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Question : 133.Use the information in the adjusted trial balance presented below : 1236871

Accounting

 

133.Use the information in the adjusted trial balance presented below to calculate current assets for Taron Company: 

A.$21,200.

B.$45,600.

C.$24,400.

D.$95,600.

E.$41,200.

134.Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company: 

A.1.87.

B..54.

C.3.92.

D.1.77.

E.1.60.

135.Which of the following statements regarding reporting under GAAP and IFRS is not true:   

A.Both GAAP and IFRS define the initial asset value as historical cost for nearly all assets.

B.The definition of an asset under GAAP and IFRS involves three basic criteria.

C.Both GAAP and IFRS define the initial asset value as replacement value.

D.The definition of a liability under GAAP and IFRS involves three basic criteria.

E.After acquisition, one of two asset measurement systems is applied.

136.Based on the following information from Schrute Company’s balance sheet, calculate the current ratio. 

A. Schrute, Capital228,000

A..44.

B.3.51.

C.3.33.

D.1.06.

E.2.23.

137.The following information is available for Zephyr Company before closing the accounts. After all of the closing entries are made, what will be the balance in the Zephyr, Capital account? 

A.$115,000.

B.$225,000.

C.$264,000.

D.$186,000.

E.$956,000.

138.The following information is available for Brendon Company before closing the accounts. What will be the amount in the Income Summary account that should be closed to Brendon, Capital? 

A.$80,000.

B.$64,400.

C.$43,000.

D.$32,400.

E.$42,400.

139.For the year ended December 31, a company had revenues of $187,000 and expenses of $109,000. The owner withdrew $37,000 during the year. Which of the following entries could not be a closing entry?    

A.Debit Income Summary $78,000; credit Owner’s, Capital $78,000.

B.Debit Owner’s Capital $37,000; credit Owner Withdrawals $37,000.

C.Debit revenues $187,000; credit Income Summary $187,000.

D.Debit Income Summary $109,000, credit expenses $109,000.

E.Debit Income Summary $187,000; credit revenues $187,000.

140.Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned $12,000 of unpaid and unrecorded salaries. The next payday is January 3, at which time $30,000 will be paid. Prepare the January 1 journal entry to reverse the effect of the December 31 salary expense accrual.   

A.Debit Salaries expense $12,000; credit Salaries payable $12,000.

B.Debit Salaries expense $18,000; debit Salaries payable $12,000; credit Cash $30,000.

C.Debit Salaries payable $18,000; credit Cash $18,000.

D.Debit Salaries payable $12,000, credit Salaries expense $12,000.

E.Debit Salaries expense $18,000; credit Salaries payable $18,000.

141.Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned $12,000 of unpaid and unrecorded salaries. The next payday is January 3, at which time $30,000 will be paid. Prepare the journal on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1.   

A.Debit Salaries expense $12,000; debit Salaries payable $18,000; credit Cash $30,000.

B.Debit Salaries expense $30,000; credit Cash $30,000.

C.Debit Salaries payable $30,000; credit Cash $30,000.

D.Debit Salaries expense $18,000, debit Salaries payable $12,000; credit Cash $30,000.

E.Debit Salaries expense $18,000; credit Cash $18,000.

142.Which of the following accounts would be included in a post-closing trial balance?   

A.Accounts Receivable.

B.S. Stills, Withdrawal.

C.Consulting Fees Earned.

D.Depreciation Expense—Equipment.

E.Salaries Expense.

143.Palmer Company is at the end of its annual accounting period. The accountant has journalized and posted all external transactions and all adjusting entries, had prepared an adjusted trial balance, and completed the financial statements. The next step in the accounting cycle is:   

A.Prepare a work sheet.

B.Prepare reversing entries.

C.Close temporary accounts.

D.Prepare a post-closing trial balance.

E.Prepare an unadjusted trial balance.

144.For the year ended December 31, a company has revenues of $317,000 and expenses of $196,000. The owner withdrew $50,000 during the year. The balance in the owner’s capital account before closing is $81,000. Which of the following entries would be used to close the withdrawal account?    

A.Debit Income Summary $50,000; credit Owner’s, Capital $50,000.

B.Debit Owner’s Capital $50,000; credit Owner Withdrawals $50,000.

C.Debit Owner’s Capital $81,000; credit Income Summary $81,000.

D.Debit Income Summary $81,000, credit Owner’s Withdrawals $81,000.

E.Debit Owner’s Withdrawals $50,000; credit Owner’s Capital $50,000.

145.Which of the following accounts could not be classified as a current liability?   

A.Unearned revenues.

B.Accounts payable.

C.Notes payable (due in 11 months).

D.Current portion of long-term note payable.

E.Notes payable (due in 5 years).

 

 

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July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

default image
July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

default image
July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

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