Question 1 (10 points) Calculate the current ratio given the following data: Cash = 1,000, Equipment = 10,000, Unearned Revenue = 3,000, Accounts Receivable 3,000, Accounts Payable 2,000,Prepaid Expense 700, Wages Payable = 1,000, Capital = 8,700 a) 2.4500 b) 66667 c) 78333 d) None of these is the correct answer Question 2 (2 points Prepaid expense is a current asset O 42 DOLL Which of the following is not a temporary account? a) Unearned Revenue b) Withdrawals c) Salaries Expense d) Earned Revenue Question 4 (8 points) Place the activities in their proper order. Prepare unadjusted Trial Balance Question 5 (2 points) If Income Summary has a credit balance, then the firm had a net loss. a) True b) False Question 6 (2 points) Which of the following accounts is not closed at the end of the accounting period? way Income Tax Payable by Salaries Expense c) Rent Expense - DOLL Question 7 (2 points) Some of the accounts on the Income Statement are permanent accounts. a) True b) False Question 8 (2 points) The balance sheet does not contain any temporary accounts. Way True by False Question 9 (2 points Income Summary has a debit balance, then the firm had a net loss. o te Question 10 (2 points) Income Summary is not a temporary account. a) True b) False Question 11 (2 points) The Prepaid Insurance account is closed to the Insurance Expense account. a True by False Question 12 (2 points) The worksheet is a required report, Blue Question 13 (2 points) Which of the following is a temporary account? a) Accounts Receivable b) Withdrawals c) Salaries Payable d) Prepaid Rent Question 14 12 points) Current items are expected to come due collected and owed) within the longer of one year or the company's normal operating cycle. ay Tue 51 Fas