34) Which of the following statements is true of the worksheet? A) The worksheet is a...

Transcribed Image Text:

34) Which of the following statements is true of the worksheet? A) The worksheet is a financial statement issued to the public to communicate the financial results of a company. B) The worksheet is a journal. C) The worksheet is a ledger. D) The worksheet is a document used to summarize data to prepare financial statements. 6) The balances of select accounts of Janet, Inc. as of December 31, 2016 are given below: Notes Payable-short-term Salaries Payable Notes Payable-long-term Accounts Payable Unearned Revenue Interest Payable The Unearned Revenue is the amount of cash received for services to be rendered in January, 2017. The Interest Payable is due on February 15, 2017. What are the total current liabilities shown on the balance sheet? B) $5,400 C) $13,600 D) $12,400 A) $11,400 7) The following is the adjusted trial balance for Becker Photography. Accounts Cash Accounts Receivable Prepaid Insurance Office Supplies Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Land Accounts Payable Salaries Payable Unearned Revenue Mortgage Payable Common Stock Retained Earnings Dividends $1,200 6,000 22,000 3,200 1,000 2,200 Service Revenue Salaries Expense Depreciation Expense-Building and Equipment Supplies Expense Insurance Expense Utilities Expense Total 8) Assets are listed in the order of their A) durability C) dates of purchase Debit $88,600 29,000 3,500 3,200 130,000 9) Patents, copyrights, and trademarks are examples of A) fixed assets C) intangible assets 77,000 47,000 25,000 62,000 6,200 11,000 14,500 18,000 $515,000 on the balance sheet. Credit B) magnitude D) liquidity $17,500 After the closing entries, what will the final balance in Retained Earnings be? A) $216,800 B) $25,000 C) $27,500 9,000 25,000 5,000 27,000 103,000 16,000 11,500 301,000 $515,000 D) $175,800 B) long-term investments D) short-term investments 34) Which of the following statements is true of the worksheet? A) The worksheet is a financial statement issued to the public to communicate the financial results of a company. B) The worksheet is a journal. C) The worksheet is a ledger. D) The worksheet is a document used to summarize data to prepare financial statements. 6) The balances of select accounts of Janet, Inc. as of December 31, 2016 are given below: Notes Payable-short-term Salaries Payable Notes Payable-long-term Accounts Payable Unearned Revenue Interest Payable The Unearned Revenue is the amount of cash received for services to be rendered in January, 2017. The Interest Payable is due on February 15, 2017. What are the total current liabilities shown on the balance sheet? B) $5,400 C) $13,600 D) $12,400 A) $11,400 7) The following is the adjusted trial balance for Becker Photography. Accounts Cash Accounts Receivable Prepaid Insurance Office Supplies Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Land Accounts Payable Salaries Payable Unearned Revenue Mortgage Payable Common Stock Retained Earnings Dividends $1,200 6,000 22,000 3,200 1,000 2,200 Service Revenue Salaries Expense Depreciation Expense-Building and Equipment Supplies Expense Insurance Expense Utilities Expense Total 8) Assets are listed in the order of their A) durability C) dates of purchase Debit $88,600 29,000 3,500 3,200 130,000 9) Patents, copyrights, and trademarks are examples of A) fixed assets C) intangible assets 77,000 47,000 25,000 62,000 6,200 11,000 14,500 18,000 $515,000 on the balance sheet. Credit B) magnitude D) liquidity $17,500 After the closing entries, what will the final balance in Retained Earnings be? A) $216,800 B) $25,000 C) $27,500 9,000 25,000 5,000 27,000 103,000 16,000 11,500 301,000 $515,000 D) $175,800 B) long-term investments D) short-term investments

Answer rating: 100% (QA)

The detailed answer for the above question is provided below 5 Answer D worksheet is a document used ... View the full answer