Table 4-2 The ledger accounts for Alice's Rentals include the following normal balances as of December 31, 2019: \[\begin{array} { | l | r | } \hline \text { Accumulated amortization } & \$ 2,000 \\ \hline \text { Cash } & 7,300 \\ \hline \text { Equipment } & 15,000 \\ \hline \text { Alice Normanson, Capital } & 9,300 \\ \hline \text { Alice Normanson, Withdrawals } & 2,200 \\ \hline \text { Prepaid rent } & 3,600 \\ \hline \text { Accounts payable } & 7,800 \\ \hline \text { Supp lies } & 1,200 \\ \hline \text { Unearned revenue } & 1,600 \\ \hline \text { Notes payable (due Dec. 31, 2023) } & 7,500 \\ \hline \end{array}\] -Referring to Table 4-2, what is the current ratio for Alice's Rentals?

A) 0.90 B) 1.55 C) 1.29 D) 1.09 A) 0.90 B) 1.55 C) 1.29 D) 1.09

Table 4-2 The ledger accounts for Alice's Rentals include the following normal balances as of December 31, 2019: \[\begin{array} { | l | r | } \hline \text { Accumulated amortization } & \$ 2,000 \\ \hline \text { Cash } & 7,300 \\ \hline \text { Equipment } & 15,000 \\ \hline \text { Alice Normanson, Capital } & 9,300 \\ \hline \text { Alice Normanson, Withdrawals } & 2,200 \\ \hline \text { Prepaid rent } & 3,600 \\ \hline \text { Accounts payable } & 7,800 \\ \hline \text { Supp lies } & 1,200 \\ \hline \text { Unearned revenue } & 1,600 \\ \hline \text { Notes payable (due Dec. 31, 2023) } & 7,500 \\ \hline \end{array}\] -Referring to Table 4-2, what is the debt ratio for Alice's Rentals?

A) 1.49 B) 0.61 C) 0.67 D) 0.75 A) 1.49 B) 0.61 C) 0.67 D) 0.75

Table 4-2 The ledger accounts for Alice's Rentals include the following normal balances as of December 31, 2019: \[\begin{array} { | r | r | } \hline \text { Accumulated amortization } & \$ 2,000 \\ \hline \text { Cash } & 7,300 \\ \hline \text { Equipment } & 15,000 \\ \hline \text { Alice Normanson, Capital } & 9,300 \\ \hline \text { Alice Normanson, Withdrawals } & 2,200 \\ \hline \text { Prepaid rent } & 3,600 \\ \hline \text { Accountspayable } & 7,800 \\ \hline \text { Supplies } & 1,200 \\ \hline \text { Unearned revenue } & 1,600 \\ \hline \text { Notes payable (due Dec. } 31,2023 ) & 7,500 \\ \hline \end{array}\] -Referring to Table 4-2, what are the total current assets and total assets for Alice's Rentals?

A) $12,100 and $25,100 B) $8,500 and $27,100 C) $8,500 and $21,500 D) $12,100 and $27,100 A) $12,100 and $25,100 B) $8,500 and $27,100 C) $8,500 and $21,500 D) $12,100 and $27,100

Exam 4: Completing the Accounting Cycle

Keep Afloat Tugboats had the following debt ratios 0.60; 0.50; 0.45 for 2017, 2018, 2019 respectively. Which of the following statements most correctly depicts the changing ratios?

(Multiple Choice)

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Question 61

A review of the accounting records discovered that wages in the amount of $795 had been incorrectly recorded by debiting supplies expense in the amount of $975. Which of the following entries will correct the ledger accounts?

(Multiple Choice)

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Question 62

Using the following worksheet for Alcazar Services, prepare a statement of owner's equity.

(Essay)

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Question 63

All of the following are property, plant and equipment except:

(Multiple Choice)

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Question 64

Given the following totals for the financial statement columns on the worksheet, determine the net income or loss for the period:

(Multiple Choice)

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Question 65

Accumulated amortization is found on the:

(Multiple Choice)

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Question 66

On a worksheet, the income statement debit column equals $190,800 and the income statement credit column equals $195,600. From this data, it can be determined that:

(Multiple Choice)

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Question 67

Assets that are expected to be converted to cash, sold, or consumed during the next 12 months or within the business's normal operating cycle if longer than a year are referred to as:

(Multiple Choice)

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Question 68

The measure of how quickly an item can be converted to cash is referred to as:

(Multiple Choice)

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Question 69

Table 4-2 The ledger accounts for Alice's Rentals include the following normal balances as of December 31, 2019: Accumulated amortization \ 2,000 Cash 7,300 Equipment 15,000 Alice Normanson, Capital 9,300 Alice Normanson, Withdrawals 2,200 Prepaid rent 3,600 Accounts payable 7,800 Supp lies 1,200 Unearned revenue 1,600 Notes payable (due Dec. 31, 2023) 7,500 -Referring to Table 4-2, what is the current ratio for Alice's Rentals?

(Multiple Choice)

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Question 70

The bookkeeper recorded prepaying rent in the amount of $1,200 incorrectly as $2,100. Which of the following journal entries will correct the ledger accounts if the business records prepaying expenses by debiting an asset account?

(Multiple Choice)

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Question 71

An error has been made on the worksheet if:

(Multiple Choice)

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Question 72

Which of the following statements is false?

(Multiple Choice)

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Question 73

The post-closing trial balance will not include any revenue or expense accounts.

(True/False)

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Question 74

Interest expense on a worksheet's trial balance debit column has a $3,400 balance and a $4,000 balance on the worksheet's income statement debit column. The difference is due to:

(Multiple Choice)

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Question 75

Table 4-2 The ledger accounts for Alice's Rentals include the following normal balances as of December 31, 2019: Accumulated amortization \ 2,000 Cash 7,300 Equipment 15,000 Alice Normanson, Capital 9,300 Alice Normanson, Withdrawals 2,200 Prepaid rent 3,600 Accounts payable 7,800 Supp lies 1,200 Unearned revenue 1,600 Notes payable (due Dec. 31, 2023) 7,500 -Referring to Table 4-2, what is the debt ratio for Alice's Rentals?

(Multiple Choice)

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Question 76

Companies following international financial reporting standards (IFRS)must provide the following financial statements:

(Multiple Choice)

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Question 77

Which of the following appears in the income statement credit column of a worksheet?

(Multiple Choice)

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Question 78

Table 4-2 The ledger accounts for Alice's Rentals include the following normal balances as of December 31, 2019: Accumulated amortization \ 2,000 Cash 7,300 Equipment 15,000 Alice Normanson, Capital 9,300 Alice Normanson, Withdrawals 2,200 Prepaid rent 3,600 Accountspayable 7,800 Supplies 1,200 Unearned revenue 1,600 Notes payable (due Dec. 31,2023) 7,500 -Referring to Table 4-2, what are the total current assets and total assets for Alice's Rentals?

(Multiple Choice)

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Question 79

Adjusting entries are:

(Multiple Choice)

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Question 80

Keep Afloat Tugboats had the following debt ratios 0.60; 0.50; 0.45 for 2017, 2018, 2019 respectively. Which of the following statements most correctly depicts the changing ratios?

A review of the accounting records discovered that wages in the amount of $795 had been incorrectly recorded by debiting supplies expense in the amount of $975. Which of the following entries will correct the ledger accounts?

Using the following worksheet for Alcazar Services, prepare a statement of owner's equity.

All of the following are property, plant and equipment except:

Given the following totals for the financial statement columns on the worksheet, determine the net income or loss for the period:

Accumulated amortization is found on the:

On a worksheet, the income statement debit column equals $190,800 and the income statement credit column equals $195,600. From this data, it can be determined that:

Assets that are expected to be converted to cash, sold, or consumed during the next 12 months or within the business's normal operating cycle if longer than a year are referred to as:

The measure of how quickly an item can be converted to cash is referred to as:

The bookkeeper recorded prepaying rent in the amount of $1,200 incorrectly as $2,100. Which of the following journal entries will correct the ledger accounts if the business records prepaying expenses by debiting an asset account?

An error has been made on the worksheet if:

Which of the following statements is false?

The post-closing trial balance will not include any revenue or expense accounts.

Interest expense on a worksheet's trial balance debit column has a $3,400 balance and a $4,000 balance on the worksheet's income statement debit column. The difference is due to:

Companies following international financial reporting standards (IFRS)must provide the following financial statements:

Which of the following appears in the income statement credit column of a worksheet?

Adjusting entries are:

Accounting and the Business Environment

Recording Business Transactions

Measuring Business Income: The Adjusting Process

Merchandising Operations and the Accounting Cycle

Accounting for Merchandise Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Property, Plant, and Equipment; Goodwill; and Intangibles

Current Liabilities and Payroll

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