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93 a company 39 s december 31 work sheet for the current period appears below based 4295781

 

93.A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period?
 

A.$3,305.

B.$4,180.

C.$2,350.

D.$2,540.

E.$3,225.

94.Which of the following errors would cause the Balance Sheet and Statement of Owner's Equity columns of a work sheet to be out of balance?  
 
 

A.Entering an asset amount in the Income Statement Debit column.

B.Entering a liability amount in the Income Statement Credit column.

C.Entering an expense amount in the Balance Sheet and Statement of Owner's Equity Debit column.

D.Entering a revenue amount in the Balance Sheet and Statement of Owner's Equity Debit column.

E.Entering a liability amount in the Balance Sheet and Statement of Owner's Equity Credit column.

95.The Unadjusted Trial Balance columns of a work sheet total $84,000. The Adjustments columns contain entries for the following:

1. Office supplies used during the period, $1,200.
2. Expiration of prepaid rent, $700.
3. Accrued salaries expense, $500.
4. Depreciation expense, $800.
5. Accrued service fees receivable, $400.

The Adjusted Trial Balance columns total is:  
 
 

A.$80,400.

B.$84,000.

C.$85,700.

D.$85,900.

E.$87,600.

1. Supplies Expense$1,200

2. Rent Expense700

3. Salaries Expense500

4. Depr. Expense800

5. Accts. Receivable400

96.The balances in the unadjusted columns of a work sheet will agree with:  
 
 

A.the balances reflected in the company's financial statements.

B.the balances reflected in the company's unadjusted trial balance.

C.whatever balances management has decided to report.

D.the balances in the company's post-closing trial balance.

E.the balances management budgeted for the accounting period.

97.In the process of completing a work sheet, the accountant determines that the Income Statement debit column totals $83,000, while the Income Statement credit column totals $65,000. To enter net income (or net loss) for the period into the work sheet would require an entry to 
 
 

A.the Adjustments debit column and the Adjustments credit column.

B.the Unadjusted Trial Balance debit column and the Adjustments credit column.

C.it is not practical to enter Net Income (or Net Loss) on the work sheet.

D.the Balance Sheet & Statement of Owner's Equity debit column and the Income Statement credit column.

E.the Income Statement debit column and the Balance Sheet & Statement of Owner's Equity credit column.

98.The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the owner's capital account is the: 
 
 

A.Income Summary account.

B.Closing account.

C.Balance column account.

D.Contra account.

E.Nominal account.

99.K. Canopy, the proprietor of Canopy Services, withdrew $5,700 from the business during the current year. The entry to close the withdrawals account at the end of the year is: 
 
 

A.Debit K Canopy, Withdrawals $5,700; credit Cash, $5,700

B.Debit K. Canopy, Capital $5,700; credit K. Canopy, Withdrawals $5,700

C.Debit K. Canopy, Withdrawals $5,700; credit K. Canopy, Capital $5,700

D.Debit K. Canopy, Capital $5,700, credit Salary Expense $5,700

E.Debit Income Summary $5,700; credit K Canopy, Capital $5,700

100.Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. The owner's capital account before closing had a balance of $297,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is: 
 
 

A.Debit T. Westmont, Capital $297,000; credit Income Summary $297,000

B.Debit T. Westmont, Capital $63,300; credit Income Summary $63,300

C.Debit Income Summary $63,300; credit T. Westmont, Capital $63,300

D.Debit Income Summary $81,300, credit T. Westmont, Capital $81,300

E.Debit T. Westmont, Capital $81,300; credit Income Summary $81,300

101.Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. The owner's capital account before closing had a balance of $297,000. The Net Income for the year is: 
 
 

A.$185,000

B.$63,300

C.$81,300

D.$360,300

E.$378,300

102.Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. The owner's capital account before closing had a balance of $297,000. The ending owner's capital balance after closing is: 
 
 

A.$185,000

B.$63,300

C.$81,300

D.$360,300

E.$378,300

 

 

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