Question : 121.Use this adjusted trial balance to answer the following question. Dan’s : 1244526

121.Use this adjusted trial balance to answer the following question.

 

Dan’s Marina

Adjusted Trial Balance

December 31, 20×7

Cash

$ 2,500

 

Accounts Receivable

3,500

 

Supplies

1,500

 

Prepaid Insurance

2,500

 

Dock

12,000

 

Accumulated Depreciation–Dock

 

$ 3,000

Accounts Payable

 

6,000

Common Stock

 

10,000

Dividends

4,000

 

Boat Rentals

 

17,000

Depreciation Expense–Dock

1,000

 

Wages Expense

6,500

 

Insurance Expense

2,000

 

Income Taxes Expense

       500

 

 

$36,000

$36,000

 

The amount of net income (or net loss) during the period is

 

a.

$4,500 net income.

b.

$7,000 net income.

c.

$16,000 net income.

d.

$5,000 net loss.

 

 

 

122.Use this adjusted trial balance to answer the following question.

 

Dan’s Marina

Adjusted Trial Balance

December 31, 20×7

Cash

$ 2,500

 

Accounts Receivable

3,500

 

Supplies

1,500

 

Prepaid Insurance

2,500

 

Dock

12,000

 

Accumulated Depreciation–Dock

 

$ 3,000

Accounts Payable

 

6,000

Common Stock

 

10,000

Dividends

4,000

 

Boat Rentals

 

17,000

Depreciation Expense–Dock

1,000

 

Wages Expense

6,500

 

Insurance Expense

2,000

 

Income Taxes Expense

       500

 

 

$36,000

$36,000

 

The entry to close Income Summary includes a

 

a.

debit to Income Summary for $7,000.

b.

credit to Common Stock for $8,000.

c.

debit to Retained Earnings for $16,000.

d.

credit to Income Summary for $12,000.

 

 

 

123.Which account bypasses the Income Summary account in the closing process?

 

a.

Dividends

b.

Wages Expense

c.

Revenue from Services

d.

Depreciation Expense–Building

 

 

 

124.Closing entries will

 

a.

not affect the Retained Earnings balance.

b.

increase the Retained Earnings balance.

c.

most likely either increase or decrease the Retained Earnings balance.

d.

decrease the Retained Earnings balance.

 

 

 

125.The post-closing trial balance would not include which of the following accounts?

 

a.

Accumulated Depreciation–Office Equipment

b.

Dividends

c.

Retained Earnings

d.

Unearned Legal Fees

 

 

 

126.The post-closing trial balance differs from the adjusted trial balance in that it does not

 

a.

take into account closing entries.

b.

contain balance sheet accounts.

c.

contain income statement accounts.

d.

take into account adjusting entries.

 

 

 

 

 

127.The post-closing trial balance contains

 

a.

neither real accounts nor nominal accounts.

b.

both real accounts and nominal accounts.

c.

real accounts only.

d.

nominal accounts only.

 

 

 

128.Which of the following accounts might appear in the adjusted trial balance but not in the post-closing trial balance?

 

a.

Retained Earnings

b.

Depreciation Expense–Building

c.

Income Summary

d.

Unearned Revenue

 

 

 

129.Probably the last account to be listed on a post-closing trial balance would be

 

a.

Wages Payable.

b.

Income Summary.

c.

Retained Earnings.

d.

Wages Expense.

 

 

 

130.If no adjustments are needed for a particular company, its

 

a.

post-closing trial balance will be identical to its trial balance.

b.

trial balance will be identical to its adjusted trial balance.

c.

trial balance, adjusted trial balance, and post-closing trial balance will be identical.

d.

adjusted trial balance will be identical to its post-closing trial balance.

 

 

 

 

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