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ACC 291T Assignment Week 5 Apply: Connect® Exercise
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ACC 291T Assignment Week 5 Apply: Connect® Exercise

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ACC 291T Week 5 Apply: Connect® Exercise

 

Review the Knowledge Check in preparation for this assignment.

 

Complete the Week 5 Exercise in Connect®.

 

Note: You have only one attempt available to complete this assignment.

 

Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date

 

The beginning capital balance shown on a statement of owner’s equity is $80,000. Net income for the period is $35,000. The owner withdrew $18,000 cash from the business and made no additional investments during the period. The owner’s capital balance at the end of the period is

 

Multiple Choice

 

 

$133,000.

 

 

$97,000.

 

 

$80,000.

 

 

$63,000.

 

The balance of the owner’s drawing account is reported

 

Multiple Choice

 

 

in the Other Expenses section of the income statement.

 

 

on the statement of owner’s equity.

 

 

in the Current Assets section of the balance sheet.

 

 

in the Operating Expenses section of the income statement.

 

Which of the following statements is not correct?

 

Multiple Choice

 

 

The gross profit percentage is calculated by dividing the gross profit for the year by the net sales for the year.

 

 

The average inventory is calculated by adding the beginning inventory to the ending inventory and dividing the sum by 2.

 

 

A current ratio of 3.5 to 1 means that a firm has $3.50 in current liabilities for every $1 of current assets.

 

 

Working capital is the difference between total current assets and total current liabilities.

 

On May 1, Brown’s Antiques paid $18,000 for 12 months of advance rent on its store and immediately debited the asset account Prepaid Rent for the full amount. Select the adjusting entry made on December 31, to record the amount of rent that had expired.

 

Multiple Choice

 

 

Prepaid Rent 12,000

 

Rent Expense 12,000

 

________________________________________

 

 

Prepaid Rent 18,000

 

Rent Expense 18,000

 

________________________________________

 

 

Rent Expense 10,500

 

Prepaid Rent 10,500

 

________________________________________

 

 

Rent Expense 12,000

 

Prepaid Rent 12,000

 

________________________________________

 

Use the following account balances from the adjusted trial balance columns of RB Auto’s worksheet to answer below question.

 

Account Debit Balance Credit Balance

 

Cash 20,500

 

Merchandise Inventory 1,000

 

Accounts Payable 2,800

 

R. Holloway, Drawing 500

 

R. Holloway, Capital 13,000

 

Sales 15,000

 

Purchases 2,000

 

Purchase Returns and Allowances 200

 

Rent Expense 3,000

 

Salaries Expense 4,000

 

________________________________________

 

Select the closing entry that RB Auto would make at the end of the accounting period to close their revenue accounts and income statement accounts with credit balances.

 

Multiple Choice

 

 

debit Sales and credit Income Summary for $15,000.

 

 

debit Sales $15,000; debit Purchase Returns and Allowances $200 and credit Income Summary for $15,200.

 

 

debit Sales for $15,000; debit R Holloway, Capital for $13,000 and credit Income Summary for $28,000.

 

 

debit Income Summary for $15,000 and credit Sales for $15,000.

 

Use the following account balances from the adjusted trial balance columns of RB Auto’s worksheet to answer below question.

 

Account Debit Balance Credit Balance

 

Cash 20,500

 

Merchandise Inventory 1,000

 

Accounts Payable 2,800

 

R. Holloway, Drawing 500

 

R. Holloway, Capital 13,000

 

Sales 15,000

 

Purchases 2,000

 

Purchase Returns and Allowances 200

 

Rent Expense 3,000

 

Salaries Expense 4,000

 

________________________________________

 

Select the correct closing entry that RB Auto would make to close their expense account(s) at the end of the accounting period.

 

Multiple Choice

 

 

debit Salary Expense $4,000; debit Rent Expense $3,000; debit Purchases $2,000 and credit Income Summary $9,000

 

 

debit Income Summary $9,000 and credit Salary Expense $4,000; credit Rent Expense $3,000; credit Purchases $2,000

 

 

debit Income Summary $9,000 and credit R. Holloway, Capital for $9,000

 

 

debit R. Holloway, Capital $9,000 and credit Salary Expense $4,000; credit Rent Expense $3,000; credit Purchases $2,000

 

Use the following account balances from the adjusted trial balance columns of Goody Chocolate’s worksheet to answer below question.

 

Account Debit Balance Credit Balance

 

Cash 10,000

 

Merchandise Inventory 4,000

 

Accounts Payable 2,200

 

A. Goody, Drawing 1,000

 

A. Goody, Capital 6,000

 

Sales 24,000

 

Sales Discounts 200

 

Purchases 12,000

 

Salaries Expense 7,500

 

Income Summary 1,500 4,000

 

________________________________________

 

Using the adjusted trial balance above, select the correct closing entry that Goody Chocolate would make to close their revenue accounts (and other temporary income statement accounts with credit balances) at the end of the accounting period.

 

Multiple Choice

 

 

Income Summary 24,200

 

Sales 24,000

 

Sales Discounts 200

 

________________________________________

 

 

A. Goody, Capital 28,000

 

Income Summary 4,000

 

Sales 24,000

 

________________________________________

 

 

Sales 24,000

 

Income Summary 24,000

 

________________________________________

 

 

Sales 24,000

 

A. Goody, Capital 24,000

 

________________________________________

 

Which of the following accounts would be closed at the end of the accounting period?

 

Multiple Choice

 

 

Capital

 

 

Depreciation Expense

 

 

Accumulated Depreciation

 

 

Prepaid Rent

 

Which of the following accounts will appear on the post-closing trial balance?

 

Multiple Choice

 

 

Capital

 

 

Depreciation Expense

 

 

Sales

 

 

Payroll Tax Expense

 

The current ratio is calculated by

 

Multiple Choice

 

 

dividing total assets by total liabilities.

 

 

subracting current liabilities from current assets.

 

 

dividing current assets by current liabilities.

 

 

adding current assets to current liabilities.

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