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College Accounting Study Set 2
Quiz 4: The Accounting Cycle Continued
Path 4
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Question 81
Essay
Discuss the benefits of the worksheet. Explain how the financial reports are prepared from the worksheet.
Question 82
Short Answer
Equipment was purchased for $20,000, residual value is $2,000 and it is expected that the useful life is 10 years. What is the book value of the equipment after the first year assuming straight-line depreciation? $ ________
Question 83
Essay
What is the purpose of adjusting entries? Discuss the effect of not preparing adjusting entries on various accounts.
Question 84
Short Answer
On the worksheet, the Income Statement debit column totaled $1000 and the credit column totaled $1,100. What is the amount of Net Income? $ ________
Question 85
Short Answer
Equipment was purchased for $20,000, residual value is $2,000 and it is expected that the useful life is 10 years. What is the amount in the Accumulated Depreciation account after 3 years assuming straight-line depreciation? $ ________
Question 86
True/False
To compute net income or net loss, the debit and credit columns of the income statement section of the worksheet are totaled, and the difference is placed on the smaller side.
Question 87
Multiple Choice
The order of the steps to prepare the worksheet are:
Question 88
Essay
What are the differences between depreciation expense and accumulated depreciation?
Question 89
Essay
Provide the adjusting entries to account for the differences between the trial balance amounts and the adjusted trial balance amounts for the accounts shown. Only a partial trial balance is provided. Use T accounts to show the adjustments.
Question 90
Essay
Equipment was purchased for $20,000, residual value is $2,000 and it is expected that the useful life is 10 years. What is the depreciation adjustment amount after the first year assuming straight-line depreciation? $ ________