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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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51) The following is the adjusted trial balance as of December 31, 2014 of Tuttle Photography: AccountDebitCredit Cash$1,700 Accounts Receivable8,500 Supplies100 Equipment7,500 Accumulated Depreciation—Equipment$2,000 Accounts Payable1,200 Salaries Payable800 Unearned Revenue600 Tuttle, Capital3,400 Tuttle, Withdrawals2,300 Service Revenue40,000 Salaries Expense24,000 Supplies Expense2,300 Depreciation Expense—Equipment1,600      Total$48,000$48,000 Provide the closing entry for Service Revenue. 52) The following is the adjusted trial balance as of December 31, 2014 of Tuttle Photography: AccountDebitCredit Cash$1,700 Accounts Receivable8,500 Supplies100 Equipment7,500 Accumulated Depreciation—Equipment$2,000 Accounts.

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  • 51) The following the adjusted trial balance as of December
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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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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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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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17) The trial balance of a merchandiser is as follows. A physical count of inventory at the end of the accounting year reveals $28,000 of inventory on hand. (Assume a perpetual inventory system) DebitCredit Cash$12,600 Accounts Receivable2,400 Prepaid Rent800 Merchandise Inventory30,000 Accounts Payable$4,200 Salaries Payable1,000 Notes Payable800 Smith, Capital13,800 Smith, Withdrawals1,000 Sales Revenue96,000 Sales Returns and Allowances1,600 Sales Discounts400 Cost of Goods Sold23,000 Salaries Expense21,000 Rent.

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  • 17) The trial balance of a merchandiser as follows. A
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21) Refer to the following trial balance. Debit Credit Cash $15,000 Accounts Receivable 42,000 Merchandise Inventory 60,000 Supplies 15,000 Land 300,000 Accounts Payable $3,000 Notes Payable 25,000 Smith, Capital 326,000 Smith, Withdrawals 3,000 Sales Revenues 480,000 Sales Returns and Allowances 6,000 Sales Discounts 9,000 Cost of Goods Sold 240,000 Salary Expense 15,000 Utility Expense 69,000 Rent Expense 54,000 Interest Expense 6,000 Totals $834,000 $834,000 Prepare a multi-step income statement: 22) An adjusted trial balance of Woods Company for the year 2015 is given below. Prepare a single-step income statement for the.

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  • 21) Refer to the following trial balance. Debit Credit Cas
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11) An entity that buys goods and sells them to customers at a markup is a: A) merchandiser. B) service provider. C) manufacturer. D) producer. 12) Gross profit is calculated as the difference between net sales revenue and: A) purchases. B) cost of goods sold. C) cost of merchandise inventory. D) selling and administrative expenses. 13) The Gajet Store Inc..

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  • 11) An entity that buys goods and sells them to
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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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47) The following is the adjusted trial balance as of December 31, 2015 of Martin 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 Supplies Expense15,000 Insurance Expense14,500 Utilities Expense23,000_______ Total$505,790$505,790 Provide the closing entry for Service Revenue. 48) The following is the adjusted trial balance.

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  • 47) The following the adjusted trial balance as of December
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11) An adjusted trial balance is given below. Debit Credit Cash $12,600 Accounts Receivable 2,400 Prepaid Rent 800 Merchandise Inventory 28,000 Accounts Payable $4,200 Salaries Payable 1,000 Notes Payable 800 Smith, Capital 13,800 Smith, Withdrawals 1,000 Sales Revenue 96,000 Sales Returns and Allowances 1,600 Sales Discounts 400 Cost of Goods Sold 25,000 Salaries Expense 21,000 Rent Expense 14,000 Selling Expense 8,500 Supplies Expense          500 Total $115,800 $115,800 What will be the final balance in the Smith, Capital account after recording the closing entries? A) $37,800 B) $12,700 C) $24,000 D) $36,800 12) Sales revenue.

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  • 11) An adjusted trial balance given below. Debit Credit Ca
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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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20) An adjusted trial balance of a merchandiser is given below. DebitCredit Cash$12,600 Accounts Receivable2,400 Prepaid Rent800 Merchandise Inventory30,000 Accounts Payable$4,200 Salaries Payable1,000 Notes Payable800 Smith, Capital13,800 Smith, Withdrawals1,000 Sales Revenue96,000 Sales Returns and Allowances1,600 Sales Discounts400 Cost of Goods Sold23,000 Salaries Expense21,000 Rent Expense14,000 Administrative Expense8,500 Supplies Expense500       Total$115,800$115,800 Provide journal entries to close the Income Summary account and the Smith, Withdrawals account. .

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  • 20) An adjusted trial balance of a merchandiser given below. DebitCredit Cash$12,600 Accounts
  • Accounting
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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
  • Accounting
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42) A company purchased inventory for $2,200 on account, and recorded the following journal entry: Merchandise Inventory 2,200                Accounts payable 2,200 The vendor's invoice showed terms of 3/10, n/30. Give the journal entry for the payment of the invoice seventeen days after the invoice date. 43) A company purchased inventory for $100,000 on account, and.

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  • 42) A company purchased inventory for $2,200 account, and recorded
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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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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, Withdrawals23,000 Service Revenue289,000 Salaries Expense61,000 Depreciation Expense—Building and Equipment6,150 Supplies Expense14,040 Insurance Expense14,000 Utilities Expense20,900       Total$469,790$469,790 Using the information above, prepare a post-closing trial balance for Shutterbug Photography (dated December 31,.

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  • 12) The adjusted trial balance of Michael's Shutterbug Photography at
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