(ACC100 -Accountng) X-Tra Credit

(ACC100 -Accountng) X-Tra Credit - of $32,000 and...

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1. C. IV, III, I, and II 2. Which one of these statements regarding the work sheet is true ? A. To balance the work sheet, net income is entered as an amount on the credit side of the balance sheet columns and on the debit side of the income statement columns. 3. The entry required to close withdrawals at the end of the period should include a: C. debit to Capital. 4. Which of the following groups of accounts correctly appear on the postclosing trial balance? D. Capital, Cash, Unearned Revenue 5. Which of the following statements is false ? B. On a classified balance sheet, Building would be considered more liquid than Prepaid Rent. 6. At the end of the year, Omega Company reported revenues of $50,000, expenses
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Unformatted text preview: of $32,000, and withdrawals of $14,000. The proper closing entry for Income Summary would be: D. Income Summary 18,000 Capital 18,000 7. Which of the following accounts is (are) not a current liability? Accumulated Depreciation Unearned Revenue Income Tax Payable B. no no yes * The question was kind of confusing, so Income Tax Payable IS a current liability and the other 2 are not. 8. Refer to Table 4-1. Calculate the current ratio for Roxanne Wilson, Attorney. D. 2.08 9. Refer to Table 4-1. What is Wilson’s debt ratio? A. 48% 10. Which of the following is a permanent account? B. Prepaid Insurance...
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(ACC100 -Accountng) X-Tra Credit - of $32,000 and...

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