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Exam 4: Completing the Accounting Cycle

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Question 91

True/False

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

A) True
B) False

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verified

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Question 92

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

A) True
B) False

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Question 93

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Which of the following accounts will not be closed to the capital account at the end of the year?

Current assets and current liabilities for Brayden Company are as follows:​​ What conclusions can be drawn regarding Brayden's ability to meet its financial obligations?​

The usual presentation of the statement of owner's equity is (1)Beginning capital, (2)Net income or loss, (3)Drawing, (4)Owner's contributions,and (5)Ending capital.

Current assets and current liabilities for Brayden Company are as follows:​​ The change in the current ratio from 20Y8 to 20Y9 was favorable.

The Income Statement columns in the end-of-period spreadsheet show that debits are equal to $55,800 and credits are $77,520.What does this information mean to the accountant?

The income statement is prepared from​

Reconstruct the adjusting and closing entries from the following.​​​ ​ ​​ ​​

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

The last step of the accounting cycle is to prepare a post-closing trial balance.

The following balance sheet contains errors.​​​ (a)List the errors in the balance sheet above and (b)prepare a corrected balance sheet.​

The classified balance sheet will show which asset subsections?

The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30,for Abigail Company:​ Prepare a classified balance sheet.

An end-of-period spreadsheet includes columns for

You have just accepted your first job out of college,which requires you to evaluate loan requests at Eastwood National Bank.The first loan request you receive is from Richard Enterprises,a small proprietorship.Richard Tracy,the owner,is requesting $105,000 and brings you the following trial balance (or statement of accounts)for his first year of operations ended December 31.What three accounts do you think should be relabeled for greater clarity?

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30,for Finnegan Co.:​ Prepare an income statement.

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

On September 1,the company pays rent for 12 months in advance and debits an asset account.At year-end,the adjusting entry on the work sheet would

Which of the following accounts should be closed to the capital account at the end of the year?