Assignment 1. Sample Problem 2-S. Print Step 14 (Page 71)

Step 14: Display the income statement. Choose the Financial Statements option button from the Report Selection Dialog box, select the Income Statement report, and click OK. If desired, click the maximize button to expand the size of the display window. The income statement is shown in Figure 2.26.

Step 12: Display the income statement.

Step 14: Display the statement of owners equity.

Step 15: Display the balance sheet.

Do Audit Test (Pages 87-88)

Audit Questions 2-A Name

Directions: Write the answers to the following questions in the space provided. 1. What is the amount of check number 3839 shown on the general journal report? 2. What are the total of the debit and credit columns of the general journal report (before the adjusting and closing entries)? 3. What is the balance in the Rent Expense account (before closing)? 4. What is the balance (before closing) in the Dues & Subscriptions Expense account you added to the chart of accounts? 5. What are the debit and credit totals shown in the trial balance report (before adjusting entries)? 6. What are the total of the debit and credit columns of the adjusting entries shown on the general journal report for adjusting entries? 7. What is the total operating revenue for the month? 8. What are the total operating expenses for the year? 9. What are the total operating expenses for the month as a percentage of total operating revenue? 10. What is the net income for the month? 11. What is the net income for the year as a percentage of total operating revenue? 12. What is the owners equity at the end of the fiscal period? 13. What are the total assets? 14. What are the total liabilities?

15. From the Expense Distribution pie chart, what are the three highest expenses for the year? 16. From the bank reconciliation report, what is the amount of the adjusted checkbook and bank balances? 17. What are the totals of the debit and credit columns of the closing entries shown on the general journal report? 18. What are the debit and credit totals shown in the trial balance after closing?