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Rhodes Company reported a balance At April 1, 2011, Rhodes Company reported a balance of $22,000 in the Retained Earnings account. Rhodes Company earned revenues of $50,000 and incurred expenses of $32,000 during April 2011. The company paid dividends of $10,000 during the month. (a) Prepare the entries to close Income Summary and the Dividends acccount at April 30, 2011. (b) What is the balance in Retained Earningson the April 30, 2 ...

Other / Other 31 Mar 2016

The following lettered items represent a classification scheme The following lettered items represent a classification scheme for a statement of financial position and the numbered items represent accounts found on balance sheets. In the blank next to each account, write the letter indicating to which category it belongs. A. Intangible assets E. Equity B. Property, plant, and equipment F. Non-current liabilities C. Long-term investment ...

Other / Other 31 Mar 2016

The account balances (in thousands) appearing on the trial balance The account balances (in thousands) appearing on the trial balance (below) were taken from the general ledger of Yang Bakery at October 31. Additional information (in thousands) for the month of October which has not yet been recorded in the accounts is as follows: (a) A physical count of supplies indicates ¥300 on hand at October 31. (b) The amount of insurance ...

Other / Other 31 Mar 2016

The financial statements of Zhao Company The following items (in thousands) were taken from the financial statements of Zhao Company. (All dollars are in thousands.) Long-term debt ¥1,443 Accumulated depreciation 3,655 Prepaid expenses 880 Accounts payable 1,444 Property, plant, and equipment 11,500 Notes payable (due after 2012) 368 Long-term investments 764 Share capital-ordinary 5,000 Short-term investments 3,690 Accounts recei ...

Other / Other 31 Mar 2016

Prepare closing entries for December 31, 2011 Presented below is an adjusted trial balance for Cowell Company, at December 31, 2011. Cash €12,700 Accounts payable €10,000 Accounts receivable 20,000 Notes payable 9,000 Prepaid insurance 15,000 Accumulated Depreciation— Equipment 35,000 Equipment 14,000 Depreciation expense 7,000 Service revenue 25,000 Dividends 1,500 Retained earnings 12,000 Advertising expens ...

Other / Other 31 Mar 2016

The final step in the accounting cycle 1. Which one of the following is an optional step in the accounting cycle of a business enterprise? a. Analyze business transactions b. Prepare a worksheet c. Prepare a trial balance d. Post to the ledger accounts 2. The final step in the accounting cycle is to prepare a. closing entries. b. financial statements. c. a post-closing trial balance. d. adjusting entries. 3. Which of th ...

Other / Other 31 Mar 2016

What is the order in which assets are generally listed 1. What is the order in which assets are generally listed on a classified statement of financial position? a. Current and long-term. b. Intangible assets; long-term investments; property, plant, and equipment; current. c. Long-term investments; property, plant, and equipment; intangible assets; current d. Intangible assets; property, plant, and equipment; long-term investments; cur ...

Other / Other 31 Mar 2016

Fernetti Company bought office supplies on account 1. On May 25, Carlin Company received a $550 check from Andy Jeter for services to be performed in the future. The bookkeeper for Carlin Company incorrectly debited Cash for $550 and credited Accounts Receivable for $550. The amounts have been posted to the ledger. To correct this entry, the bookkeeper should: a. debit Cash $550 and credit Unearned Service Revenue $550. b. debit Accounts ...

Other / Other 31 Mar 2016

The most important information needed to determine 1. The operating cycle of a company is the average time that is required to go from cash to a. sales in producing revenues. b. cash in producing revenues. c. inventory in producing revenues. d. accounts receivable in producing revenues. 2. On a classified statement of financial position, current assets are customarily listed a. in alphabetical order. b. with the largest dollar amo ...

Other / Other 31 Mar 2016

The first item listed under current liabilities 1. All of the following are property, plant, and equipment except a. supplies. b. machinery. c. land. d. buildings. 2. The first item listed under current liabilities is usually a. accounts payable. b. notes payable. c. salaries payable. d. taxes payable. 3. Office Equipment is classified in the statement of financial position as a. a current asset. b. property, plant, and ...

Other / Other 31 Mar 2016