Exam 4: Completing the Accounting Cycle

Which of the following is considered a good/safe rule-of-thumb debt ratio for businesses?

Capital is a permanent account.

Which of the following entries will be necessary to close the appropriate depreciation account at the end of the year?

Which of the following is NOT a long-term asset?

Salary expense is a temporary account.

The following is the adjusted trial balance from the worksheet for Tuttle Photography. Tuttle Photography Worksheet For the Year Ended December 31,2013 Account Debit Credit Cash \ 15,000 Accounts receivable 30,000 Prepaid insurance 7,500 Office supplies 3,200 Land 40,000 Building 160,000 Accumulated depreciation \ 12,000 Equipment 75,000 Accumulated depreciation 8,500 Accounts payable 12,000 Salaries payable 2,000 Unearned service revenue 25,000 Mortgage payable 100,000 R. Tuttle, capital 21,290 R. Tuttle, drawing 23,000 Service revenue Salaries expense 61,000 Depreciation expense 6,150 Supplies expense 14,040 Innsurance expense 14,000 Utilities expense 20,900 \ 469,790 \ 469,790 Using the information from the worksheet above,prepare a balance sheet for Tuttle Photography.

Which of the following does the current ratio measure?

Net income is entered as the balancing amount in the debit side of the income statement columns and the credit side of the balance sheet columns of the worksheet.

Charlton Cleaning Services pays out wages every week on Friday afternoon.Payroll expense totals $3,500 per week,based on a 5-day week.The month of June ended on a Thursday.On Thursday,June 30,Charlton made the following accrual adjustment: Wage expense 2,800 Wage payable 2,800 At the same time,they prepared the following reversing entry to be booked on July 1: Wage payable 2,800 Wage expense 2,800 On Friday afternoon,when wages were paid out,what journal entry was made?

The following is the adjusted trial balance for Tuttle Photography. Account Debit Credit Cash \ 15,000 Accounts receivable 30,000 Prepaid insurance 7,500 Office supplies 3,200 Land 40,000 Building 160,000 Accumulated depreciation \ 12,000 Equipment 75,000 Accumulated depreciation 8,500 Accounts payable 12,000 Salaries payable 2,000 Unearned service revenue 25,000 Mortgage payable 100,000 R. Tuttle, capital 21,290 R. Tuttle, drawing 23,000 Service revenue Salaries expense 61,000 Depreciation expense 6,150 Supplies expense 14,040 Innsurance expense 14,000 Utilities expense 20,900 \ 469,790 \ 469,790 Using the information from the worksheet above,prepare the closing entry for the Income summary account.

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

The following is the adjusted trial balance for Tuttle Photography. Account Debit Credit Cash \ 1,700 Accounts receivable 8,500 Supplies 100 Equipment 7,500 Accumulated \ 2,000 depreciation Accounts payable 1,200 Salary payable 800 Unearned revenue 600 Capital 3,400 Drawing 2,300 Service revenue 40,000 Salary expense 24,000 Supplies expense 2,300 Depreciation expense 1,600 \ 48,000 \4 8,000 Using the information from the worksheet above,prepare the closing entry for Revenues.

The following contains information from the records of the Wellborn Engineers and Architects. Wellborn Engineers and Architects Selected Financial Information December 31,2013 Current assets \ 74,000 Current liabilities 44,000 Long-term assets 95,000 Long-term liabilities 60,000 Total revenues 50,000 Total expenses 30,000 What is the debt ratio?

Which of the following is TRUE of a completed worksheet?

Which of the following is NOT a current asset?

The post-closing trial balance shows the updated Capital balance.

Below is a list of various balance sheet accounts and their balances. Debit Credit Notes payable-short term \ 800 Salary payable 3,600 Notes payable-long term 20,000 Accounts payable 2,200 Unearned revenue 1,000 Interest payable 2,200 What are the total long-term liabilities that would be shown on the balance sheet?

The post-closing trial balance lists the accounts from the general ledger in:

Using the following worksheet for the Alcazar Service Co.,please prepare an income statement.The data are for the year ended December 31,2012.

Below is a list of various balance sheet accounts and their balances. Debit Credit Notes payable-short term \ 800 Salary payable 3,600 Notes payable-long term 20,000 Accounts payable 2,200 Unearned revenue 1,000 Interest payable 2,200 - What are the total current liabilities that would be shown on the balance sheet?