Please refer to the following information and compute the debt ratio: \[\begin{array} { | l | r | r | } \hline & { \text { Debit } } & { \text { Credit } } \\ \hline \text { Cash } & \$ 4,500 & \\ \hline \text { Accounts receivable } & 1,200 & \\ \hline \text { Prepaid rent } & 700 & \\ \hline \text { Land } & 20,000 & \\ \hline \text { Equipment } & 4,000 & \\ \hline \text { Accumulated depreciation } & & \$ 800 \\ \hline \text { Accounts payable } & & 2,900 \\ \hline \text { Salary payable } & & 600 \\ \hline \text { Notes payable-long term } & & 9,000 \\ \hline \end{array}\]

A) 1.83 B) 2.37 C) 0.40 D) 0.42 A) 1.83 B) 2.37 C) 0.40 D) 0.42

Please refer to the following information and calculate the current ratio: $\begin{array}{|l|r|r|} \hline&{\text { Debit }} & \text { Credit } \\ \hline \text { Cash } & \$ 6,000 \\ \hline \text { Accounts receivable } & 2,000 \\ \hline \text { Prepaid insurance } & 800 \\ \hline \text { Land } & 40,000 \\ \hline \text { Building } & 50,000 \\\hline \text { Accumulated depreciation } & & \$ 32,000 \\ \hline \text { Accounts payable } & & 9,400 \\ \hline \text { Wages payable } & & 4,000 \\ \hline \text { Notes payable - short term } & & 3,200\\ \hline \end{array}$

A) 0.25 B) 1.89 C) 0.53 D) 4.02 A) 0.25 B) 1.89 C) 0.53 D) 4.02

Exam 4: Completing the Accounting Cycle

Please refer to the following information and compute the debt ratio: Debit Credit Cash \ 4,500 Accounts receivable 1,200 Prepaid rent 700 Land 20,000 Equipment 4,000 Accumulated depreciation \ 800 Accounts payable 2,900 Salary payable 600 Notes payable-long term 9,000

(Multiple Choice)

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Question 21

A current ratio above 2.00 would indicate that a:

(Multiple Choice)

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Question 22

Which of the following accounts are temporary accounts that must be closed at the end of the year?

(Multiple Choice)

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Question 23

What is the key distinction between current and non-current assets?

(Multiple Choice)

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Question 24

Supplies expense is a temporary account.

(True/False)

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Question 25

Revenues total $10,200.Expenses total $7,300.Withdrawals total $2,600. -What is the balance in the Income summary account after closing Net income or loss to the Capital account?

(Multiple Choice)

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Question 26

Please refer to the worksheet below.Adjusting entries have been posted.Calculate the adjusted balances for all accounts and enter them in to the columns for Adjusted Trial Balance.

(Essay)

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Question 27

Please refer to the following information and calculate the current ratio: Debit Credit Cash \ 6,000 Accounts receivable 2,000 Prepaid insurance 800 Land 40,000 Building 50,000 Accumulated depreciation \ 32,000 Accounts payable 9,400 Wages payable 4,000 Notes payable - short term 3,200

(Multiple Choice)

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Question 28

The following is the balance sheet for Green Landscaping. -Which of the following is the debt ratio? (Round to two decimal places.)

(Multiple Choice)

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Question 29

Interest expense in the worksheet's trial balance column is $3,000.Interest expense in the income statement column is $7,000.Which of the following entries would have caused this difference?

(Multiple Choice)

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Question 30

Which of the following statements is FALSE about reversing entries?

(Multiple Choice)

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Question 31

Please refer to the worksheet below.Enter the following adjusting entry into the worksheet: At year-end,the company records $240 of depreciation expense.

(Essay)

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Question 32

Please refer to the following partially completed worksheet: How much was the Net income or Net loss?

(Multiple Choice)

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Question 33

Net income (loss)is the difference between the total debits and the total credits in the income statement columns.

(True/False)

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Question 34

An adjusted trial balance for Southside Video Productions is presented below. -Compute the current ratio:

(Multiple Choice)

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Question 35

Net income for the year is $25,000.Withdrawals of $36,000 per were taken at the end of the year.Which of the following occurs?

(Multiple Choice)

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Question 36

Which of the following accounts would appear in the income statement debit column?

(Multiple Choice)

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Question 37

Which of the following accounts will be closed by crediting the Income summary account?

(Multiple Choice)

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Question 38

Which of the following accounts would appear in the balance sheet debit column?

(Multiple Choice)

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Question 39

Assets and liabilities are classified as either current or long-term to show their relative liquidity.

(True/False)

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Question 40

Please refer to the following information and compute the debt ratio: Debit Credit Cash \ 4,500 Accounts receivable 1,200 Prepaid rent 700 Land 20,000 Equipment 4,000 Accumulated depreciation \ 800 Accounts payable 2,900 Salary payable 600 Notes payable-long term 9,000

A current ratio above 2.00 would indicate that a:

Which of the following accounts are temporary accounts that must be closed at the end of the year?

What is the key distinction between current and non-current assets?

Supplies expense is a temporary account.

Revenues total $10,200.Expenses total $7,300.Withdrawals total $2,600. -What is the balance in the Income summary account after closing Net income or loss to the Capital account?

Please refer to the worksheet below.Adjusting entries have been posted.Calculate the adjusted balances for all accounts and enter them in to the columns for Adjusted Trial Balance.

Please refer to the following information and calculate the current ratio: Debit Credit Cash \ 6,000 Accounts receivable 2,000 Prepaid insurance 800 Land 40,000 Building 50,000 Accumulated depreciation \ 32,000 Accounts payable 9,400 Wages payable 4,000 Notes payable - short term 3,200

The following is the balance sheet for Green Landscaping. -Which of the following is the debt ratio? (Round to two decimal places.)

Interest expense in the worksheet's trial balance column is $3,000.Interest expense in the income statement column is $7,000.Which of the following entries would have caused this difference?

Which of the following statements is FALSE about reversing entries?

Please refer to the worksheet below.Enter the following adjusting entry into the worksheet: At year-end,the company records $240 of depreciation expense.

Please refer to the following partially completed worksheet: How much was the Net income or Net loss?

Net income (loss)is the difference between the total debits and the total credits in the income statement columns.

An adjusted trial balance for Southside Video Productions is presented below. -Compute the current ratio:

Net income for the year is $25,000.Withdrawals of $36,000 per were taken at the end of the year.Which of the following occurs?

Which of the following accounts would appear in the income statement debit column?

Which of the following accounts will be closed by crediting the Income summary account?

Which of the following accounts would appear in the balance sheet debit column?

Assets and liabilities are classified as either current or long-term to show their relative liquidity.

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Merchandising Operations

Merchandising Inventory

Internal Control and Cash

Receivables

Plant Assets and Intangibles

Current Liabilities and Payroll

Long-Term Liabilities, bonds Payable, and Classification of Liabilities on the Balance Sheet

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