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23 Nov 2019

1)Net income for a period does not appear in which of thefollowing.
Choose one.
A) Income statement debit column of the worksheet
B) Statement of retained earnings
C) Statement of retained earnings credit column of theworksheet.
D) Balance sheet

2) True or False. If a net loss occurs, it appears in the IncomeStatement
credit column and Statement of retained earnings debit column.

please explain.

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Nelly Stracke
Nelly StrackeLv2
29 Jan 2019
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Related questions

Q1.)A journal entry to record revenue could include each of thefollowing, except: A)A credit to a revenue account. B.)A credit tothe Capital Stock account. C.)A debit to Cash. D.)A debit toAccounts Receivable q2.) Unearned revenue appears: A.) As income onthe income statement. B.) As an asset on the balance sheet. C.)As aliability on the balance sheet. D.)As a part of the retainedearnings. Q3.) Retained Earnings at the end of a period: A.)Isequal to the balance in the Retained Earnings account in theadjusted trial balance at the end of a period. B.) Is determined inthe Statement of Retained Earnings. C.)Is equal to RetainedEarnings at the beginning of the period, minus net income (or plusnet loss) for the period.D.) Appears in the Income Statement forthe period.

1. The type of account and normal balance of AccumulatedDepreciation are
a) contra asset, debit
b) asset, credit
c) asset, debit
d) liability, credit
e) contra asset, credit

2. Net income for Susan's Treasures is $25, 000 for the currentyear. The owner withdrew $2,000 per month for personal livingexpenses. The owner's Capital account will show a net
a) decrease of $1,000
b) increase of $49,000
c) decrease of $24,000
d) increase of $1,000
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3. Which of the following are all temporary accounts?
a) liabilities, revenue, and expenses
b) revenue, liabilities, and the owner's drawing
c) assets, liabilities, and owner's drawings
d) revenue, expenses, and the owner's drawing
e) liabilities and assets

4. The last step in the closing procedure closes
a) the income summary account
b) the capital account
c) the drawing account
d) the expense accounts
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5. The Cash account is
a) closed to the owner's Capital account
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c) shown on the balance sheet as a liability
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e) not closed
6. Assume a company has a net income that exceeds the owner'sdrawing for the current year. The owner's Capital account
a) will have a zero balance after the closing entries arecomplete
b) will increase
c)will decrease
d) will reamain the same as the beginnning balance
e) it is impossible to tell with the information provided
7. An accountant wanting to know the balance of a particularaccount would refer to the
a) ledger
b) cart of accounts
c) book of original entry
d) source document
e) journal
8. The owner's Capital account is found on the
a) trial blance credit column and income statement debit column ofa work sheet
b) trial balance credit column, adjusted trial balance creditcolumn, and blance sheet credit column of a worksheet
c) trial balance credit column, adjusted credit column, adjustedtrial balance dredit column, and the balance sheet credit column ofa work sheet
d) trial balance debit column, adjustements debit column, adjustedtrial balance credit column, and the income statement credit columnof a work sheet.
e) blance sheet debit column and nowhere else


Income Balance Statement of Statement of
Item Statement Sheet Cash Flows Owner's Equity

Notes payable
Beginning common stock
Service revenue
Utility expense
Cash from stock issue
Operating activities
For the period ended (date)
Net income
Investing activities
Net loss
Ending cash balance
Salary expense
Consulting revenue
Dividends
Financing activities
Ending common stock
As of (date)
Land
Beginning cash balance

Identify Where Each Item is Located on the Financial Statements Identify the financial statements on which each of the following items (titles, date descriptions, and accounts) appears by placing a bold and centered

“X” in the proper column. If an item appears on more than one statement, place another“ X” in every correct column.

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