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Financial Accounting Study Set 30
Quiz 4: Adjustments, Financial Statements, and Financial Results
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Question 21
Multiple Choice
The earnings statement of Waylon Taylor Textiles Ltd. for
20
×
7
20 \times 7
20
×
7
included the following items:
Interest revenue
$
75
,
500
Salaries expense
$
65
,
000
Insurance expense
$
9
,
600
\begin{array}{|l|r|}\hline \text { Interest revenue } & \$ 75,500 \\\hline \text { Salaries expense } & \$ 65,000 \\\hline \text { Insurance expense } & \$ 9,600 \\\hline\end{array}
Interest revenue
Salaries expense
Insurance expense
$75
,
500
$65
,
000
$9
,
600
The following balances have been excerpted from the company's Statement of Financial Position:
December 31, 20X7
December 31, 20X6
Accrued interest receivable
$
9
,
100
$
7
,
500
Accrued salaries payable
$
8
,
900
$
4
,
200
Prepaid insurance
$
1
,
100
$
1
,
500
\begin{array}{|l|r|r|}\hline & \text { December 31, 20X7 } & \text { December 31, 20X6 } \\\hline \text { Accrued interest receivable } & \$ 9,100 & \$ 7,500 \\\hline \text { Accrued salaries payable } & \$ 8,900 & \$ 4,200 \\\hline \text { Prepaid insurance } & \$ 1,100 & \$ 1,500 \\\hline\end{array}
Accrued interest receivable
Accrued salaries payable
Prepaid insurance
December 31, 20X7
$9
,
100
$8
,
900
$1
,
100
December 31, 20X6
$7
,
500
$4
,
200
$1
,
500
-How much cash did WTT pay out for salaries during 20X7?
Question 22
Multiple Choice
The earnings statement of Waylon Taylor Textiles Ltd. for
20
×
7
20 \times 7
20
×
7
included the following items:
Interest revenue
$
75
,
500
Salaries expense
$
65
,
000
Insurance expense
$
9
,
600
\begin{array}{|l|r|}\hline \text { Interest revenue } & \$ 75,500 \\\hline \text { Salaries expense } & \$ 65,000 \\\hline \text { Insurance expense } & \$ 9,600 \\\hline\end{array}
Interest revenue
Salaries expense
Insurance expense
$75
,
500
$65
,
000
$9
,
600
The following balances have been excerpted from the company's Statement of Financial Position:
December 31, 20X7
December 31, 20X6
Accrued interest receivable
$
9
,
100
$
7
,
500
Accrued salaries payable
$
8
,
900
$
4
,
200
Prepaid insurance
$
1
,
100
$
1
,
500
\begin{array}{|l|r|r|}\hline & \text { December 31, 20X7 } & \text { December 31, 20X6 } \\\hline \text { Accrued interest receivable } & \$ 9,100 & \$ 7,500 \\\hline \text { Accrued salaries payable } & \$ 8,900 & \$ 4,200 \\\hline \text { Prepaid insurance } & \$ 1,100 & \$ 1,500 \\\hline\end{array}
Accrued interest receivable
Accrued salaries payable
Prepaid insurance
December 31, 20X7
$9
,
100
$8
,
900
$1
,
100
December 31, 20X6
$7
,
500
$4
,
200
$1
,
500
-How much cash did WTT receive for interest during 20X7?
Question 23
Multiple Choice
An accountant has billed her clients for services performed in October. In November, she receives payments from her clients. What entry will she make upon receipt of the payments?
Question 24
Multiple Choice
The difference between the equipment account balance and the accumulated amortization equipment account balance is called which of the following?
Question 25
Multiple Choice
The earnings statement of Waylon Taylor Textiles Ltd. for
20
×
7
20 \times 7
20
×
7
included the following items:
Interest revenue
$
75
,
500
Salaries expense
$
65
,
000
Insurance expense
$
9
,
600
\begin{array}{|l|r|}\hline \text { Interest revenue } & \$ 75,500 \\\hline \text { Salaries expense } & \$ 65,000 \\\hline \text { Insurance expense } & \$ 9,600 \\\hline\end{array}
Interest revenue
Salaries expense
Insurance expense
$75
,
500
$65
,
000
$9
,
600
The following balances have been excerpted from the company's Statement of Financial Position:
December 31, 20X7
December 31, 20X6
Accrued interest receivable
$
9
,
100
$
7
,
500
Accrued salaries payable
$
8
,
900
$
4
,
200
Prepaid insurance
$
1
,
100
$
1
,
500
\begin{array}{|l|r|r|}\hline & \text { December 31, 20X7 } & \text { December 31, 20X6 } \\\hline \text { Accrued interest receivable } & \$ 9,100 & \$ 7,500 \\\hline \text { Accrued salaries payable } & \$ 8,900 & \$ 4,200 \\\hline \text { Prepaid insurance } & \$ 1,100 & \$ 1,500 \\\hline\end{array}
Accrued interest receivable
Accrued salaries payable
Prepaid insurance
December 31, 20X7
$9
,
100
$8
,
900
$1
,
100
December 31, 20X6
$7
,
500
$4
,
200
$1
,
500
-How much cash did WTT pay out for insurance during 20X7?
Question 26
Multiple Choice
At the end of 20X4, Dallas Company made the following adjusting entry to record $10,000 accrued (unpaid) wages:
Dr Wage expense
10
,
000
Cr Wages payable
10
,
000
\begin{array} { | l | r | r | } \hline \text { Dr Wage expense } & 10,000 & \\\hline \text { Cr Wages payable } & & 10,000 \\\hline\end{array}
Dr Wage expense
Cr Wages payable
10
,
000
10
,
000
A payroll of $40,000 (including the $10,000 accrued wages) was paid during the first week of January, 20X5. The entry to record the payment of this payroll should include a
Question 27
Multiple Choice
Which of the following statements about materiality is not correct?
Question 28
Multiple Choice
Auto Kool has implemented a policy that requires all tools expenditures below $100 to be expensed. This is an application of
Question 29
Multiple Choice
Which of the following statements is true about earnings per share?
Question 30
Multiple Choice
Which of the following is the essential difference between an unadjusted trial balance and an adjusted trial balance?
Question 31
Multiple Choice
Manfretti Corporation received cash of $12,000 on August 1, 20X7 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 20X7 adjusting entry is