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Exam 4: Completing the Accounting Cycle

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Question 91

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Common stock and dividends are reported in the stockholders' equity section of the balance sheet.

A) True
B) False

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verified

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Question 92

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A post-closing trial balance should be prepared before the financial statements are prepared.

A) True
B) False

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Question 93

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The following adjusted trial balance is the result of the adjustments made at the end of the month of July for Ladonna Douglas Corporation.Utilize these adjusted values to perform the closing entries for Ladonna Douglas Corporation.

On the basis of the following information taken from the Adjusted Trial Balance columns of the work sheet for the month ended September 30,journalize the closing entries for Perez Roofing Company.

A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end. Net income for the period is

Complete the following end-of-period spreadsheet for Danilo Enterprises.

$\begin{array}{c}\text { Finley Company }\\\text { End-of-Period Spreadsheet }\\\text { For the Year Ended December } 31\\\begin{array}{|l|r|r|}\hline {\text { Account Title }} & {\text { Debit }} & {\text { Credit }} \\\hline \text { Cash } & 48,000 & \\\hline \text { Accounts Receivable } & 18,000 & \\\hline \text { Supplies } & 6,000 & \\\hline \text { Equipment } & 57,000 & \\\hline \text { Accumulated Depr. } & & 18,000 \\\hline \text { Accounts Payable } & & 25,000 \\\hline \text { Wages Payable } & & 6,000 \\\hline \text { Common Stock } & & 30,000 \\\hline \text { Retained Earnings } & & 3,000 \\\hline \text { Dividends } & 3,000 & \\\hline \text { Fees Earned } & & 155,000 \\\hline \text { Wages Expense } & 63,000 & \\\hline \text { Rent Expense } & 27,000 & \\ \hline \text { Depreciation Expense } & 15,000 & \\\hline \text { Totals } & \underline{237,000} & \underline{237,000} \\\hline \text { Net Income Loss } & & \\\hline\\\hline\end{array}\begin{array}{r|r|r|r|}\hline \text { Debit } & \text { Credit } & \text { Debit } & \text { Credit } \\\hline & & 48,000 & \\\hline & & 18,000 & \\\hline & & 6,000 & \\\hline & & 57,000 & \\\hline & & & 18,000 \\\hline & & & 25,000 \\\hline & & & 6,000 \\\hline & & & 30,000 \\\hline & & & 3,000 \\\hline & & 3,000 & \\\hline & 155,000 & & \\\hline 3,000 & & & \\\hline 27,000 & & & \\\hline 15,000 & & & \\\hline 105,000 & 155,000 & 132,000 & 82,000 \\\hline 50,000 & & & 50,000 \\\hline 155,000 & \underline{155,000} & \underline{132,000} & \underline{132,000} \\\hline\end{array}\end{array}$ -The ending balance in retained earnings is

Since the adjustments are entered on the work sheet,it is not necessary to record them in the journal or post them to the ledger.

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

Deferred expenses that benefit a relatively short period of time are listed on the balance sheet as current assets.

A net loss appears on the end-of-period spreadsheet in the

The income statement will present

The difference between the totals of the debit and credit columns of the Adjusted Trial Balance columns on the end-of-period spreadsheet

Which one of the steps below is not aided by the preparation of the end-of-period spreadsheet?

The totals of the Adjusted Trial Balance columns on a work sheet will always be the sum of the Trial Balance column totals and the Adjustments column totals.

Prepare closing entries from the following end-of-period spreadsheet.

Office Equipment is an example of a current asset account.

The income summary account is also known as the clearing account.