?

Canadian companies following International Financial Reporting Standards (IFRS)are required to classify their balance sheets:

Capital, expenses, and withdrawals are all closed to the income summary account.

Suppose a business has current assets of $75,000 and current liabilities of $50,000. The business is trying to obtain a bank loan for $25,000, which would be financed over six months. The terms of the loan agreement specify that the business's current ratio cannot fall below 1.50 at any time. Calculate the current ratio before and after the loan. Do you think the loan will be granted?

Using the data in Table 4-1, the balance in accumulated amortization must be:

Which of the following are all temporary accounts?

Based on the following adjusted trial balance, prepare the closing entries for Tudhope Plumbing on December 31, 2019. $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text {Tudhope Plumb ing}$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text {Adjusted Trial Balance}$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text {December 31, 2019}$ Debit Credit Cash \ 12,000 Accounts receivable 20,500 Office supplies 4,600 Prepaid insurance 4,800 Equipment 80,500 Accum. amort.equipment \ 43,300 Accounts payable 15,500 Unearned service revenue 6,800 Salary payable 3,300 Mike Tudhope, Capital 80,200 Mike Tudhope, withdrawals 20,600 Service revenue 77,500 Salary expense 33,900 Advertising expense 15,400 Utilities expense 9,900 Miscellaneous expense 1,700 Supplies expense 4,900 Insurance expense 5,400 Amort. expense-equipment 12,400 Total \ 226,600 \ 226,600

Net income is entered onto which column(s)of a worksheet?

Revenues, expenses, and withdrawals would not appear on a(n):

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, the current ratio is:

Property, plant and equipment are shown before current assets on a classified balance sheet.

Table 4-5 Selected accounting data for Dustman Consulting follows: Current assets \ 74,000 Current liabilities 44,000 Property, plant and equipment 95,000 Long-term liabilities 60,000 Total revenues 50,000 Total expenses 30,000 -Referring to Table 4-5, the current ratio is:

Salary expense has a balance of $65,400 in the trial balance debit column of a worksheet. The adjustments credit column contains a $500 credit to salary payable. The adjusted trial balance column will show:

Given the following adjusted trial balance for Whitfield Industries, prepare a post-closing trial balance dated December 31, 2019.

The income summary account is closed to the:

Accumulated amortization appears on the: