1. If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n):
a. deferral
b. accural
c. revenue
d. liability
2. Long-term Liabilities appears on the:
a. balance sheet
b. Retained earnings statement
c. income statement
d. statement of cash flows
3. A business pays weekly salaries of $20,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Thursday is:
a. debit Salaries Payable, $16,000; credit Cash, $16,000
b. debit Salary Expense, $16,000; credit Dividends $16,000
c. debit Salary Expense, $16,000; credit Salaries Payable, $16,000
d. Debit Dividends $16,000; credit Cash, $16,000
4. The net income reported on the income statement is $90,000. However, adjusting entries have not been made at the end of the period for supplies expense of $2,500 and accrued salaries of $3,400. Net income, as corrected, is:
a. $84,100
b. $96,600
c. $90,000
d. $97,500
2007-02-07
07:02:46
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1 answers
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asked by
Nichole
4