Question 1 The financial statements are prepared from the __________ adjusted trial balance chart of

 
   

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Question 1 The financial statements are prepared from the __________ adjusted trial balance chart of accounts statement of owner’s equity unadjusted trial balance

5 points

Question 2 A company has $120,000 in current assets; $550,000 in total assets; $90,000 in current liabilities, and $110,000 in total liabilities Calculate the current ratio of the company (Round your answer to two decimal places) 133 172 175 109

5 points

Question 3 Martinville Company earned revenues of $20,000 and incurred expenses of $4,000 Martinville withdrew $3,500 for personal use What is the balance in the Income Summary account prior to closing net income or loss to the Martinville, Capital account? Debit balance of $16,000 Debit balance of $12,500 Credit balance of $16,000 Credit balance of $20,000

5 points

Question 4 Which of the following is the most liquid asset? Building Prepaid Expenses Accounts Receivable Cash

5 points

Question 5 Liquidity is a measure of how __________ quickly an asset may be converted into cash long an asset can be used easily an asset can be exchanged for another asset quickly an asset appreciates in value

5 points

Question 6 Your business advisor, a consulting company, uses reversing entries On March 31, 2018, the bookkeeper journalized and posted the following adjusting entry to accrue Utilities Expense: Utilities Expense 100 Utilities Payable 100 Which of the following entries is the correct reversing entry to be prepared on April 1, 2018? Utilities Payable 100 Utilities Expense 100 Utilities Expense 100 Income Summary 100 Cash 100 Utilities Expense 100 Utilities Expense 100 Accounts Receivable 100

5 points

Question 7 The balances of select accounts of Sandra Company as of December 31, 2018 are given below: Debit Credit Building$140,000 Cash9,000 Office Supplies1,200 Furniture6,000 Prepaid Insurance550 Accumulated Depreciation—Furniture $4,000Land31,000 Accumulated Depreciation—Building 4,000Accounts Receivable2,000 The insurance has been prepaid until June 30, 2019 Determine the amount of total current assets reported on the balance sheet at December 31, 2018 $17,200 $10,200 $12,950 $10,750

5 points

Question 8 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 intangible plant long-term current

5 points

Question 9 Which of the following statements is TRUE of the worksheet? The worksheet is a tool that takes the place of financial statement preparation The worksheet is a document used to summarize data to prepare financial statements The worksheet is a financial statement issued to the public to communicate the financial results of a company The worksheet is a type of journal

5 points

Question 10 Which of the following is a permanent account? Wages expense Salaries payable Service revenue Utilities expense

5 points

Question 11 Property, plant, and equipment are __________ presented in order of the category name, with Land being presented last also called fixed or plant assets either tangible or intangible assets easily converted to cash

5 points

Question 12 Reversing entries are __________ the exact opposite of a prior adjusting entry dated the last day of the new period required according to GAAP expensive to record and time consuming

5 points

Question 13 The net income of Hendley Company for the year is $25,000 Withdrawals during the year were $30,000 No new capital contributions were made during the year Which of the following statements is TRUE? Hendley, Capital account decreases by $25,000 Hendley, Capital account decreases by $5,000 Hendley, Capital account increases by $30,000 Hendley, Capital will remain the same

5 points

Question 14 Brownstone Company has a current ratio of 400 This indicates that the company has $4 in __________ current liabilities for every $1 of current assets total assets for every $1 of current liabilities current assets for every $1 of current liabilities total assets for every $1 of current assets

5 points

Question 15 The current ratio measures __________ a company’s ability to sell its long-term assets a company’s ability to pay current liabilities from its total assets a company’s ability to pay current liabilities from current assets a company’s profitability during a particular period

5 points

Question 16 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 __________ production time operating cycle accounting cycle sales time

5 points

Question 17 Which of the following are temporary accounts that are closed at the end of the year? Assets, liabilities, and Owner, Withdrawals Revenues, expenses, and Owner, Withdrawals Assets, liabilities, and owner’s equity Revenues, expenses, and owner’s equity

5 points

Question 18 Refer to the following adjusted trial balance Accounts Debit Credit Cash$1,700 Accounts Receivable8,600 Office Supplies400 Equipment28,100 Accumulated Depreciation — Equipment $2,000Accounts Payable 1,200Salaries Payable 950Unearned Revenue 450Smith, Capital 3,800Smith, Withdrawals1,000 Service Revenue 55,600Salaries Expense20,000 Supplies Expense2,200 Depreciation Expense — Equipment2,000 Total$64,000$64,000 There were no new capital contributions during the year What will the balance of the Smith, Capital account be after the closing entries are posted? $34,200 $31,400 $35,200 $32,400

5 points

Question 19 Adjusting journal entries are prepared __________ after preparing the adjusted trial balance after preparing the unadjusted trial balance after posting the closing entries after preparing the financial statements

5 points

Question 20 Patents, copyrights, and trademarks are examples of __________ short-term investments fixed assets long-term investments intangible assets