Question : 21) After all the account balances have been extended to : 1212601

21) After all the account balances have been extended to all columns  of the worksheet, the totals of the debit and credit columns for the income statement columns are $35,350 and $38,750, respectively. It can be concluded the company has a:

A) net income of $3,400.

B) net loss of $3,400.

C) $74,100 net loss.

D) $74,100 net income.

22) If the prepaid rent account had an unadjusted normal balance of $13,400, and an adjustment was made crediting the account for $1,800, then the account would appear on the worksheet as a(n):

A) $11,600 debit balance in the balance sheet columns.

B) $1,800 credit balance in the income statement columns.

C) $11,600 credit balance in the adjusted trial balance columns.

D) $1,800 credit balance in the balance sheet columns.

 

23) Unearned service revenue has a balance that is $2,800 less in the worksheet’s balance sheet credit column than in the worksheet’s trial balance credit column. From this data, it can be determined that:

A) unearned service revenue was credited for $2,800 in the adjustments columns.

B) service revenue was debited for $2,800 in the adjustments columns.

C) service revenue was credited for $2,800 in the adjustments columns.

D) unearned service revenue was credited for $2,800 in the adjusted trial balance columns.

 

24) After all of the account balances have been extended to the income statement columns of the worksheet, the totals of the debit and credit columns are $172,300 and $176,900, respectively. It can be concluded the company has a:

A) net loss of $14,600.

B) net income of $4,600.

C) net income of $176,900.

D) net loss of $176,900.

 

25) The net income or loss for the period is placed on the worksheet to balance which sets of columns?

A) the adjusted trial balance and the income statement columns

B) the income statement and the balance sheet columns

C) the balance sheet and the adjusted trial balance columns

D) the unadjusted trial balance and the adjusted trial balance columns

26) Given the following totals for the financial statement columns on the worksheet, determine the net income or loss for the period:

 

Income StatementBalance Sheet

DebitCreditDebitCredit

$8,800$11,500$9,400$6,700

 

A) $11,500 net income

B) $2,700 net income

C) $9,400 net loss

D) $6,800 net loss

 

27) Given the following totals of the financial statements columns of the worksheet, determine the net income or loss for the period:

 

Income StatementBalance Sheet

DebitCreditDebitCredit

$9,500$7,750 $5,300 $7,050

 

A) $5,300 net loss

B) $1,750 net income

C) $7,750 net income

D) $1,750 net loss

 

28) Accumulated amortization is found on the:

A) trial balance credit column and income statement debit column of a worksheet.

B) trial balance credit column, adjustments credit column, adjusted trial balance credit column, and balance sheet debit column of a worksheet.

C) trial balance credit column, adjustments credit column, adjusted trial balance credit column, and balance sheet credit column of a worksheet.

D) trial balance debit column, adjustments debit column, adjusted trial balance credit column, and income statement credit column of a worksheet.

29) An error has been made on the worksheet if:

A) the trial balance columns and the adjusted trial balance columns are not equal.

B) the income statement columns do not equal the balance sheet columns.

C) the adjusted trial balance debit column and credit column do not equal.

D) the unadjusted trial balance column is in balance.

 

30) Accumulated amortization appears on the:

A) balance sheet debit column of a worksheet.

B) income statement credit column of a worksheet.

C) income statement debit column and balance sheet credit column of a worksheet.

D) adjusted trial balance credit column and balance sheet credit column of a worksheet.

 

 

 

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