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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