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Prepare an income statement and a retained earnings statement for the month ended August 31,2014,from the following T accounts of Marley Company. Prepare an income statement and a retained earnings statement for the month ended August 31,2014,from the following T accounts of Marley Company. Prepare an income statement and a retained earnings statement for the month ended August 31,2014,from the following T accounts of Marley Company. Prepare an income statement and a retained earnings statement for the month ended August 31,2014,from the following T accounts of Marley Company.

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The following revenue and expense account balances were taken from the Income Statement columns of the work sheet for Fraser Services Co.for the year ended December 31,2011: The following revenue and expense account balances were taken from the Income Statement columns of the work sheet for Fraser Services Co.for the year ended December 31,2011: Prepare an income statement. Prepare an income statement.

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The work sheet


A) is an integral part of the accounting cycle.
B) eliminates the need to rewrite the financial statements.
C) is a working paper that is required.
D) is used to summarize account balances and adjustments for the financial statements.

E) C) and D)
F) B) and D)

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The following data were taken from the Balance Sheet columns of the work sheet for April 30,2011 for Mackenzie Company: The following data were taken from the Balance Sheet columns of the work sheet for April 30,2011 for Mackenzie Company: Prepare a classified balance sheet. Prepare a classified balance sheet.

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Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow. Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow. Determine the Retained Earnings ending balance. A) $12,150 B) $13,730 C) $6,480 D) $21,400 Determine the Retained Earnings ending balance.


A) $12,150
B) $13,730
C) $6,480
D) $21,400

E) B) and C)
F) B) and D)

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Which of the following accounts ordinarily appears in the post-closing trial balance?


A) Fees Earned
B) Supplies Expense
C) Dividends
D) Unearned Rent

E) A) and B)
F) B) and C)

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Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year?


A) Rent Expense
B) Fees Earned
C) Income Summary
D) Depreciation Expense

E) B) and C)
F) All of the above

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The closing process is sometimes referred to as closing the books.

A) True
B) False

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On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March 31 for Boles Athletic Company,journalize the four closing entries. On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March 31 for Boles Athletic Company,journalize the four closing entries.

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Use the work sheet for Finley Company to answer the questions that follow. Use the work sheet for Finley Company to answer the questions that follow. The journal entry to close revenues would be A) debit Income Summary,$155,000;credit Fees Earned,$155,000 B) debit Retained Earnings,$155,000;credit Fees Earned,$155,000 C) debit Fees Earned,$155,000;credit Income Summary,$155,000 D) credit Fees Earned,$155,000;credit Retained Earnings,$155,000 The journal entry to close revenues would be


A) debit Income Summary,$155,000;credit Fees Earned,$155,000
B) debit Retained Earnings,$155,000;credit Fees Earned,$155,000
C) debit Fees Earned,$155,000;credit Income Summary,$155,000
D) credit Fees Earned,$155,000;credit Retained Earnings,$155,000

E) None of the above
F) A) and B)

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Which of the following account groups are all considered nominal accounts?


A) Cash,Retained Earnings,Wages Payable
B) Prepaid Insurance,Property,Plant & Equipment,Fees Earned
C) Capital Stock,Dividends,Income Summary
D) Rent Revenue,Fees Earned,Miscellaneous Expense

E) A) and B)
F) C) and D)

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The majority of businesses end their fiscal year on December 31.

A) True
B) False

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The work sheet at the end of July has $5,950 in the Balance Sheet credit column for Accumulated Depreciation.The work sheet at the end of August has $7,600 in the Balance Sheet credit column for Accumulated Depreciation.What was the amount of the depreciation expense adjustment for the month of August?


A) amount can not be determined
B) $7,600
C) $5,950
D) $1,650

E) B) and C)
F) C) and D)

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Explain the differences between a nonclassified balance sheet and a classified balance sheet.

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A classified balance sheet subsections a...

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Accrued revenues are ordinarily listed on the balance sheet as current liabilities.

A) True
B) False

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Beachside Realty rents condominiums and furnishings.It's adjusted trial balance at December 31,2011,is as follows: Beachside Realty rents condominiums and furnishings.It's adjusted trial balance at December 31,2011,is as follows: Prepare the entry required to close the expense accounts at the end of the period. Prepare the entry required to close the expense accounts at the end of the period.

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The entry to close the appropriate insurance account at the end of the accounting period is


A) debit Income Summary;credit Prepaid Insurance
B) debit Prepaid Insurance;credit Income Summary
C) debit Insurance Expense;credit Income Summary
D) debit Income Summary;credit Insurance Expense

E) A) and B)
F) A) and C)

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The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Net income for the period is A) $3,200 B) $12,100 C) $17,400 D) $8,900 Net income for the period is


A) $3,200
B) $12,100
C) $17,400
D) $8,900

E) None of the above
F) A) and B)

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On the income statement,miscellaneous expenses are usually presented as the last item without regard to the dollar amount.

A) True
B) False

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The end-of-period spreadsheet (work sheet)for the current year for Jamal Company shows Balance Sheet columns with a debit total of $614,210 and a credit total of $630,430.This is before the amount for net income or net loss has been included.In preparing the income statement from work sheet,what is the amount of net income or net loss?

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