Complete the following statements by placing the letter of the one best answer on the blank line Which account would not be listed on post closing trial balance? Cash accounts receivable merchandise inventory purchases The information needed to journalize an adjusting entry is obtained from which columns on a work sheet? the adjustment columns the income statement debit columns the income statement credit columns all of these The information needed to journalize closing entries is obtained from the A. income statement columns of a work sheet balance sheet columns of a work sheet Statement of Stockholders' liquity all of these The merchandise inventory account is a(n) cost account asset account expense account revenue account. Which account(s) need to be brought up-to-date at the end of a fiscal merchandise inventory and uncollectible accounts prepaid insurance and depreciation of equipment supplies and federal incomc tax all of these The post-closing trial balance is prepared from the general ledger after the adjusting and closing entries are posted trial balance columns of the work sheet balance sheet columns of the work sheet none of these. Net income on the income statement must be the same as the balance in the owners' capital accounts net income on the work sheet totals of the income statement columns on the work sheet totals of the balance sheet columns on the work sheet The balance sheet is prepared from information from the trial balance columns of a work sheet adjustment columns of a work sheet income statement columns of a work sheet balance sheet columns of a work sheet and the owners* equity statement Since dividends reduce the earnings that a corporation keeps, the divider account is closed to the Income Statement owners'equity statement Retained Earnings account supporting schedule. The original price of all goods sold during a fiscal period is called the gross profit on sales total sales the cost of merchandise sold net income The financial statement which summarizes the changes in a corporation's ownership during a fiscal period is called balance sheet statement of stockholder, equity income statement distribution of net income statement A merchandisc inventory account totaled $545,325 at the beginning of a fiscal period. An inventory was conducted, and it was detetmined that the amount of goods available for sale at the end of the fiscal period totaled $510,025. What adjusting entry should be made to bring the merchandise inventory account up to date Debit the merchandise inventory account for 35300 and credit the income summary account for 35.300. Iebit the income summary account for 35300 and credit the merchandise inventory account for 35300. If a business is successful, the actual component percentages for gross profiton sales and net income A. will be higher than the acceptable component percentage B. will be lower than the acceptable component percentage The calculation for a corporation's total quarterly dividend is number of outstanding shares x quarterly dividend per share = total quarterly dividend number of outstanding shares -r quarterly dividend per share = total quarterly dividend. The income summary amount in a work sheet's Adjustments Debit c l represents the increase in the merchandise inventory account decrease in the merchandise inventory account Examination 7 Continued Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Accounts Payable Dividends Payable Sales Purchases Credit Card free Expense Advertising Expense
