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Exam 4: Completing the Accounting Cycle

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Question 21

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The Owner,Capital account is a temporary account.

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verified

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Question 22

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Asset and liability accounts are closed to the Income Summary account.

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Question 23

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The financial statements are prepared from the ________.

A company has $100,000 in current assets;$600,000 in total assets;$80,000 in current liabilities,and $120,000 in total liabilities.Calculate the current ratio of the company.(Round your answer to two decimals. )

Reversing entries are dated on the first day of the new accounting period.

Buildings,land,and equipment are classified as ________.

A balance sheet that lists the assets above the liabilities and stockholders' equity sections is a(n) ________ balance sheet.

On December 31,2016,Axle Services Company prepared the following accrual adjustment: Axle uses reversing entries.Prepare the reversing entry that would be prepared on January 1,2017.

The following is the adjusted trial balance as of December 31,2017 of Martin Watch Company: Provide the closing entry for revenues.

Which of the following entries will be necessary to close the Insurance Expense account at the end of the year?

James Service Company earned revenues of $100,000 and incurred expenses of $107,000.Prepare the entry to close the Income Summary account.

Which of the following accounts has a balance equal to net income immediately before it is closed?

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

The Accounts Receivable account is a permanent account.

The balances of select accounts of Sandra Company as of December 31,2016 are given below: The insurance has been prepaid until June 30,2017.Determine the amount of total current assets reported on the balance sheet.

The Interest Expense in the worksheet's unadjusted trial balance column is $3,500.Interest Expense in the income statement column is $14,000.Which of the following entries would have caused this difference?

Reversing entries are used in conjunction with ________.

Liquidity is a measure of how ________.

The beginning balance in the Owner,Capital account of Cedar Technologies was $86,000.The revenues and expenses amounted to $55,000 and $43,000,respectively.During the year,the owner did not make any additional contributions or withdrawals.The balance of the Owner,Capital account will be $141,000 at the end of the year.

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