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Accounting Expert Answers & Study Resources : Page 142

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11) Which of the following accounts are included in an income statement? A) Land, Salaries Payable B) Owner's Name, Capital, Owner's Contribution C) Furniture, Cash D) Service Revenue, Utilities Expense 12) Property, plant and equipment are categorized as: A) current assets. B) fixed assets. C) long-term investments. D) short-term investments. 13) Patents, copyrights, and trademarks are examples of: A) short-term investments. B).

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  • 11) Which of the following accounts included in an income
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21) The following are the current month's balances for Toys Galore: Accounts Payable $8,000 Revenue 10,000 Cash 5,000 Expenses 1,750 Furniture 12,000 Accounts Receivable 14,000 Jones, Capital 8,250 Notes Payable 6,500 Calculate the total amount of credits for the trial balance. A) $24,500 B) $22,750 C) $24,750 D) $32,750 22) The following are the current month's balances for Toys Galore: Accounts Payable $8,000 Revenue 10,000 Cash 5,000 Expenses 1,750 Furniture 12,000 Accounts Receivable 14,000 Jones, Capital 8,250 Notes Payable 6,500 What is the total amount of debits for the.

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  • 21) The following the current month's balances for Toys Galore: Accounts
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11) The current ratio measures a company's: A) overall ability to pay liabilities. B) ability to pay current liabilities with current assets. C) the proportion of assets that are financed by debt. D) rate of cash flow. 12) The following contains information from the records of the Wellborn Engineers and Architects. Current Assets $74,000 Current Liabilities 44,000 Long-term Assets 95,000 Long-term Liabilities 60,000 Total.

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  • 11) The current ratio measures a company's: A) overall ability to
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41) A business pays cash back to the owner. Which of the following accounts will be debited? A) Cash B) Smith, Withdrawals C) Accounts Payable D) Smith, Capital 42) The owner of a business withdrew cash for personal use. Which of the following accounts will be credited? A) Smith, Capital B) Smith, Withdrawals C) Cash D) Accounts Payable 43) An.

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  • 41) A business pays cash back to the owner. Which
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11) Which of the following accounts will be included in a post-closing trial balance? A) Owner's Name, Withdrawals B) Salaries Expense C) Owner's Name, Capital D) Office Supplies Expense 12) The adjusted trial balance of Michael's Shutterbug Photography at December 31, 2015 is as follows: AccountsDebitCredit Cash$15,000 Accounts Receivable30,000 Prepaid Insurance7,500 Supplies3,200 Building160,000 Accumulated Depreciation—Building$12,000 Equipment75,000 Accumulated Depreciation—Equipment8,500 Land40,000 Accounts Payable12,000 Salaries Payable2,000 Unearned Service Revenue25,000 Mortgage Payable100,000 Michael, Capital21,290 Michael,.

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  • 11) Which of the following accounts will be included in
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21) Under which of the following categories would Accounts Payable appear? A) Long-term assets B) Current assets C) Long-term liabilities D) Current liabilities 22) Which of the following is a plant asset? A) Equipment B) Patents C) Trademark D) Accounts Receivable 23) The Notes Payable that are due within two years are classified as: A) current liabilities. B) current assets. C) long-term liabilities. D).

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  • 21) Under which of the following categories would Accounts Payable
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21) Which of the following accounts would appear in the income statement debit column? A) Unearned Service Revenue B) Service Revenue C) Depreciation Expense D) Prepaid Insurance 22) The following is the adjusted trial balance from the worksheet for Tuttle Photography. Tuttle Photography Worksheet For the Year Ended December 31, 2015 AccountsDebitCredit Cash$15,000 Accounts Receivable30,000 Prepaid Insurance7,500 Office Supplies3,200 Building160,000 Accumulated Depreciation—Building$12,000 Equipment75,000 Accumulated Depreciation—Equipment8,500 Land40,000 Accounts Payable12,000 Salaries Payable2,000 Unearned.

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  • 21) Which of the following accounts would appear in the
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Learning Objective 4-7 1) Generally Accepted Accounting Principles (GAAP) require every organization to prepare reversing entries. 2) Reversing entries ease the burden of accounting for transactions in a later period. 3) Reversing entries are dated on the first day of the new accounting period. 4) A reversing entry is: A) a journal entry used to.

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  • Learning Objective 4-7 1) Generally Accepted Accounting Principles (GAAP) require every
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11) The assumption that the financial statements of a business can be prepared for specific periods is made by the: A) matching principle. B) revenue recognition principle. C) time period concept. D) adjusting entry principle. 12) The matching principle states that: A) financial statements can be prepared for specific periods. B) a business's activities can be sliced.

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  • 11) The assumption that the financial statements of a business
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Learning Objective 3-4 1) An adjusted trial balance does not list the revenues and expenses of a business. 2) The adjusted trial balance helps to identify: A) account balances after adjustments. B) revenue accounts only. C) account balances before adjustments. D) amounts that are out of balance. 3) Deborah Consultants had the following accounts and account balances.

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  • Learning Objective 3-4 1) An adjusted trial balance does not list
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49) The following is the adjusted trial balance as of December 31, 2015 of Current Times Watch Company: AccountsDebitCredit Cash$18,000 Accounts Receivable30,000 Prepaid Insurance9,000 Office Supplies3,200 Building165,000 Accumulated Depreciation—Building$12,000 Equipment88,000 Accumulated Depreciation—Equipment8,500 Land45,000 Accounts Payable12,000 Salaries Payable2,000 Unearned service revenue25,000 Mortgage Payable100,000 Martin, Capital21,290 Martin, Withdrawals25,840 Service Revenue325,000 Salaries Expense63,000 Depreciation Expense—Building and Equipment6,250 Office Supplies Expense15,000 Insurance Expense14,500 Utilities Expense23,000_______ Total$505,790$505,790 Provide the closing entry for the Income Summary account. 50) The following is.

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  • 49) The following the adjusted trial balance as of December
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31) The balances of select accounts of Sandra Company as at December 31, 2015 are given below: Notes Payable—short term $1,200 Salaries Payable 4,000 Notes Payable—long term 25,000 Accounts Payable 3,200 Unearned Revenue 2,000 Interest Payable 2,500 The unearned revenue is the amount of cash received for services to be rendered in January, 2016. What are the total current liabilities shown on the.

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  • 31) The balances of select accounts of Sandra Company as
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31) Which of the following account's balance is carried forward to the next accounting period? A) Accumulated Depreciation B) Depreciation Expense C) Owner's Name, Withdrawals D) Sales Revenue 32) Which is a permanent account? A) Wages Expense B) Salary Payable C) Service Revenue D) Utilities Expense 33) Which of the following accounts will be closed by debiting the Income Summary.

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  • 31) Which of the following account's balance carried forward to
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