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