COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 12, Problem 2.5SRE
To determine
Identify the column in which amount of net income appears on the worksheet.
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The normal balance of the Input VAT account that can be credited in the financial statements is presented at:a. Debit Balanceb. Debit Balance Sheet and Profit and Loss Debitc. Debit Profit and loss on the balance sheetd. Credit Balance
Net income is shown on the work sheet as a
a.debit in the Adjustments column.
b.debit in the Balance Sheet column.
c.debit in the Income Statement column.
d.credit in the Income Statement column.
Which type of debit account is balanced in the income statement columns of a worksheet?
Chapter 12 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 12 - Why is a 10-column worksheet used as part of the...Ch. 12 - Prob. 1.2SRQCh. 12 - Prob. 1.3SRQCh. 12 - Prob. 1.4SRECh. 12 - Prob. 1.5SRECh. 12 - Your company prepares financial statements each...Ch. 12 - Prob. 2.1SRQCh. 12 - Prob. 2.2SRQCh. 12 - The trial balance in the first two columns of the...Ch. 12 - Prob. 2.4SRE
Ch. 12 - Prob. 2.5SRECh. 12 - Explain why an error in the amount of an adjusting...Ch. 12 - Why is the accrual basis of accounting favored?Ch. 12 - Prob. 2CSRCh. 12 - How, if at all, does accrued income differ from...Ch. 12 - Prob. 4CSRCh. 12 - Prob. 5CSRCh. 12 - On July 1, 2019, a landlord received 36,000 cash...Ch. 12 - Prob. 1DQCh. 12 - Prob. 2DQCh. 12 - Income Summary amounts are extended to which...Ch. 12 - Prob. 4DQCh. 12 - What types of assets are subject to depreciation?...Ch. 12 - Prob. 6DQCh. 12 - What adjustment is made for depreciation on office...Ch. 12 - What is an accrued expense? Give three examples of...Ch. 12 - Prob. 9DQCh. 12 - What is a prepaid expense? Give three examples of...Ch. 12 - Prob. 11DQCh. 12 - What adjustment is made to record expired...Ch. 12 - What is the alternative method of handling prepaid...Ch. 12 - What is accrued income? Give an example of an item...Ch. 12 - Prob. 15DQCh. 12 - Prob. 16DQCh. 12 - Prob. 17DQCh. 12 - Prob. 18DQCh. 12 - Prob. 19DQCh. 12 - Prob. 20DQCh. 12 - How does the worksheet help the accountant to...Ch. 12 - The beginning inventory of Norcal Wholesalers was...Ch. 12 - Prob. 2ECh. 12 - Prob. 3ECh. 12 - Prob. 4ECh. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - For each of the following independent situations,...Ch. 12 - Prob. 1PACh. 12 - Prob. 2PACh. 12 - Prob. 3PACh. 12 - The Green Thumb Gardener is a retail store that...Ch. 12 - Healthy Eating Foods Company is a distributor of...Ch. 12 - The Artisan Wines is a retail store selling...Ch. 12 - Prob. 1PBCh. 12 - On June 1, 2019, Raquel Ramirez established her...Ch. 12 - Prob. 3PBCh. 12 - Fun Depot is a retail store that sells toys,...Ch. 12 - Whatnots is a retail seller of cards, novelty...Ch. 12 - The Game Place is a retail store that sells...Ch. 12 - The unadjusted trial balance of Bens Jewelers on...Ch. 12 - Prob. 2CTPCh. 12 - The president of Murray Stainless Steel...Ch. 12 - Prob. 1FSA
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- Why are both the debit and credit amounts in the Adjustments columns on the Income Summary line of the spreadsheet extended to the Adjusted Trial Balance columns?arrow_forwardClassify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.arrow_forwardClassify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.arrow_forward
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- Required: For the following list of accounts select the type of account (Asset,Contra Asset, Liability, Equity, Revenue, or Expense), normal balance (debit or credit), and the financial statement the account would appear on (Income Statement, Retained Earnings Statement or Balance Sheet). Classify Accountsarrow_forward1. What is the Supplies Expense in the adjusted trial balance columns of worksheet? A. Income statement debit B. Balance sheet debit C. Income statement credit D. Balance sheet credit 2. What is Supplies in the adjusted trial balance columns of worksheet? A. Income statement debit B. Balance sheet debit C. Income statement credit D. Balance sheet creditarrow_forwardWhy is the amount of the Income obtained from the Income statement extended to the balance sheet credit columns?arrow_forward
- Classify each of the accounts listed below as assets (A), liabilities (L), owner's equity (OE), revenue (R) or expense (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (I), or in the Balance Sheet columns (B) of the worksheet. Account Classification Normal Balance Income Statement or Balance Sheet columns EX. Rent Expense E Debit I a. Accounts Recievable b. Depreciation Expence - Vehicle c. Accounts Payable d. B. Brendo, Capital f. Computer Equipment g. Accumulated Depreciation - Vehicle h. Allowance for Bad Debts i. Consulting Revenues j. Insurance Expense k. Building l. Notes Payable m. Unearned Rebenues n. Interest Expense o, B. Brendo, Drawings p. suppliesarrow_forwardFrom worksheet, prepare the income statement and balance sheetarrow_forwardIn the Excel, or spreadsheet, approach to recording financial transactions, the revenues and expenses on the income statement can be determined by summing each column. True or False True Falsearrow_forward
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