16. Which of the following accounts will be closed to the Capitalaccount at the end of the fiscal year? (Points: 4)Rent ExpenseFees EarnedIncome SummaryDepreciation Expense
17. Notes Receivable due in 350 days appear on the (Points: 4)balance sheet in the current assets sectionbalance sheet in the fixed assets sectionbalance sheet in the current liabilities sectionincome statement as an expense18. After all of the account balances have been extended to theIncome Statement columns of the work sheet, the totals of thedebit and credit columns are $77,500 and $85,300, respectively.What is the amount of the net income or net loss for the period?(Points: 4)
19. Which of the items below does not appear on the work sheet?
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College Accounting, Chapters 1-27
Heintz/Parry
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20. Which of the accounts below would appear in the BalanceSheet columns of the work sheet? (Points: 4)
121. The journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts on December 31stduring the closing process would be:A.Dec. 31 Fees Earned 750Rent Revenue 175Income Summary 925B.Dec. 31 Income Summary 925Fees Earned 750Rent Revenue 175C.Dec. 31 Revenues 925Income Summary 925D.Dec. 31 Income Summary 925Revenues 925122. Use the following worksheet to answer the following questions.Finley CompanyWorksheetFor the YearEnded December31, 2014Adjusted TrialBalanceIncome Statement Balance SheetAccount TitleDebitCreditDebitCreditDebitCreditCash48,00048,000Accounts Receivable18,00018,000Supplies6,0006,000Equipment57,00057,000Accumulated Depr-Equip18,00018,000Accounts Payable25,00025,000Wages Payable6,0006,000C. Finley, Capital33,00033,000C. Finley, Drawing3,0003,000Fees Earned155,000155,000Wages Expense63,00063,000Rent Expense27,00027,000Depreciation Expense15,00015,000Totals237,000237,000105,000155,000132,00082,000Net Income (Loss)50,00050,000155,000155,000132,000132,000
Which of the following accounts will. It be closed to the capital account at the end of the year ?
Fees earned
Utilities expense
Insurance expense
Prepaid insurance
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For each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Accounts Payable B. Accounts Receivable C. Cash D. Equipment E. Land F. Notes Payable (due two years later) G. Prepaid Insurance H. Supplies
Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue, or (4) accrued expense: a. Cash received for services not yet rendered. b. Insurance paid for the next year. c. Interest revenue earned but not received. d. Salaries owed but not yet paid.
For each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Building B. Cash C. Common Stock D. Copyright E. Prepaid Advertising F. Notes Payable (due six months later) G. Taxes Payable H. Unearned Rent Revenue
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Which of the following accounts will be closed to the capital accounts at the end of the fiscal year?
Which of the following accounts will be closed to the capital account at the end of the fiscal year group of answer choices?
Question | Answer |
which of the following accounts will be closed to the capital account at the end of fiscal year? | income summary |
which is not example of a temporary account | accumulated depreciation |