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Exam 4: Completing the Accounting Cycle

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Question 91

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

A) debit Accumulated Depreciation and credit Income Summary
B) debit Depreciation Expense and credit Income Summary
C) debit Income Summary and credit Accumulated Depreciation
D) debit Income Summary and credit Depreciation Expense

E) None of the above
F) A) and D)

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Question 92

Multiple Choice

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Which of the following accounts will be closed by debiting the Income Summary account?

A) Depreciation Expense
B) Accounts Payable
C) Service Revenue
D) Accumulated Depreciation

E) None of the above
F) B) and C)

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Question 93

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Which accounts are closed at the end of the accounting period? Why is it necessary to close these accounts?

Refer to the following adjusted trial balance after the first year of operations. What will the balance of the Retained Earnings account be after the closing entries are posted?

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

Which of the following would be considered the weakest current ratio?

Woods,Inc.earned revenues of $11,000 and incurred expenses of $4,000.The company declared and paid cash dividends of $3,000.What is the balance in the Income Summary account after closing net income or loss to the Retained Earnings account?

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

Answer the following questions regarding the current ratio:

Closing entries are journalized and posted ________.

The Depreciation Expense account is a temporary account.

The beginning balance in the Common Stock account of a company was $10,000.The revenues and expenses were $200,000 and $140,000,respectively.During the year,the company declared and paid dividends of $5,000.The ending balance in the Retained Earnings was $55,000.(Assume that the beginning balance of Retained Earnings was zero. )

The financial statement that reports assets,liabilities,and stockholders' equity as of the last day of the period is called the ________.

Which of the following is the most liquid asset?

The adjusted trial balance of Williams Landscaping at December 31,2019 is as follows: Using the information above,prepare a post-closing trial balance for Williams Landscaping (dated December 31,2019).

The Office Supplies account is a temporary account.

In the worksheet,the adjusted balance of the Service Revenue account appears in the credit column of the income statement.

The worksheet is an external tool that can be used to help in recording adjusting entries and preparing financial statements.

Which financial statement is prepared last?

What is the net result if the amount of net income for the year is less than the amount of the Dividends?