Question : 121. Use the work sheet for Finley Company to answer the : 1239727

 

 

121. Use the work sheet for Finley Company to answer the questions that follow. 

Finley CompanyWork SheetFor the Year Ended December 31, 2014

 

Adjusted Trial Balance

Income Statement

Balance Sheet

 

Account Title

Debit

Credit

Debit

Credit

Debit

Credit

 

Cash

48,000

 

 

 

48,000

 

 

Accounts Receivable

18,000

 

 

 

18,000

 

 

Supplies

6,000

 

 

 

6,000

 

 

Equipment

57,000

 

 

 

57,000

 

 

Accum. Depr. – Equip.

 

18,000

 

 

 

18,000

 

Accounts Payable

 

25,000

 

 

 

25,000

 

Wages Payable

 

6,000

 

 

 

6,000

 

Capital Stock

 

5,000

 

 

 

5,000

 

Retained Earnings

 

28,000

 

 

 

28,000

 

Dividends

3,000

 

 

 

3,000

 

 

Fees Earned

 

155,000

 

155,000

 

 

 

Wages Expense

63,000

 

63,000

 

 

 

 

Rent Expense

27,000

 

27,000

 

 

 

 

Depreciation Expense

15,000

 

15,000

 

 

 

 

Totals

237,000

237,000

105,000

155,000

132,000

82,000

 

Net Income (Loss)

 

 

50,000

 

 

50,000

 

 

 

 

155,000

155,000

132,000

132,000

 

 

 

 

 

 

 

 

The entry to close expenses would be A. Wages Expense                       63,000Rent Expense                          27,000Depreciation Expense              15,000        Income Summary                           105,000B. Expenses                                 105,000        Income Summary                           105,000C. Wages Expense                       63,000Rent Expense                          27,000Depreciation Expense              15,000         Dividends                                      105,000D. Income Summary                    105,000          Wages Expense                            63,000         Rent Expense                               27,000         Depreciation Expense                  15,000

 

122. Use the work sheet for Finley Company to answer the questions that follow. 

Finley CompanyWork SheetFor the Year Ended December 31, 2014

 

Adjusted Trial Balance

Income Statement

Balance Sheet

 

Account Title

Debit

Credit

Debit

Credit

Debit

Credit

 

Cash

48,000

 

 

 

48,000

 

 

Accounts Receivable

18,000

 

 

 

18,000

 

 

Supplies

6,000

 

 

 

6,000

 

 

Equipment

57,000

 

 

 

57,000

 

 

Accum. Depr. – Equip.

 

18,000

 

 

 

18,000

 

Accounts Payable

 

25,000

 

 

 

25,000

 

Wages Payable

 

6,000

 

 

 

6,000

 

Capital Stock

 

5,000

 

 

 

5,000

 

Retained Earnings

 

28,000

 

 

 

28,000

 

Dividends

3,000

 

 

 

3,000

 

 

Fees Earned

 

155,000

 

155,000

 

 

 

Wages Expense

63,000

 

63,000

 

 

 

 

Rent Expense

27,000

 

27,000

 

 

 

 

Depreciation Expense

15,000

 

15,000

 

 

 

 

Totals

237,000

237,000

105,000

155,000

132,000

82,000

 

Net Income (Loss)

 

 

50,000

 

 

50,000

 

 

 

 

155,000

155,000

132,000

132,000

 

 

 

 

 

 

 

 

The entry to close Income Summary would be A. debit Retained Earnings, $50,000; credit Income Summary, $50,000B. debit Income Summary, $155,000; credit Retained Earnings, $155,000C. debit Income Summary, $50,000; credit Retained Earnings, $50,000D. debit Retained Earnings, $9,000; credit Income Summary, $9,000

 

123. Use the work sheet for Finley Company to answer the questions that follow. 

Finley CompanyWork SheetFor the Year Ended December 31, 2014

 

Adjusted Trial Balance

Income Statement

Balance Sheet

 

Account Title

Debit

Credit

Debit

Credit

Debit

Credit

 

Cash

48,000

 

 

 

48,000

 

 

Accounts Receivable

18,000

 

 

 

18,000

 

 

Supplies

6,000

 

 

 

6,000

 

 

Equipment

57,000

 

 

 

57,000

 

 

Accum. Depr. – Equip.

 

18,000

 

 

 

18,000

 

Accounts Payable

 

25,000

 

 

 

25,000

 

Wages Payable

 

6,000

 

 

 

6,000

 

Capital Stock

 

5,000

 

 

 

5,000

 

Retained Earnings

 

28,000

 

 

 

28,000

 

Dividends

3,000

 

 

 

3,000

 

 

Fees Earned

 

155,000

 

155,000

 

 

 

Wages Expense

63,000

 

63,000

 

 

 

 

Rent Expense

27,000

 

27,000

 

 

 

 

Depreciation Expense

15,000

 

15,000

 

 

 

 

Totals

237,000

237,000

105,000

155,000

132,000

82,000

 

Net Income (Loss)

 

 

50,000

 

 

50,000

 

 

 

 

155,000

155,000

132,000

132,000

 

 

 

 

 

 

 

 

The entry to close Dividends would be A. debit Retained Earnings, $3,000; credit Dividends, $3,000B. debit Retained Earnings, $12,000; credit Dividends, $12,000C. debit Dividends, $3,000; credit Retained Earnings, $3,000D. debit Dividends, $12,000; credit Retained Earnings, $12,000

 

124. Use the work sheet for Finley Company to answer the questions that follow. 

Finley CompanyWork SheetFor the Year Ended December 31, 2014

 

Adjusted Trial Balance

Income Statement

Balance Sheet

 

Account Title

Debit

Credit

Debit

Credit

Debit

Credit

 

Cash

48,000

 

 

 

48,000

 

 

Accounts Receivable

18,000

 

 

 

18,000

 

 

Supplies

6,000

 

 

 

6,000

 

 

Equipment

57,000

 

 

 

57,000

 

 

Accum. Depr. – Equip.

 

18,000

 

 

 

18,000

 

Accounts Payable

 

25,000

 

 

 

25,000

 

Wages Payable

 

6,000

 

 

 

6,000

 

Capital Stock

 

5,000

 

 

 

5,000

 

Retained Earnings

 

28,000

 

 

 

28,000

 

Dividends

3,000

 

 

 

3,000

 

 

Fees Earned

 

155,000

 

155,000

 

 

 

Wages Expense

63,000

 

63,000

 

 

 

 

Rent Expense

27,000

 

27,000

 

 

 

 

Depreciation Expense

15,000

 

15,000

 

 

 

 

Totals

237,000

237,000

105,000

155,000

132,000

82,000

 

Net Income (Loss)

 

 

50,000

 

 

50,000

 

 

 

 

155,000

155,000

132,000

132,000

 

 

 

 

 

 

 

 

The ending balance in Retained Earnings is A. $28,000B. $75,000C. $25,000D. $73,000

 

125. The proper sequence of steps in the accounting cycle is as follows A. analyze and record transactions, post transaction to the ledger, prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare adjusting entriesB. prepare a trial balance, analyze adjustment data, prepare adjusting entries,  prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledgerC. analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries,  prepare financial statements, journalize closing entries and post to the ledgerD. prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries

 

126. The following are steps to the accounting cycle.  Of the following, which step should be done first? A. Closing entries are journalized and posted to the ledger.B. Transactions are posted to the ledger.C. Adjusting entries are journalized and posted to the ledger.D. Financial statements are prepared.

 

127. The following are steps in the accounting cycle.  Of the following, which would be prepared last? A. An adjusted trial balance is prepared.B. Transactions are posted to the ledger.C. An unadjusted trial balance is prepared.D. Adjusting entries are journalized and posted to the ledger.

 

128. The accounting cycle requires three trial balances be done.  In what order should they be prepared? A. Post-closing, unadjusted, adjustedB. Unadjusted, post-closing, adjustedC. Unadjusted, adjusted, post-closingD. Post-closing, adjusted, unadjusted

 

129. The fiscal year selected by companies  A. is the same as the calendar year.B. begins with the first day of the month and ends on the last day of the twelfth month.C. must always begin on January 1.D. will change each year.

 

130. A fiscal year A. ordinarily begins on the first day of a month and ends on the last day of the following twelfth month.B. for a business is determined by the federal government.C. always begins on January 1 and ends on December 31 of the same year.D. should end at the height of the business’s annual operating cycle.

 

 

 

 

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