Question : 141. After net income entered the work sheet, the Balance Sheet : 1251825

141. After net income is entered on the work sheet, the Balance Sheet Debit and Credit columns must 
A. be the same amount as the total amount of the Income Statement Debit and Credit columns
B. equal each other
C. be the same amount as the total amount in the Adjusted Trial Balance Debit and Credit columns
D. not be equal to each other and need not be the same total amounts as any other pair of columns on the work sheet

142. Which of the statements below indicates that a company earned a net income for the period? 
A. The sum of the credits exceeds the sum of the debits in the Balance Sheet columns on the work sheet.
B. The sum of the credits exceeds the sum of the debits in the Income Statement columns on the work sheet.
C. The sum of the debits exceeds the sum of the credits in the Income Statement columns on the work sheet.
D. Cash inflows exceeded cash outflows.

143. Which item would appear in the Income Statement columns of the work sheet? 
A. Equipment
B. Unearned Fees
C. Prepaid Expense
D. Net Loss

144. Which account would not appear in the Balance Sheet columns of the work sheet? 
A. Dividends
B. Rent Earned
C. Unearned Revenue
D. Dividends and Unearned Revenue

145. Which of the accounts below would appear in the Balance Sheet columns of the work sheet? 
A. Service Revenue
B. Prepaid Rent
C. Supplies Expense
D. None are correct

146. The work sheet at the end of July has $5,350 in the Balance Sheet credit column for Accumulated Depreciation.  The work sheet at the end of August has $6,700 in the Balance Sheet credit column for Accumulated Depreciation.  What was the amount of the depreciation expense adjustment for the month of August? 
A. $1,350
B. $6,700
C. $5,350
D. none of the above

147. Which of the items below does not appear on the work sheet? 
A. adjusting entries
B. the unadjusted trial balance
C. closing entries
D. the dividends account

148. An indication that the work sheet columns are in balance and the work sheet is completed is 
A. the word “Total” is written at the bottom of each pair of columns
B. each pair of columns is double underlined
C. each pair of columns has the totals circled
D. the final figures are written in ink

149. After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns are $37,875 and $32,735, respectively. What is the amount of net income or net loss for the period? 
A. $5,140 net income
B. $37,875 net loss
C. $5,140 net loss
D. $32,735 net income

150. After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the debit and credit columns are $77,500 and $85,300, respectively. What is the amount of the net income or net loss for the period? 
A. $7,800 net income
B. $7,800 net loss
C. $85,300 net income
D. $77,500 net loss

151. On September 1, the company pays rent for twelve months in advance and debits an asset account.  At year end, the adjusting entry on the work sheet would 
A. increase an expense account
B. decrease a liability account
C. increase an asset account
D. decrease an expense account

152. On March 1, a company collects revenue in advance for the next twelve months and credits a liability account.  The adjusting entry at year end on the work sheet would 
A. increase a liability account
B. decrease an asset account
C. decrease a revenue account
D. decrease a liability account

153. Which of the following is not an essential part of the accounting records? 
A. journal
B. ledger
C. chart of accounts
D. work sheet

154. After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns show debits of $36,678 and the credits of $41,101.  This indicates that 
A. neither net income or loss can be calculated because it is found on the income statement
B. the company has a net loss of $4,423 for the period
C. the company has a net income of $4,423 for the period
D. The amounts are out of balance and need to be corrected

155. The Income Statement columns in the work sheet show that debits total $55,800 and credits total $62,705.  What does this information mean to the accountant? 
A. Net income is equal to $6,905.
B. Net loss is equal to $6,905.
C. The accounts are out of balance, indicating an error has been made.
D. The accounts have not been updated.