Exam 4: Completing the Accounting Cycle

At the beginning of the year,the total owner's equity of Alpha Technologies was $90,000.The revenues and expenses were $80,000 and $40,000,respectively.The owner did not make and contributions or withdrawals during the year.The total owner's equity at the end of the year will amount to $120,000.

Your Best Advisors,a service company,uses reversing entries.On March 31,2016,they journalized and posted the following adjusting entry to accrue Utilities Expense: Which of the following entries is the correct reversing entry to be prepared on April 1,2016?

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

Which of the following accounts will be included in a post-closing trial balance?

Swan Song's adjusted trial balance as of December 31,2016 is given below: Compute the current ratio.(Round your answer to two decimals. )

The process by which companies produce their financial statements for a specific period is called the ________.

The following contains information from the records of the Wellborn Engineers and Architects. Calculate the current ratio.(Round your answer to two decimals. )

The operating cycle is the process by which companies produce their financial statements for a specific period.

The Service Revenue account is a permanent account.

In an accounting cycle,which of the following steps takes place only at the end of the accounting period?

The Owner,Withdrawals account is a permanent account.

Which of the following statements is true if the income statement debit column exceeds the income statement credit column of a worksheet?

Dogwood Company earned revenues of $19,000 and incurred expenses of $7,000.The owner made withdrawals of $3,500.What is the balance in the Income Summary account prior to closing net income or loss to the Owner,Capital account?

A reversing entry ________.

Only temporary accounts appear on the post-closing trial balance.

Calculate the current ratio using the following information: (Round your answer to two decimals. )

Which of the following is a measure of how quickly an item can be converted to cash?

The closing process helps in measuring each period's net income separately from all other periods.

For each account listed,identify the category in which it would appear on a classified balance sheet.

List the steps of the accounting cycle that take place at the end of the period.