121. c. tangible liabilities and intangible liabilities. Note: TF = True-False BE = Brief Exercise C = Completion, MC = Multiple Choice Ex = Exercise MA = Matching. c. Recording reversing entries simplifies the recording of next period's transactions. d. owner’s capital account should be debited. A company’s liquidity is concerned with the relationship between long-term investments and long-term debt. Ans: A, LO: 3, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting, 96. A balance sheet reports the assets, liabilities, and owner's equity, and resulting net income or loss for a specific time period. With all of our services, we ensure to perform extensive research before creating your solution. What is a Reversing Entry? Ans: C, LO: 1, Bloom: AN, Difficulty: Medium, Min: 3, AACSB: Analytic, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting, Solution: $133,000 ( $21,000 ( $12,000 ( $3,000 ( $17,000 ( $32,000 ( $6,000 ( $42,000. which of the following statements concerning reversing entries is true? Then, A reversing entry is a journal entry to “undo” an adjusting entry. Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA. d. a credit to Owner’s Capital for $7,500. c. debit Accounts Receivable $650 and credit Cash $650. b. accounting-and-taxation; 0 Answers. The correcting entry is, Ans: D, LO: 5, Bloom: AN, Difficulty: Medium, Min: 3, AACSB: Analytic, AICPA BB: Legal/Regulatory, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA, 113. d. before closing entries have been journalized but after the entries are posted. Our services are of highest quality and lowest price, Guaranteed. d. All of these are closed to Income Summary. Reversing entries overcome the disadvantage of more complex entries to pay accrued liabilities from the previous accounting period. 11. B. Our website is worldwide forum, where 100s of experts all over the world remain online round a clock, so, you can come at anytime and get Merriweather Post Pavillion received a $820 check from a customer for the balance due. An alternative to a correcting entry is to reverse the incorrect entry and then prepare the correct entry. d. Equipment is classified in the balance sheet as, Ans: B, LO: 6, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting. The following information is for Sunny Day Real Estate: Prepaid Insurance 30,000 Salaries and Wages Payable 15,000, Accounts Receivable 50,000 Mortgage Payable 85,000, Inventory 70,000 Total Liabilities 160,000, Total Assets $530,000 Owner’s Equity $530,000, The total dollar amount of assets to be classified as current assets is, Ans: B, LO: 6, Bloom: AN, Difficulty: Medium, Min: 3, AACSB: Analytic, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting, Solution: $25,000 ( $30,000 ( $50,000 ( $70,000 ( $175,000. A company’s operating cycle and fiscal year are usually the same length of time. Ans: T, LO: 4, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA. Client’s all information is private and confidential; it is not shared with any other party. Our service provides you with original content that does not have plagiarism in it. Ans: D, LO: 6, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting. Ans: C, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA, 40. To understand this 131. Moreover, you get a money back guarantee in case you are not satisfied with our service. The accounting cycle begins at the start of a new accounting period. 94. 32. b. so that all assets, liabilities, and owner’s capital accounts will have zero balances when the next accounting period starts. True False Not all adjusting entries can be reversed. The correcting entry is, Ans: C, LO: 5, Bloom: AN, Difficulty: Medium, Min: 3, AACSB: Analytic, AICPA BB: Legal/Regulatory, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA, 112. The income statement for the year 2014 of Fugazi Co. contains the following information: 83. The final closing entry to be journalized is typically the entry that closes the, 71. Reversing entries aren’t just for period-end reconciliation, however. b. the account is a balance sheet account. 29. a. does not have physical substance, yet often is very valuable.

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