Ferg-Mar 12 Financial Statements

How do you calculate Net Income?

• Revenue (credit) - Expenses (debit)

• Expenses (credit) - Revenue (debit)

• Cost of Goods Sold - Expenses

• Revenue - Cost of Goods Sold

Which accounts are listed on the Balance Sheet? MARK ALL

• Service Revenue

• Accounts Payable

• Furniture

• Cash

Which accounts are on the Balance Sheet? MARK ALL

• Accounts Receivable

• Utilities Payable

• Accumulated Depreciation - Furniture

• Prepaid Rent

Which are listed on the Income Statement? MARK ALL

• Accum. Depreciation -- Delivery Van

• Accum. Depreciation -- Equipment

• Depreciation Expense -- Delivery Van

• Depreciation Expense -- Equipment

What was the total for Debit and Credits on the ADJUSTED TRIAL BALANCE on Side 1 of the worksheet?

• $128,050

• $8,550

• $125,400

• $119,100

What was the correct amount of Debits and Credits on the UNADJUSTED TRIAL BALANCE on the BALANCE SHEET on Side 1?

• $119,100

• $4,250

• $128,050

• $125,400

What is the total of Debits for the Adjustment column on Side 1?

• $4,250

• $8,550

• $3,160

• $12,870

What is the amount of adjustment that was needed for Salaries Payable on Side 1?

• $1,200 Credit

• $1,200 Debit

• $875 Credit

• $875 Debit

Which type of account is Depreciation Expense--Building?

• Expense

• Liability

• Asset

• Revenue

Which type of account is Unearned Revenue?

• Liability

• Revenue

• Expense

• Asset