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Exam 4: Completing the Accounting Cycle

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Question 21

Multiple Choice

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A net loss appears on the work sheet in the

A) debit column of the Balance Sheet columns
B) credit column of the Balance Sheet columns
C) debit column of the Income Statement columns
D) credit column of the Adjustments columns

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Question 22

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At the end of the fiscal period,prepaid expenses are reported on the income statement as expenses.

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Question 23

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Explain how net income or loss is determined by using the work sheet.

When a work sheet is complete,the adjustment columns should have

Any twelve-month accounting period adopted by a company is known as its fiscal year.

The balance sheet accounts are referred to as real or permanent accounts.

Prepare an income statement and a retained earnings statement for the month ended September 30,2011,from the T accounts below of Carson Company.

The following is the adjusted trial balance for Nadia Company prepared at the end of Nadia's fiscal year. Prepare an income statement,retained earnings statement,and classified balance sheet.

All companies must use a calendar year as their fiscal year.

Once the adjusted trial balance is in balance,the flow of accounts will now go into the financial statements.

After the accounts were adjusted at January 31,2014,the end of the fiscal year,the following balances were taken from the ledger of Taylor Pool Service Company: Journalize the four entries required to close the accounts

The retained earnings statement should be prepared

The income statement columns in the worksheet show that debits are equal to $55,800 and credits are $67,520.What does this information mean to the accountant?

After all of the account balances have been extended to the Balance Sheet columns of the work sheet,the totals of the debit and credit columns are $38,755 and $32,735,respectively.What is the amount of net income or net loss for the period?

Which of the following is not true about closing entries?

Notes receivable due in 350 days appear on the

Use the work sheet for Finley Company to answer the questions that follow. The entry to close Dividends would be

The balance in the retained earnings account on the work sheet will equal the amount presented in the balance sheet.

Marcus Enterprises began in 2011 when Damien Marcus invested $8,000 in exchange for capital stock.The following is the work sheet for the company at the end of the first year in business. Marcus Enterprises Work Sheet For the Year Ended December 31,2011 Prepare the required closing entries for Marcus Enterprises for the year ended December 31,2011.

There are four closing entries.The first one is to close ____,the second one is to close ____,the third one is to close ____,and the last one is to close ____.