138what is the purpose of a post closing trial

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138.What is the purpose of a post-closing trial balance? 139.Explain the purpose of reversing entries. 140.In the table below, indicate with an "X" in the proper column whether the account is a temporary (nominal) account or a permanent (real) account.
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141.Listed below are a number of accounts. Use the table below to classify each account. Indicate whether it is a temporary or permanent account, whether it is included in the Income Statement or Balance sheet, and if it is closed at the end of the accounting period, and, if so, how it is closed. The first one is done as an example. 142.The following are the steps in the accounting cycle. List them in the order in which they are completed: Prepare adjusted trial balance Post transactions Prepare an unadjusted trial balance Journalize transactions Prepare the financial statements Close the temporary accounts Adjust the ledger accounts Prepare a post-closing trial balance Analyze transactions
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143.Based on the adjusted trial balance shown below, prepare a classified balance sheet for Focus Package Delivery. $2,000 of the long-term note payable is due during the next year.
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144.The calendar year-end adjusted trial balance for Acosta Co. follows: Required: (a) Prepare a classified year-end balance sheet. (Note: A $7,000 installment on the long-term note payable is due within one year.) (b) Calculate the current ratio. Comment on the ability of Acosta Co. to meets its short-term debts. 145.Calculate the current ratio in each of the following separate cases.
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146.Use the following partial work sheet from Matthews Lanes to prepare its income statement, statement of owner's equity and a classified balance sheet (Assume the owner did not make any investments in the business this year.)
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147.The unadjusted trial balance of E. Pace, Consultant is entered on the partial work sheet below. Complete the work sheet using the following information: (a) Salaries earned by employees that are unpaid and unrecorded, $500. (b) An inventory of supplies showed $800 of unused supplies still on hand. (c) Depreciation on equipment, $1,300. 148.A partially completed work sheet is shown below. The unadjusted trial balance columns are complete. Complete the adjustments, adjusted trial balance, income statement, and balance sheet and statement of owner's equity columns.
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149.Shown below are selected data taken from the unadjusted and adjusted trial balances for the Simonson Company for the current year ended December 31. Determine the items A through H below. 150.The summary amounts below appear in the Income Statement and Balance Sheet columns of a company's December 31 work sheet. Prepare the necessary closing entries.
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151.The adjusted trial balance of Sara's Web Services follows: (a) Prepare the closing entries for Sara's Web Services. (b) What is the balance of Sara's capital account after the closing entries are posted?
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  • Spring '10
  • Brown
  • Balance Sheet, Generally Accepted Accounting Principles, C. Debit J. Awn, B. Debit Dina Kader

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