Question : 81. Which one of the fixed asset accounts listed below will : 1234026

 

81. Which one of the fixed asset accounts listed below will not have a related contra asset account? A. Office EquipmentB. LandC. Delivery EquipmentD. Building

82. Prepaid insurance is reported on the balance sheet as a A. current assetB. fixed assetC. current liabilityD. long-term liability

83. The income statement is prepared from the A. adjusted trial balanceB. income statement columns of the work sheetC. either the adjusted trial balance or the income statement columns of the work sheetD. both the adjusted trial balance and the income statement columns of the work sheet

84. Round-tripping is when A. a selling company sells to a customer company with huge discounts.B. a selling company pretends to sell to a fictitious company with the intend of inflating revenuesC. a selling company lends money to a customer company to increase assets.D. a selling company lends money to a customer company to be used to purchase goods from the selling company.

85. The Statement of Retained Earnings should be prepared A. before the income statement and after the balance sheetB. before the income statement and balance sheetC. after the income statement and balance sheetD. after the income statement and before the balance sheet

86. The income statement should be prepared A. before the statement of retained earnings and balance sheetB. after the statement of retained earnings and before the balance sheetC. after the statement of retained earnings and balance sheetD. after the balance sheet and before the statement of retained earnings

87. When preparing the Statement of Retained Earnings the beginning balance should be followed by ____ to arrive and the ending balance of retained earnings. A. investments plus net income (loss)B. investments less dividendsC. net income (loss) less dividendsD. investments plus net income (loss) less dividends

88. The following is the adjusted trial balance for Steely Company. 

Steely Company

Adjusted Trial Balance

For the Year ended December 31, 2008

 

 

 

Cash

6,130

 

Accounts Receivable

2,300

 

Prepaid Expenses

   750

 

Equipment

13,400

 

Accumulated Depreciation

 

1,200

Accounts Payable

 

1,700

Notes Payable

 

5,000

Capital Stock

 

12,000

Dividends

870

 

Fees Earned

 

6,600

Wages Expense

1,450

 

Rent Expense

900

 

Utilities Expense

475

 

Depreciation Expense

150

 

Miscellaneous Expense

75

 

Totals

26,500

26,500

 

 

 

Determine the net income (loss) for the period. A. Net Income 26,500B. Net Loss 870C. Net Loss 3,550D. Net Income 3,550

89. The following is the adjusted trial balance for Steely Company. 

Steely Company

Adjusted Trial Balance

For the Year ended December 31, 2008

 

 

 

Cash

6,130

 

Accounts Receivable

2,300

 

Prepaid Expenses

   750

 

Equipment

13,400

 

Accumulated Depreciation

 

1,200

Accounts Payable

 

1,700

Notes Payable

 

5,000

Capital Stock

 

12,000

Dividends

870

 

Fees Earned

 

6,600

Wages Expense

1,450

 

Rent Expense

900

 

Utilities Expense

475

 

Depreciation Expense

150

 

Miscellaneous Expense

75

 

Totals

26,500

26,500

 

 

 

Determine the stockholders’ equity ending balance for the period. A. $14,680B. $11,130C. $15,550D. $2,680

90. The following is the adjusted trial balance for Steely Company. 

Steely Company

Adjusted Trial Balance

For the Year ended December 31, 2008

 

 

 

Cash

6,130

 

Accounts Receivable

2,300

 

Prepaid Expenses

   750

 

Equipment

13,400

 

Accumulated Depreciation

 

1,200

Accounts Payable

 

1,700

Notes Payable

 

5,000

Capital Stock

 

12,000

Dividends

870

 

Fees Earned

 

6,600

Wages Expense

1,450

 

Rent Expense

900

 

Utilities Expense

475

 

Depreciation Expense

150

 

Miscellaneous Expense

75

 

Totals

26,500

26,500

 

 

 

Determine total assets. A. $26,500B. $15,380C. $21,380D. $22,580

 

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