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WorksheetsACC 2.02 Income Stmt. & Bal. Sheet
Total questions: 20
Worksheet time: 39mins
Mary is preparing a Balance Sheet. What must she do after she completes the Assets section?
Prepare the Liability section.
Prepare the Owner's Equity section.
When preparing an Income Statement, after all account total debits and credits are entered correctly, verified and totaled, what is the next step?
Add each column to verify that debits equal credits.
Double rule across both amount columns.
The Delgado's Web Services Income Statement worksheet shows total debits of $2658 and total credits of $5820. The company has a:
Net income of $3162
Net loss of $3162
Mary is preparing a Balance Sheet. What must she do after she completes the heading information?
Prepare the Owner's Equity section.
Prepare the Asset section.
John is preparing an Income Statement. He has written the titles of each expense account in the Expenses Section. What should John do NEXT?
Write the balance of each expense account.
Calculate the net income or net loss.
If the beginning prepaid insurance balance is $900, and the ending value of the insurance is $750, the correct adjustment on the worksheet is to debit:
Insurance Expense and credit Prepaid Insurance $150.00
Prepaid Insurance and credit Insurance Expense $150.00
If the beginning supplies balance is $620, and the ending supplies balance is $90, the correct adjustment on the worksheet is to debit:
Supplies and credit Supplies Expense $530.00
Supplies Expense and credit Supplies $530.00
Mary is preparing a Balance Sheet. When she completes the Owner's Equity Section, what should the end result be?
The Total Assets should equal Total Liabilities plus Owner's Equity.
The Total Assets are less than the Owner's Equity.
When he applied for a bank loan, Robert was asked by the bank to develop a financial statement that would show the financial health of his business as of March 31. What is the FIRST step Robert will do to prepare this financial statement?
Write the name of the company.
Prepare the Assets Section.
Samuel was asked to prepare an financial statement to determine whether or not the costs of doing business exceeded the revenue during the past year. What is the LAST thing Samuel will do in preparing this statement?
Prepare the Revenue Section.
Calculate the component percentages.
At the end of the accounting period, the Prepaid Insurance account needs to be adjusted by $150 to reflect insurance that has been used during the period. How is the adjustment recorded on the multi-column trial balance worksheet?
In the Adjustments columns, debit Insurance Expense, $150; credit Prepaid Insurance, $150.
In the Adjustments columns, debit Prepaid Insurance, $150; credit Insurance Expense, $150.
What is the net income amount on the Delgado Web Services worksheet?
$2850.00
$3162.00
The Supplies account has a balance of $620. At the end of the month, a physical count of the Supplies account items shows $90 is on hand. How is the adjusting entry to Supplies recorded on a multicolumn trial balance worksheet?
In the Adjustments columns, debit Supplies Expense, $530; credit Supplies, $530.
In the Adjustments columns, debit Supplies, $530; credit Supplies Expense, $530.
Based on the Delgado worksheet, what are the total assets on the balance sheet? (Hint: Look at chart of accounts to know what accounts are assets)
$4237.00
$5387.00
The Delgado Web Services worksheet shows the balance sheet debit total is $5387 and the balance sheet credit total is $2225. The company has a:
Net income of $3162
Net loss of $3162
Stan Stanley, a stockholder of Hubble Corporation, has just received a set of financials. While looking at these financials, he sees the words “Assets,” “Liabilities,” and “Stockholders' Equity” on a sheet. Which financial statement is Stan viewing?
Income Statement
Balance Sheet
Delgado Web Services has income of $5820.
The company has the following expenses:
Advertising Expense - $397
Cash Short and Over - $1
Communications Expense - $80
Equipment Rental Expense - $1455
Insurance Expense - $150
Miscellaneous Expense - $45
Supplies Expense - $530
What is the total expense ratio? (Total Expenses/Total Sales)
45.67%
54.33%
Delgado Web Services has income of $5820 and total expenses of $2658. What is the Net Income Ratio? (Hint: Net Income/Total Sales)
45.67%
54.33%
What are the total liabilities on the TechKnow balance sheet?
$250.00
$6474
What is the the Net income ratio for Techknow Consulting?
58.9%
41.1%
