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ACCT/510 ACCT510 ACCT 510 CHAPTER 4 BRIEF EXERCISES PART 9 CHAPTER 4 COMPLETING THE ACCOUNTING CYCLE BE 155 Use the following income statement for the year 2008 for J. S. Caper Company to prepare entries to close the revenue and expense accounts for the company. Service revenues $100,000 Expenses: Wages Expense $40,000 Rent Expense 12,500 Advertising Expense 5,700 Total expenses 58,200 Net income (loss) $ 41,800 BE ...

Other / Other 18 Nov 2016

ACCT/510 ACCT510 ACCT 510 CHAPTER 4 MULTIPLE CHOICE QUESTIONS PART 4 CHAPTER 4 COMPLETING THE ACCOUNTING CYCLE 38. Preparing a worksheet involves a. two steps. b. three steps. c. four steps. d. five steps. 39. The adjustments entered in the adjustments columns of a worksheet are a. not journalized. b. posted to the ledger but not journalized. c. not journalized until after the financial statements are prepared. d. jour ...

Other / Other 18 Nov 2016

ACCT/257 ACCT257 ACCT 257 CHAP 05 MULTIPLE CHOICE QUESTIONS PART 5 MULTIPLE CHOICE QUESTIONS 133. If a company has sales of $420,000, net sales of $400,000, and cost of goods sold of $260,000, the gross profit rate is a. 67%. b. 65% c. 35%. d. 33%. 134. Ingrid’s Fashions sold merchandise for $38,000 cash during the month of July. Returns that month totaled $800. If the company’s gross profit rate is 40%, Ingrid†...

Other / Other 18 Nov 2016

ACCT/257 ACCT257 ACCT 257 CHAP 05 PART 1 STRAYER ACCT 257 TRUE-FALSE STATEMENTS 8. Closing entries are not needed if the business plans to continue operating in the future and issue financial statements each year. 9. The dividends account is closed to the Income Summary account in order to properly determine net income (or loss) for the period. 10. After closing entries have been journalized and posted, all temporary accounts in ...

Other / Other 18 Nov 2016

ACCT/257 ACCT257 ACCT 257 CHAP 05 MULTIPLE CHOICE QUESTIONS PART 2 41. After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the a. adjusted trial balance. b. post-closing trial balance. c. the general journal. d. adjustments columns of the worksheet. 56. Closing entries are necessary for a. permanent accounts only. b. tempor ...

Other / Other 18 Nov 2016

Chapter 41 part 1 Exam Name___________________________________ TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 1) In regression, an independent variable is sometimes called a response variable. 1) 2) One purpose of regression is to understand the relationship between variables. 2) 3) One purpose of regression is to predict the value of one variable based on the other variable. 3) 4) The v ...

Other / Other 18 Nov 2016

ACCT/257 ACCT257 ACCT 257 CHAP 05 MULTIPLE CHOICE QUESTIONS PART 3 MULTIPLE CHOICE QUESTIONS 93. The balances that appear on the post-closing trial balance will match the a. income statement account balances after adjustments. b. balance sheet account balances after closing entries. c. income statement account balances after closing entries. d. balance sheet account balances after adjustments. 94. Which account listed below would ...

Other / Other 18 Nov 2016

ACCT/257 ACCT257 ACCT 257 CHAP 05 MULTIPLE CHOICE QUESTIONS PART 4 MULTIPLE CHOICE QUESTIONS 113. Elko Inc. collected $830 of fees in advance. The Company erroneously debited Cash for $380 and credited Accounts Receivable for $380. The correcting entry is a. Cash 380 Accounts Receivable 450 Unearned Revenue 830 b. Cash 830 Service Revenue 830 c. Cash 450 Accounts Receivable 380 Unearned Revenue 830 d. Cash 450 ...

Other / Other 18 Nov 2016

Chapter 41 part 2 TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 21) The correlation coefficient has values between 􀆺1 and +1. 21) 22) Errors are also called residuals. 22) 23) The regression model assumes the error terms are dependent. 23) 24) The regression model assumes the errors are normally distributed. 24) 25) The errors in a regression model are assumed to have an increasing ...

Other / Other 18 Nov 2016

Chapter 41 MULTIPLE CHOICE part 3 MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 48) Which of the following statements is true regarding a scatter diagram? 48) A) It gives the percent of variation in the dependent variable that is explained by the independent variable. B) It provides very little information about the relationship between the regression variables. C) It has a valu ...

Other / Other 18 Nov 2016