Question :
91. The following the adjusted trial balance for Steely Company.
Steely Company
Adjusted : 1234027
91. 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 current assets. A. $22,580B. $9,180C. $21,380D. $26,500
92. 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 total liabilities for the period. A. $6,700B. $1,700C. $5,000D. $18,700
93. The Balance Sheet should be prepared A. before the income statement and the statement of retained earningsB. before the income statement and after the statement of retained earningsC. after the income statement and the statement of retained earningsD. after the income statement and before the statement of retained earnings
94. The Statement of Retained Earnings begins with the beginning balance followed by A. plus Net Income (loss) less dividendsB. plus Net Income (loss) plus investmentsC. plus investments less dividendsD. plus investments plus Net Income (loss) less dividends
95. The Income Statement will include the following accounts A. Revenues less Expenses (ordered largest to smallest amount) with Miscellaneous Expense listed lastB. Revenues less Expenses (ordered smallest to largest amounts) with Miscellaneous Expense listed lastC. Revenues less Expenses (ordered in alphabetical order)D. Revenues less Expenses (order is not important)
96. The classified Balance Sheet will subsection the assets section as follows A. Current Assets and Other AssetsB. Current Assets and Property, Plant, and EquipmentC. Current Assets and Long-Term AssetsD. Other Assets and Property, Plant and Equipment
97. The classified Balance Sheet will divide its Liabilities Section as the following subsections A. Current Liabilities and Long-Term LiabilitiesB. Current Liabilities and Other LiabilitiesC. Other Liabilities and Long-Term LiabilitiesD. Present Liabilities and Tomorrow’s Liabilities
98. Long-term liabilities are those liabilities that A. will be paid in less than one yearB. are due to paid in 5 to 10 yearsC. are due to be paid in more than one yearD. are liabilities owed to the owner and will never be paid
99. The stockholders’ equity is A. added to assets and the two are equal to liabilitiesB. added to liabilities and the two are equal to assetsC. subtracted from liabilities and the net amount is equal to assetsD. subtracted from stockholders’ equity and the net amount is equal to net income
100. Balance sheet accounts A. represent amounts accumulated during a specific period of timeB. are called real accountsC. have zero balances after the closing entries have been postedD. are equal to assets and liabilities
