in preparing statements from the adjusted trial balance the balance sheet must be prepared first true...
Homework Answers
Answer: False
.
Net income forms part of retained earnings which is one of the line items of the balance sheet.
Net income is the resultant of the income statement.
So, the income statement must be prepared first.
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preparing statements from the adjusted trial balance the balance
sheet must be prepared first true...
6. (10 points) Preparing financial statements from an adjusted trial balance. North Star Inc. Adjusted Trial...
6. (10 points) Preparing financial statements from an adjusted trial balance. North Star Inc. Adjusted Trial Balance 31-Dec-18 Debit Credit 185,000 14,250 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory (as of 12/31/18) Supplies Equipment Accumulated Deperciatbn - Equipment Building Accumulated Deperciatbn- Building Land Accounts Payable Salaries and Wages Payable Mortgage Payable Common Stock $0.10 APIC Retained Earnings Sales Revenue COGS Selling Expenses Administrative Expenses Income Tax Expense 48,000 2,400 275,000 180,000 355,000 195,000 275,000 29,500 4,500 125,000 1,000 145,000...
1) The financial statements are prepared from the A) adjusted trial balance B) chart of accounts...
1) The financial statements are prepared from the A) adjusted trial balance B) chart of accounts C) statement of owner's equity D) unadjusted trial balance 2) Assets that are expected to be converted to cash, sold, or used up during the next 12 months, or within the business's normal operating cycle if the cycle is longer than a year, are called assets. A) intangible B) plant C) long-term D) current
6. (20 points) Preparing financial statements from an adjusted trial balance North Star Inc. Adjusted Trial...
6. (20 points) Preparing financial statements from an adjusted trial balance North Star Inc. Adjusted Trial Balance 31-Dec-18 185,000 Allowance for Doubtl Accounts Inventory (as of 12/31/18) Supplies Equipment 2,400 275,000 355,000 27s… Building Accumulated Deperciatbn- Building 195,000 29,500 Accounts Payable Salaries and Wages Payable $O.10 Common Stock APIC Retained Earnings 145,000 Selling Expenses Administratve Expenses Income Tax Expense 289,300 s 245,000 $ 286,000 75,000 52,049,950 EXCEL >Use of EXCEL is required. Create your own EXCEL file to complete the...
Multiple Select Question Setect all that apply Review the following statements and determine which is (are)...
Multiple Select Question Setect all that apply Review the following statements and determine which is (are) correct regarding an adjusted trial balance and how it is used In preparing financial statements. (Check all that apply) O Financial statements are prepared more easily using the adjusted trial balance than with the general ledger. O The ending Retained Eamings account balance on the balance sheet is transferred from the statement of retained eamings O The income statement is the first financial statement...
6. (10 points) Preparing financial statements from an adjusted trial balance. North Star Inc. Adjusted Trial...
6. (10 points) Preparing financial statements from an adjusted trial balance. North Star Inc. Adjusted Trial Balance 31-Dec-18 Debit Credit 185,000 14,250 Accounts Receivable Allowance for Doubtful Accounts Inventory (as of 12/31/18) Supplies Equipment Accumulated Deperciatbn - Equipment Building Accumulated Deperciaton- Building Land Accounts Payable Salaries and Wages Payable Mortgage Payable Common Stock$0.10 APIC Retained Earnings Sales Revenue coss Selling Expenses Administratve Expenses Income Tax Expense 48,000 2,400 275,000 180,000 195,000 29,500 355,000 275,000 125,000 1,000 145,000 84,000 289,300 245,000...
Revenue and expense balances are transferred from the adjusted trial balance to the income statement True...
Revenue and expense balances are transferred from the adjusted trial balance to the income statement True or False True False
Asset and liability balances are transferred from the adjusted trial balance to the income statement. TRUE...
Asset and liability balances are transferred from the adjusted trial balance to the income statement. TRUE OR FALSE
An adjusted trial balance A) Is prepared after the financial statements are completed B) Proves the...
An adjusted trial balance A) Is prepared after the financial statements are completed B) Proves the equality of the total debit balances and total credit balances of ledger accounts after all adjustments have been made. C) is a required financial statement under generally accepted accounting principles. D) cannot be used to prepare financial statements.
References Knowledge Check 01 The adjusted trial balance is used to verify that total de Bts...
References Knowledge Check 01 The adjusted trial balance is used to verify that total de Bts equal total credits after account balances have been updated to reflect adjusting entries. True or False True False Financial statements are typically prepared before completing the adjusted trial balance. True or False True False Knowledge Check 01 The adjusted trial balance for Willow Company as of December 31 is presented below. Credit Debit $ 15,000 22,000 165,000 Cash Accounts Receivable Land Accounts Payable Common...
Which of the following statements is true of a trial balance? O A. A trial balance...
Which of the following statements is true of a trial balance? O A. A trial balance has the same format as a balance sheet. OB. A trial balance is prepared after the balance sheet. OC. A trial balance presents data in debit and credit format. OD. A trial balance shows the total amounts of assets and liabilities, but not equity. Durable Plastics Company had the following total assets, liabilities, and equity as of December 31. Total Assets Total Liabilities Total...
6. (10 points) Preparing financial statements from an adjusted trial balance. North Star Inc. Adjusted Trial Balance 31-Dec-18 Debit Credit 185,000 14,250 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory (as of 12/31/18) Supplies Equipment Accumulated Deperciatbn - Equipment Building Accumulated Deperciatbn- Building Land Accounts Payable Salaries and Wages Payable Mortgage Payable Common Stock $0.10 APIC Retained Earnings Sales Revenue COGS Selling Expenses Administrative Expenses Income Tax Expense 48,000 2,400 275,000 180,000 355,000 195,000 275,000 29,500 4,500 125,000 1,000 145,000...
1) The financial statements are prepared from the A) adjusted trial balance B) chart of accounts C) statement of owner's equity D) unadjusted trial balance 2) Assets that are expected to be converted to cash, sold, or used up during the next 12 months, or within the business's normal operating cycle if the cycle is longer than a year, are called assets. A) intangible B) plant C) long-term D) current
6. (20 points) Preparing financial statements from an adjusted trial balance North Star Inc. Adjusted Trial Balance 31-Dec-18 185,000 Allowance for Doubtl Accounts Inventory (as of 12/31/18) Supplies Equipment 2,400 275,000 355,000 27s… Building Accumulated Deperciatbn- Building 195,000 29,500 Accounts Payable Salaries and Wages Payable $O.10 Common Stock APIC Retained Earnings 145,000 Selling Expenses Administratve Expenses Income Tax Expense 289,300 s 245,000 $ 286,000 75,000 52,049,950 EXCEL >Use of EXCEL is required. Create your own EXCEL file to complete the...
Multiple Select Question Setect all that apply Review the following statements and determine which is (are) correct regarding an adjusted trial balance and how it is used In preparing financial statements. (Check all that apply) O Financial statements are prepared more easily using the adjusted trial balance than with the general ledger. O The ending Retained Eamings account balance on the balance sheet is transferred from the statement of retained eamings O The income statement is the first financial statement...
6. (10 points) Preparing financial statements from an adjusted trial balance. North Star Inc. Adjusted Trial Balance 31-Dec-18 Debit Credit 185,000 14,250 Accounts Receivable Allowance for Doubtful Accounts Inventory (as of 12/31/18) Supplies Equipment Accumulated Deperciatbn - Equipment Building Accumulated Deperciaton- Building Land Accounts Payable Salaries and Wages Payable Mortgage Payable Common Stock$0.10 APIC Retained Earnings Sales Revenue coss Selling Expenses Administratve Expenses Income Tax Expense 48,000 2,400 275,000 180,000 195,000 29,500 355,000 275,000 125,000 1,000 145,000 84,000 289,300 245,000...
Revenue and expense balances are transferred from the adjusted trial balance to the income statement True or False True False
References Knowledge Check 01 The adjusted trial balance is used to verify that total de Bts equal total credits after account balances have been updated to reflect adjusting entries. True or False True False Financial statements are typically prepared before completing the adjusted trial balance. True or False True False Knowledge Check 01 The adjusted trial balance for Willow Company as of December 31 is presented below. Credit Debit $ 15,000 22,000 165,000 Cash Accounts Receivable Land Accounts Payable Common...
Which of the following statements is true of a trial balance? O A. A trial balance has the same format as a balance sheet. OB. A trial balance is prepared after the balance sheet. OC. A trial balance presents data in debit and credit format. OD. A trial balance shows the total amounts of assets and liabilities, but not equity. Durable Plastics Company had the following total assets, liabilities, and equity as of December 31. Total Assets Total Liabilities Total...
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