11) Net income appears on the worksheet:
A) only in the balance sheet credit column.
B) only in the income statement credit column
C) in the income statement debit column and balance sheet debit column
D) in the income statement debit column and balance sheet credit column
12) Net loss appears on the worksheet:
A) in the income statement credit column and balance sheet debit column.
B) only in the income statement credit column.
C) in the income statement debit column and balance sheet credit column.
D) only in the balance sheet debit column.
13) The prepaid rent account has a balance that is $400 less in the worksheet's balance sheet debit column than in the worksheet's trial balance debit column. This would be the result of a:
A) $400 entry to prepaid rent in the worksheet's adjustments debit column.
B) $400 entry to prepaid rent in the worksheet's adjustments credit column.
C) $400 entry to rent expense in the worksheet's adjustments credit column.
D) mistake in cross-adding the worksheet.
14) Salary expense has a balance of $65,400 in the trial balance debit column of a worksheet. The adjustments credit column contains a $500 credit to salary payable. The adjusted trial balance column will show:
A) salary expense with a debit balance of $64,900.
B) salary expense with a debit balance of $6,500.
C) salary expense with a debit balance of $65,900.
D) salary payable with a credit balance of $65,900.
15) Interest expense on a worksheet's trial balance debit column has a $3,400 balance and a $4,000 balance on the worksheet's income statement debit column. The difference is due to:
A) an entry in the adjustments credit column for $600 to interest expense.
B) an entry in the adjustments debit column for $4,000 to interest expense.
C) an entry in the adjustments credit column for $4,000 to interest expense.
D) an entry in the adjustments credit column for $600 to interest payable.
16) On a worksheet, the income statement debit column equals $190,800 and the income statement credit column equals $195,600. From this data, it can be determined that:
A) the company had a net loss of $4,800 added to the income statement credit column.
B) the company had a net income of $4,800 added to the income statement debit column.
C) the company had a net loss of $4,800 added to the income statement debit column.
D) the company had a net income of $4,800 added to the income statement credit column.
17) Which of the following appears in the balance sheet debit column of a worksheet?
A) service revenue
B) income summary
C) owner withdrawals
D) accounts payable
18) Which of the following appears in the income statement credit column of a worksheet?
A) service revenue
B) income summary
C) owner withdrawals
D) accounts receivable
19) If the unearned service revenue account had an unadjusted normal balance of $4,800, and an adjustment was made debiting the account for $1,500, the account would appear on the adjusted trial balance of the worksheet as a:
A) $4,800 debit.
B) $6,300 credit.
C) $3,300 credit.
D) $3,300 debit.
20) After all the account balances have been extended to the balance sheet columns of the worksheet, the totals of the debit and credit columns are $35,350 and $38,750, respectively. It can be concluded the company has a:
A) net income of $3,400.
B) net loss of $3,400.
C) $74,100 net loss.
D) $74,100 net income.
