Accounting I - UNIT 3 Test

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Sam is preparing an Income Statement from the Work Sheet in Group Material 2.02 C. What is the component percentage for Net Income?

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Scenario 2.02 B
Jackson Company has Sales of $7,500. The company has the following expenses:
Advertising Expense - $1,300
Insurance Expense - $850
Rent Expense - $900
Supplies Expense - $250
Utilities Expense - $175

In Scenario 2.02 B, what is the component percentage for Net Income?

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When he applied for a bank loan, Robert was asked by the bank to develop a financial statement that would show the financial health of his business as of March 31. What is the FIRST step Robert will do to prepare this statement?

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On a worksheet, the Income Statement credit total is $2,150 and the Income Statement debit total is $2,400. The company has a:

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Sam is preparing an Income Statement from the Work Sheet in Group Material 2.02 C. What is the component percentage for Total Expenses?

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Sam is preparing a Balance Sheet from the Work Sheet in Group Material 2.02 C. What are the Total Liabilities for the Balance Sheet?

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John is preparing an Income Statement. He has written the titles of each expense account in the Expenses Section. What should John do NEXT?

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Mary is preparing a Balance Sheet. When she completes the Owner's Equity Section, what should the end result be?

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Samuel was asked to prepare a financial statement to determine whether or not the costs of doing business exceeded the revenue during the past year. What is the LAST Samuel will do in preparing this statement?

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If the beginning prepaid insurance balance is $3,400, and the ending value of the insurance is $1,200, the correct adjustment on the worksheet is to debit:

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If the beginning supplies balance is $1,800, and the ending supplies balance is $300, the correct adjustment on the worksheet is to debit:

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Mary is preparing a Balance Sheet. What must she do after she completes the Assets section?

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If the beginning supplies balance is $2,200, and the ending supplies balance is $700, the correct adjustment on the worksheet is to debit:

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When preparing an Income Statement, after all account total debits and credits are entered correctly, verified and totaled, what is the next step?

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If the beginning prepaid insurance balance is $2,000, and the ending value of the insurance is $800, the correct adjustment on the worksheet is to debit:

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Michael is preparing the closing entries for his company. He has closed all the income statement accounts that have a credit balance. What is the NEXT step that he will perform?

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The owner's drawing account has a balance of $275. The correct entry to close the drawing account would be to debit:

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Mary is closing the income summary account. Her company had a net loss of $2,000. The correct journal entry is to debit:

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The Sales account has a balance of $3,875. To close the Sales account, debit:

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When closing the Advertising Expense account, debit:

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The beginning supplies balance is $2,300 and the ending supplies balance is $2,200. The correct adjusting entry will be to debit:

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The beginning Prepaid Insurance balance is $3,700 and the ending Prepaid Insurance balance is $2,200. The correct adjusting entry will be to debit:

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When closing the Miscellaneous Expense account, debit:

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James is closing the income summary account. His company had a net income of $900. The correct journal entry is to debit:

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Mary is preparing the closing entries for her company. After she has closed the Income Summary account, what will she do NEXT?

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In preparing adjusting entries for his company, Steve has written "Insurance Expense" in the Account Title column. What will he do NEXT?

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Group Material 2.03 B contains a partial worksheet. The correct closing entry for the revenue account is to debit:

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Group Material 2.03 B contains a partial worksheet. The correct closing entry for the income summary account is to debit:

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Adam is preparing the Post-Closing Trial Balance. He has recorded all the account balances in the correct column.
What will he do NEXT?

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Group Material 2.03 B contains a partial worksheet. The correct closing entry for the owner's drawing account is to debit:

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On the last day of April, Jack prepared the adjusting entries for his company. He has written "Adjusting Entries" in the Account Title column and recorded April 30 in the date column. What will Jack do NEXT?

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Group Material 2.03 B contains a partial worksheet. The correct closing entry for the Advertising Expense account is to debit:

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Steve is preparing the Post-Closing Trial Balance. After he has written "Post Closing Trial Balance" in the heading section, what will he do NEXT?

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The ABC Manufacturing Company's Income Statement worksheet shows total debits of $600 and total credits of $750. ABC Manufacturing Company has a:

Test review for objective 2 in Accounting I

Accounting I - UNIT 3 Test

Accounting I - UNIT 3 Test

Sam is preparing an Income Statement from the Work Sheet in Group Material 2.02 C. What is the component percentage for Net Income?

Scenario 2.02 B Jackson Company has Sales of $7,500. The company has the following expenses: Advertising Expense - $1,300 Insurance Expense - $850 Rent Expense - $900 Supplies Expense - $250 Utilities Expense - $175 In Scenario 2.02 B, what is the component percentage for Net Income?

When he applied for a bank loan, Robert was asked by the bank to develop a financial statement that would show the financial health of his business as of March 31. What is the FIRST step Robert will do to prepare this statement?

On a worksheet, the Income Statement credit total is $2,150 and the Income Statement debit total is $2,400. The company has a:

Sam is preparing an Income Statement from the Work Sheet in Group Material 2.02 C. What is the component percentage for Total Expenses?

Sam is preparing a Balance Sheet from the Work Sheet in Group Material 2.02 C. What are the Total Liabilities for the Balance Sheet?

John is preparing an Income Statement. He has written the titles of each expense account in the Expenses Section. What should John do NEXT?

Mary is preparing a Balance Sheet. When she completes the Owner's Equity Section, what should the end result be?

Samuel was asked to prepare a financial statement to determine whether or not the costs of doing business exceeded the revenue during the past year. What is the LAST Samuel will do in preparing this statement?

If the beginning prepaid insurance balance is $3,400, and the ending value of the insurance is $1,200, the correct adjustment on the worksheet is to debit:

If the beginning supplies balance is $1,800, and the ending supplies balance is $300, the correct adjustment on the worksheet is to debit:

Mary is preparing a Balance Sheet. What must she do after she completes the Assets section?

If the beginning supplies balance is $2,200, and the ending supplies balance is $700, the correct adjustment on the worksheet is to debit:

When preparing an Income Statement, after all account total debits and credits are entered correctly, verified and totaled, what is the next step?

If the beginning prepaid insurance balance is $2,000, and the ending value of the insurance is $800, the correct adjustment on the worksheet is to debit:

Michael is preparing the closing entries for his company. He has closed all the income statement accounts that have a credit balance. What is the NEXT step that he will perform?

The owner's drawing account has a balance of $275. The correct entry to close the drawing account would be to debit:

Mary is closing the income summary account. Her company had a net loss of $2,000. The correct journal entry is to debit:

The Sales account has a balance of $3,875. To close the Sales account, debit:

Scenario 2.02 B
Jackson Company has Sales of $7,500. The company has the following expenses:
Advertising Expense - $1,300
Insurance Expense - $850
Rent Expense - $900
Supplies Expense - $250
Utilities Expense - $175

In Scenario 2.02 B, what is the component percentage for Net Income?

Adam is preparing the Post-Closing Trial Balance. He has recorded all the account balances in the correct column.
What will he do NEXT?