16) Which of the following adjusted balances would appear in the balance sheet credit column of a worksheet? A) Rent Revenue B) Salaries Payable C) Equipment D) Insurance Expense 17) Rosewood, Inc. earned revenues of $19,000 and incurred expenses of $4,000. The company declared and paid cash dividends of $1,500. What is the balance in the Income Summary account after closing net income or loss to the Retained Earnings account? A) credit balance of $15,000 B) debit balance of $19,000 C) balance of $0 D) credit balance of $4,000 18) In which of the columns of a worksheet would a net loss be found? A) in the balance sheet credit column and the income statement debit column B) in the unadjusted trial balance debit column, the adjusted trial balance debit column, and the balance sheet debit column C) in the balance sheet debit column and the income statement credit column D) in the unadjusted trial balance credit column, the adjusted trial balance credit column, and the balance sheet credit column 19) The financial statements are prepared from the A) adjusted trial balance C) chart of accounts B) statement of retained earnings D) unadjusted trial balance 20) Which of the following entries will be necessary to close the Insurance Expense account at the end of the year? A) debit Insurance Expense and credit Common Stock B) debit Income Summary and credit Insurance Expense C) debit Insurance Expense and credit Income Summary D) debit Retained Earnings and credit Insurance Expense 21) Prepaid Rent in the worksheet's unadjusted trial balance column is $5,000. Prepaid Rent in the balance sheet column is $2,000. Which of the following entries would have caused this difference?! A) a $3,000 credit entry to Prepaid Rent in the worksheet's adjustments column B) a $3,000 credit entry to Rental Revenue in the worksheet's adjustments column a $3,000 credit entry to Rent Expense in the worksheet's adjustments column D) a $3,000 debit entry to Prepaid Rent in the worksheet's adjustments column 22) Refer to the following adjusted trial balance. Credit Debit $15,500 8,400 9 00 9,400 Accounts Cash Accounts Receivable Office Supplies T Equipment Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Unearned Revenue Common Stock Dividends 1 Service Revenue Salaries Expense Supplies Expense Depreciation Expense - Equipment Total $3,000 1,800 700 550 3,900 ,000 52,050 23,000 2,200 1,600 $62,000 $62,000 What will the final ending balance in the Retained Earnings account be after posting the closing entries? A) $24,250 B) $29,150 C) $26,250 D) $25,250 23) Reversing entries are used in conjunction with A) closing entries C) GAAP B) Unearned Revenue and Prepaid Rent D) accrual-type adjustments 24) In which of the columns of the worksheet would Net Income be found? A) the unadjusted trial balance credit column, the adjusted trial balance credit column, and the balance sheet credit column B) the balance sheet credit column and the income statement debit column C) the balance sheet debit column and the income statement credit column D) the unadjusted trial balance debit column, the adjusted trial balance debit column, and the balance sheet debit column 25) Emerald, Inc., earned revenues of $69,000 and incurred expenses of $74,000. No dividends were declared. Which of the following statements is correct? A) The entry to close Income Summary requires a debit to the Income Summary account. B) Retained Earnings will be debited for $5,000 and Income Summary will be credited for $5,000. C) The entries to close revenues and expenses will differ if there is a net loss. D) The entry to close Income Summary is the same regardless of a net income or a net loss. 26) Under which of the following categories would Accounts Receivable appear? A) Long-term liabilities B) Current assets C) Long-term assets D) Current liabilities 27) The balances of select accounts of Sandra, Inc. as of December 31, 2016 are given below: Credit Debit $140,000 8,000 1,100 5 ,000 450 Building Cash Office Supplies Furniture Prepaid Insurance Accumulated Depreciation-Furniture Land Accumulated Depreciation-Building Accounts Receivable T $3,000 32,000 4,700 2,300 The insurance has been prepaid until lune 30, 2017 Determine the amount of total current assets reported on the balance sheet. A) $9,550 B) $11,850 C) $9,100 D) $15,300 28) Which of the following is true of a completed worksheet?! A) The total debits in the income statement column equal the total debits in the balance sheet column. B) The total of all the debit columns is equal to the total of all the credit columns. C) The total debits in the unadjusted trial balance column equal the total debits in the adjusted trial balance column. D) The total debits in the income statement column equal the total credits in the balance sheet column. 29) Which of the following account's balance is carried forward to the next accounting period? A) Dividends B) Depreciation Expense Service Revenue D) Accumulated Depreciation 30) Which of the following is a current asset that is expected to be converted to cash, sold, or consumed during the next year (or the normal operating cycle, if longer)? A) Equipment B) Building C) Land D) Accounts Receivable 31) Liquidity is a measure of how A) short an operating cycle is B) quickly an asset may be converted into cash C) easily an asset can be exchanged for another asset D) long an asset can be used 32) Which of the following is a plant asset? A) Accounts Receivable C) Equipment B) Trademark D) Patents 33) Which of the following accounts will be included in a post-closing trial balance? A) Service Revenue B) Interest Expense C) Unearned Revenue D) Rent Expense 24) Which of the following statements is true of the worksheet? A) The worksheet is a financial statement issued to the public to communicate the financial results on a company. B) The worksheet is a journal. C) The worksheet is a ledger. D) The worksheet is a document used to summarize data to prepare financial statements