FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 4: Completing the Accounting Cycle

Show Answer

Share

---

All types

Filters

Study Flashcards

Question 81

Multiple Choice

Review LaterAdd Note

Review Later

The formula for computing the current ratio is ________.

A) Current ratio = Current assets / Total assets
B) Current ratio = Current assets / Total liabilities
C) Current ratio = Current assets / Stockholders' Equity
D) Current ratio = Current assets / Current liabilities

Correct Answer

verified

Show Answer

Question 82

Multiple Choice

Review LaterAdd Note

Review Later

An income statement includes ________.

A) Land and Salaries Payable
B) Common Stock,Retained Earnings,and Dividends
C) Furniture and Cash
D) Service Revenue and Utilities Expense

Correct Answer

verified

Show Answer

Question 83

Multiple Choice

Review LaterAdd Note

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

Buildings,land,and equipment are classified as ________.

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

The following contains information from the records of the Wellborn Engineers and Architects. $\begin{array}{c}\text { Wellborn Engineers and Architects }\\\text { Selected Financial Information }\\\text { December 31,2017}\\\begin{array}{|l|r|}\hline \text { Current Assets } & \$ 90,000 \\\hline \text { Current Liabilities } & 30,000 \\\hline \text { Long-Term Assets } & 95,000 \\\hline \text { Long-Term Liabilities } & 65,000 \\\hline \text { Total Revenues } & 50,000 \\\hline \text { Total Expenses } & 37,000\\\hline\end{array}\end{array}$ Calculate the current ratio.(Round your answer to two decimals. )

In the closing process,the Dividends account is closed to the Retained Earnings account.

On December 31,2016,Axle Services,Inc.prepared the following accrual adjustment: $\begin{array} { | c | r | r | } \hline \text { Salaries Expense } & 1,000 & \\\hline \text { Salaries Payable } & & 1,000 \\\hline\end{array}$ The company paid salaries amounting to $1,500 on January 7,2017 for the two-week pay period that ended on January 6,2017.Journalize the entries for January 1,2017 and January 7,2017,assuming the company uses reversing entries.

Which of the following is true of a completed worksheet?

The following is the adjusted trial balance from the worksheet for Tuttle Photography. Using the information provided in the worksheet above,prepare an income statement for Tuttle Photography.

Which of the following statements is an accurate interpretation of the current ratio?

In an accounting cycle,which of the following steps takes place only at the end of the accounting period?

Assets that are expected to be converted to cash,sold,or used up during the next 12 months,or within the business's normal operating cycle if the cycle is longer than a year,are called ________ assets.

The time span during which cash is paid for goods and services,which are then sold to customers from whom the business collects cash,is called the ________.

The operating cycle is the process by which companies produce their financial statements for a specific period.

Which of the following statements is true if the income statement debit column exceeds the income statement credit column of a worksheet?

Property,plant,and equipment are categorized as ________.

A company has $120,000 in current assets; $600,000 in total assets; $90,000 in current liabilities,and $140,000 in total liabilities.Calculate the current ratio of the company.(Round your answer to two decimals. )

Which of the following accounts will have an ending balance after the closing process is completed?

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