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Exam 4: Completing the Accounting Cycle

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Question 31

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

A) 1) 82
B) 2) 37
C) 3) 09
D) 1) 56

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Question 32

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Revenue may be called Profit and Net Income may be called Turnover in an income statement prepared under IFRS.

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Question 33

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The formula for computing the current ratio is ________.

The accounts from the Adjusted Trial Balance are listed in alphabetical order.Use this information for Lawrence Service Company to prepare the classified balance sheet at September 30,2018.Use the report form.You must compute the ending balance of Retained Earnings.

Complete Cleaning Services pays out wages every week on Friday.Payroll expense totals $4,000 per week,based on a five-day week.The month of June ended on a Thursday.On Thursday,June 30,Complete made the following accrual adjustment: At the same time,they prepared the following reversing entry to be booked on July 1: On Friday afternoon,when wages were paid,what journal entry was made? Omit explanation.

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

Which of the following is an example of an intangible asset?

An account that is not closed at the end of the period is called a(n) ________.

Adjusting journal entries are prepared ________.

Reversing entries are used in conjunction with ________.

On December 31,2018,Absolute Services,Inc.prepared the following accrual adjustment: The company paid salaries amounting to $1,500 on January 7,2019 for the two-week pay period that ended on January 6,2019.Journalize the entries for January 1,2019 and January 7,2019,assuming the company uses reversing entries.Omit explanations.

The Service Revenue account is a permanent account.

Which of the following statements is true of the accounting cycle?

On December 31,2018,Action Services,Inc.prepared the following accrual adjustment: Action uses reversing entries.Prepare the reversing entry on January 1,2019.Omit explanation.

The Accumulated Depreciation account is a permanent account.

The operating cycle is the time span required for a business to repay its long-term liabilities.

The Common Stock account is a permanent account.

Jackson Services,Inc.earned revenues of $109,000,incurred expenses of $110,000,and paid dividends of $5,000.Which of the following statements is correct?

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

The post-closing trial balance shows the net income for the period just ended.