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141 after net income is entered on the work sheet the balance sheet debit and credit 4297068

 

141. After net income is entered on the work sheet, 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

142. Which of the statements below indicates that a company earned a net income for the period? 
A. The sum of the debits exceeds the sum of the credits in the Balance Sheet columns on the work sheet.
B. The sum of the credits exceeds the sum of the debits in the Income Statement columns on the work sheet.
C. The sum of the debits exceeds the sum of the credits in the Income Statement columns on the work sheet.
D. Cash inflows exceeded cash outflows.

143. Which of the items below would appear in the Income Statement columns of the work sheet? 
A. Equipment
B. Unearned Fees
C. Prepaid Expense
D. Net Loss

144. Which of the accounts below would appear in the balance sheet columns of the worksheet? 
A. Rent Earned
B. Dividends
C. Unearned Revenue
D. Dividends and Unearned Revenue

145. Which of the accounts below would appear in the Balance Sheet columns of the work sheet? 
A. Service Revenue
B. Prepaid Rent
C. Supplies Expense
D. None are correct

146. The work sheet at the end of September has $4,000 in the Balance Sheet credit column for Accumulated Depreciation. The work sheet at the end of October has $4,750 in the Balance Sheet credit column for Accumulated Depreciation. What was the amount of the depreciation expense adjustment for the month of October? 
A. amount can not be determined
B. $4,750
C. $4,000
D. $750

147. Which of the items below does not appear on the work sheet? 
A. adjusting entries
B. the unadjusted trial balance
C. closing entries
D. dividends

148. An indication that the work sheet columns are in balance and the work sheet is completed is 
A. the word “Total” is written at the bottom of each pair of columns
B. each pair of columns is double underlined
C. each pair of columns has the totals circled
D. the final figures are written in ink

149. After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns are $25,250 and $21,825, respectively. What is the amount of net income or net loss for the period? 
A. $3,425 net income
B. $25,250 net loss
C. $3,425 net loss
D. $21,825 net income

150. After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the debit and credit columns are $87,500 and $98,300, respectively. What is the amount of the net income or net loss for the period? 
A. $10,800 net income
B. $10,800 net loss
C. $98,300 net income
D. $87,500 net loss

 

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