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Current assets and current liabilities for Brayden Company are as follows:​​ Current assets and current liabilities for Brayden Company are as follows:​​ What is the current ratio for 20Y9 and 20Y8?​ A) 0.94 and 0.89 B) 1.07 and 1.12 C) 0.54 and 0.57 D) 1.85 and 1.77 What is the current ratio for 20Y9 and 20Y8?​


A) 0.94 and 0.89
B) 1.07 and 1.12
C) 0.54 and 0.57
D) 1.85 and 1.77

E) B) and D)
F) All of the above

Correct Answer

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Use the adjusted trial balance for Stockton Company to answer the questions that follow. ​ Use the adjusted trial balance for Stockton Company to answer the questions that follow. ​ -Use the adjusted trial balance for Stockton Company.Determine the net income (loss) for the period. A) Net income is $9,250. B) Net loss is $790. C) Net loss is $5,670. D) Net income is $3,580. -Use the adjusted trial balance for Stockton Company.Determine the net income (loss) for the period.


A) Net income is $9,250.
B) Net loss is $790.
C) Net loss is $5,670.
D) Net income is $3,580.

E) B) and C)
F) A) and B)

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A reversing entry reverses the effects of an adjusting entry from the previous period.​

A) True
B) False

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Austin Enterprises was started by Daniel Austin.During the current year,Daniel Austin invested $8,000 in the business.Based on the following end-of-period spreadsheet,prepare an income statement,statement of owner's equity,and balance sheet for Austin Enterprises for the year ended December 31.​​ Austin Enterprises was started by Daniel Austin.During the current year,Daniel Austin invested $8,000 in the business.Based on the following end-of-period spreadsheet,prepare an income statement,statement of owner's equity,and balance sheet for Austin Enterprises for the year ended December 31.​​

Correct Answer

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The statement of owner's equity should be prepared


A) before the income statement and after the balance sheet
B) before the income statement and balance sheet
C) after the income statement and balance sheet
D) after the income statement and before the balance sheet

E) A) and B)
F) None of the above

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The difference between a classified balance sheet and one that is not classified is that the classified one has subheadings.

A) True
B) False

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Identify which of the following accounts should be closed with a debit or a credit at the end of the fiscal year.If it is not closed,mark as n/a.​ 1.Utilities Payable 2.Utilities Expense 3.Supplies 4.Supplies Expense 5.Fees Earned 6.Unearned Fees 7.Accounts Receivable 8.Jason Hill,Drawing 9.Jason Hill,Capital 10.Accumulated Depreciation-Equipment 11.Depreciation Expense-Equipment 12.Equipment 13.Prepaid Insurance 14.Insurance Expense

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Which of the following is not an essential part of the accounting records?


A) journal
B) ledger
C) chart of accounts
D) end-of-period spreadsheet

E) C) and D)
F) A) and C)

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Use the following end-of-period spreadsheet to answer the questions that follow. ​ ​ Use the following end-of-period spreadsheet to answer the questions that follow. ​ ​ ​ -Use the end-of-period spreadsheet for Finley Company.The expenses would be closed by A) debiting Wages Expense for $63,000, Rent Expense for $27,000, and Depreciation Expense for $15,000 B) debiting Expenses for $105,000 C) crediting Expenses for $105,000 D) crediting Wages Expense for $63,000, Rent Expense for $27,000, and Depreciation Expense for $15,000 ​ -Use the end-of-period spreadsheet for Finley Company.The expenses would be closed by


A) debiting Wages Expense for $63,000, Rent Expense for $27,000, and Depreciation Expense for $15,000
B) debiting Expenses for $105,000
C) crediting Expenses for $105,000
D) crediting Wages Expense for $63,000, Rent Expense for $27,000, and Depreciation Expense for $15,000

E) C) and D)
F) A) and D)

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Use the adjusted trial balance for Stockton Company to answer the questions that follow. ​ Use the adjusted trial balance for Stockton Company to answer the questions that follow. ​ -Use the adjusted trial balance for Stockton Company.Determine the current assets. A) $23,030 B) $9,330 C) $21,930 D) $8,630 -Use the adjusted trial balance for Stockton Company.Determine the current assets.


A) $23,030
B) $9,330
C) $21,930
D) $8,630

E) C) and D)
F) All of the above

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Sean Enterprises offers carpet and upholstery cleaning services to residential clients.Below is a partial end-of-period spreadsheet for the year ended December 31.Record the necessary reversing entries on January 1 in proper general journal form.​​ Sean Enterprises offers carpet and upholstery cleaning services to residential clients.Below is a partial end-of-period spreadsheet for the year ended December 31.Record the necessary reversing entries on January 1 in proper general journal form.​​ ​ ​

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The difference between the totals of the Debit and Credit columns of the Adjusted Trial Balance columns on the end-of-period spreadsheet


A) is the amount of net income or loss
B) indicates there is an error on the work sheet
C) is the amount of owner's equity
D) is the difference between revenue and expenses

E) A) and D)
F) A) and C)

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Examples of temporary accounts are supplies and prepaid expenses which are in the ledger for just a short time before they expire.

A) True
B) False

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What is the major difference between the unadjusted trial balance and the adjusted trial balance?


A) The adjusted trial balance will show the net income (loss) as an additional account.
B) Unlike the adjusted trial balance, the unadjusted trial balance will continue with the end-of-period processing even if it is not in balance.
C) The adjusted trial balance includes the postings of the adjustments for the period in the balance of the accounts.
D) The adjusted trial balance will be used to record the adjustments for the period.

E) A) and B)
F) A) and C)

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The first item appearing on the statement of owner's equity is


A) net income
B) the ending balance of owner's equity
C) owner withdrawals
D) the beginning balance of owner's equity

E) A) and D)
F) C) and D)

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The trial balance may be listed on the work sheet instead of being prepared separately.

A) True
B) False

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When the end-of-period spreadsheet is complete,the Adjustments columns should have


A) total credits greater than total debits if a net income was earned
B) total debits greater than total credits if a net loss was incurred
C) total debits greater than total credits if a net income was earned
D) total debits equal to total credits

E) A) and C)
F) None of the above

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Cross-referencing is useful in assuring that the debits and credits are in balance.

A) True
B) False

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Which of the accounts below would be closed by posting a debit to the account?


A) Unearned Revenue
B) Fees Earned
C) Josh Morton, Drawing
D) Miscellaneous Expense

E) All of the above
F) A) and C)

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After net income is entered on the end-of-period spreadsheet,the Balance Sheet Debit and Credit columns must


A) be the same amount as the total amount of the Income Statement Debit and Credit columns
B) equal each other
C) be the same amount as the total amount in the Adjusted Trial Balance Debit and Credit columns
D) not be equal to each other and need not be the same total amounts as any other pair of columns on the work sheet

E) A) and B)
F) A) and C)

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