Question : 93. Which of the following errors would cause the Balance Sheet   : 1257826

93. Which of the following errors would cause the Balance Sheet   columns of a work sheet to be out of balance? 
A. Entering an asset amount in the Income Statement Debit column.
B. Entering a liability amount in the Income Statement Credit column.
C. Entering an expense amount in the Balance Sheet   Debit column.
D. Entering a revenue amount in the Balance Sheet   Debit column.
E. Entering a liability amount in the Balance Sheet   Credit column.

94.  The Unadjusted Trial Balance columns of a work sheet total $84,000. The Adjustments columns contain entries for the following:
1. Office supplies used during the period, $1,200.
2. Expiration of prepaid rent, $700.
3. Accrued salaries expense, $500.
4. Depreciation expense, $800.
5. Accrued service fees receivable, $400. The Adjusted Trial Balance columns total is:  
A.  $80,400.
B.  $84,000.
C.  $85,700.
D.  $85,900.
E.  $87,600.

95. The balances in the unadjusted columns of a work sheet will agree with: 
A. the balances reflected in the company’s financial statements.
B. the balances reflected in the company’s unadjusted trial balance.
C. whatever balances management has decided to report.
D. the balances in the company’s post-closing trial balance.
E. the balances management budgeted for the accounting period.

96. The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the  retained earnings account is the: 
A. Income Summary account.
B. Closing account.
C. Balance column account.
D. Contra account.
E. Nominal account.

97.K. Canopy, the  stockholder of Canopy Services, Inc., The company paid $5,700 cash in dividends to the owner (sole stockholder).. The entry to close the  dividends account at the end of the year is: 
A. Debit Dividends $5,700; credit Cash, $5,700
B.  Debit  Retained Earnings $5,700; credit  Dividends $5,700
C.  Debit Dividends $5,700; credit  Retained Earnings $5,700
D. Debit  Retained Earnings $5,700, credit Salary Expense $5,700
E.  Debit Income Summary $5,700; credit  Retained Earnings $5,700

98.Tara Westmont, the  stockholder of Tiptoe Shoes, Inc., had annual revenues of $185,000, expenses of $103,700, The company paid $18,000 cash in dividends to the owner (sole stockholder).. The  retained earnings account before closing had a balance of $297,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is: 
A. Debit Retained Earnings $297,000; credit Income Summary $297,000
B.  Debit  Retained Earnings $63,300; credit Income Summary $63,300
C.  DebitIncome Summary $63,300; credit  Retained Earnings $63,300
D. Debit Income Summary $81,300, credit  Retained Earnings $81,300
E.  Debit  Retained Earnings $81,300; credit Income Summary $81,300

99.Tara Westmont, the  stockholder of Tiptoe Shoes, Inc., had annual revenues of $185,000, expenses of $103,700, and the company paid $18,000 cash in dividends to the owner (sole shareholder).. The  retained earnings account before closing had a balance of $297,000. The Net Income for the year is: 
A. $185,000
B.  $63,300
C.  $81,300
D. $360,300
E.  $378,300

100.Tara Westmont, the  stockholder of Tiptoe Shoes, Inc., had annual revenues of $185,000, expenses of $103,700, and the company paid $18,000 cash in dividends to the owner (sole stockholder).. The retained earnings account before closing had a balance of $297,000. The ending  retained  earnings balance after closing is: 
A. $185,000
B.  $63,300
C.  $81,300
D. $360,300
E.  $378,300

101. A company had revenues of $75,000 and expenses of $62,000 for the accounting period. The company paid $8,000 cash in dividends to the owner (sole shareholder).. Which of the following entries could not be a closing entry? 
A. Debit Income Summary $13,000; credit  Retained Earnings $13,000
B. Debit Income Summary $75,000; credit Revenues $75,000.
C. Debit Revenues $75,000; credit Income Summary $75,000.
D. Debit Income Summary $62,000, credit Expenses $62,000.
E. Debit  Retained Earnings $8,000, credit  Dividends $8,000.

102. The following information is available for the Higgins Travel Agency, Inc.. After these closing entries what will be the balance in the  Retained Earnings account?

Net Income……………………$42,500

Retained earnings……130,000

Dividends………12,000

A. $ 75,500.
B. $184,500.
C. $99,500.
D. $160,500.
E. $130,000.