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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 Wilsons debt ratio? A. 48% 10. Which of the following is a permanent account? B. Prepaid Insurance...
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This note was uploaded on 01/19/2012 for the course ACCOUNING ACC100 taught by Professor Rebecca during the Spring '11 term at Strayer.
- Spring '11