Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 4, Problem 23E
To determine
List the order in which they would be performed in preparing and completing an end-of-period spreadsheet.
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List (a) through (j) in the order they would be performed in preparing and completing an end-of-period spreadsheet.a. Add the Debit and Credit columns of the Unadjusted Trial Balance columns of the spreadsheet to verify that the totals are equal.b. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to verify that the totals are equal.c. Add or deduct adjusting entry data to trial balance amounts, and extend amounts to the Adjusted Trial Balance columns.d. Add the Debit and Credit columns of the Adjustments columns of the spreadsheet to verify that the totals are equal.e. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to determine the amount of net income or net loss for the period.f. Add the Debit and Credit columns of the Adjusted Trial Balance columns of the spreadsheet to verify that the totals are equal.g. Enter the adjusting entries into the spreadsheet, based on the…
I need help with:
· Entering adjustments on the spreadsheet provided.
· Using the new and adjusted totals, calculate the totals on the financial statements in the spaces provided.
Select the letter of the item below that best matches the definitions that follow.
a. Balance Sheet Standard report.
b. To date
c. Summary Balance Sheet report
d. QuickZoom
e. Transactions by Account report
f. % of Column
g. Memorizing a report
h. Divided by 1000
1. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to add a column representing the percentage of each item compared to total assets.
2. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to round amounts to the nearest whole dollar.
3. ________ The start of the reporting period.
4. ________ A financial statement reporting in detail the assets, liabilities, and equities of a business as of a certain date.
5. ________ A process by which modified reports are saved for later use.
6. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to report amounts in thousands.
7. ________ The end…
Chapter 4 Solutions
Financial Accounting
Ch. 4 - Prob. 1DQCh. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Why are closing entries required at the end of an...Ch. 4 - Prob. 6DQCh. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Recent fiscal years for several well-known...
Ch. 4 - The balances for the accounts that follow appear...Ch. 4 - The balances for the accounts that follow appear...Ch. 4 - Marcie Davies owns and operates Gemini Advertising...Ch. 4 - Prob. 2PEBCh. 4 - The following accounts appear in an adjusted trial...Ch. 4 - The following accounts appear in an adjusted trial...Ch. 4 - After the accounts have been adjusted at October...Ch. 4 - After the accounts have been adjusted at April 30,...Ch. 4 - From the following list of steps in the accounting...Ch. 4 - From the following list of steps in the accounting...Ch. 4 - Balance sheet data for HQ Properties Company...Ch. 4 - Balance sheet data for Brimstone Company follows:...Ch. 4 - The balances for the accounts that follow appear...Ch. 4 - Prob. 2ECh. 4 - Bamboo Consulting is a consulting firm owned and...Ch. 4 - Elliptical Consulting is a consulting firm owned...Ch. 4 - The following account balances were taken from the...Ch. 4 - The following revenue and expense account balances...Ch. 4 - FedEx Corporation had the following revenue and...Ch. 4 - Apex Systems Co. offers its services to residents...Ch. 4 - Selected accounts from the ledger of Restoration...Ch. 4 - Prob. 10ECh. 4 - At the balance sheet date, a business owes a...Ch. 4 - Prob. 12ECh. 4 - List the errors you find in the following balance...Ch. 4 - Prob. 14ECh. 4 - Prior to its closing, Income Summary had total...Ch. 4 - After all revenue and expense accounts have been...Ch. 4 - Prob. 17ECh. 4 - Prob. 18ECh. 4 - An accountant prepared the following post-closing...Ch. 4 - Rearrange the following steps in the accounting...Ch. 4 - The following data (in thousands) were taken from...Ch. 4 - Prob. 22ECh. 4 - Prob. 23ECh. 4 - Alert Security Services Co. offers security...Ch. 4 - Alert Security Services Co. offers security...Ch. 4 - Prob. 26ECh. 4 - Based on the data in Exercise 4-24, prepare the...Ch. 4 - Based on the data in Exercise 4-25, prepare the...Ch. 4 - Prob. 1PACh. 4 - Finders Investigative Services is an investigative...Ch. 4 - The unadjusted trial balance of Epicenter Laundry...Ch. 4 - The unadjusted trial balance of Lakota Freight Co....Ch. 4 - For the past several years, Steffy Lopez has...Ch. 4 - Last Chance Company offers legal consulting advice...Ch. 4 - The Gorman Group is a financial planning services...Ch. 4 - The unadjusted trial balance of La Mesa Laundry at...Ch. 4 - The unadjusted trial balance of Recessive...Ch. 4 - For the past several years, Jeff Horton has...Ch. 4 - The unadjusted trial balance of PS Music as of...Ch. 4 - Kelly Pitney began her consulting business, Kelly...Ch. 4 - Picasso Graphics is a graphics arts design...Ch. 4 - The following is an excerpt from a telephone...Ch. 4 - Prob. 3CP
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- Transform the raw data into an ordered trial balance. Then pass adjusting entries in pure journal form, Then make working notes, then make adjusted trial balance, then the income statement and balance sheet.arrow_forwardAppendix 1Completing an end-of-period spreadsheet List (A) through (J) in the order they would be performed in preparingand completing an end-of-period spreadsheet. A. Add the Debit and Credit columns of the Unadjusted Trial Balancecolumns of the spreadsheet to verify that the totals are equal. B. Add the Debit and Credit columns of the Balance Sheet and IncomeStatement columns of the spreadsheet to verify that the totals are equal.C. Add or deduct adjusting entry data to trial balance amounts, andextend amounts to the Adjusted Trial Balance columns. D. Add the Debit and Credit columns of the Adjustments columns of thespreadsheet to verify that the totals are equal.E. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to determine the amount of netincome or net loss for the period.F. Add the Debit and Credit columns of the Adjusted Trial Balancecolumns of the spreadsheet to verify that the totals are equal. G. Enter the adjusting…arrow_forwardThe Steps in Preparing a Worksheet Put the steps in the correct order that the worksheet is prepared. 1. [ Choose ] [Choose] Enter adjustment data. Enter adjusted balances. Total the statements columns, computer net income/(loss), and complete the worksheet. Prepare a trial balance on the worksheet. Extended adjusted balances to appropriate statement columns. (Choose 3 [ Choose ) (Choose ] 2.arrow_forward
- How should the adjusted trial balance spreadsheet lookarrow_forwardPlease prepare the journal entries and a balance sheet. Then list the numbers at the end.arrow_forwardIt is prepared with an objective to test the arithmetic accuracy of the accounts a. Ledger b. Books of Prime entry c. Trial Balance d. Journalarrow_forward
- 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_forwardOn the work sheet, assets are recorded in which of the following columns? a. Trial Balance, Credit b. Income Statement, Debit c. Balance Sheet, Debit d. Adjusted Trial Balance, Creditarrow_forward1. Using a spreadsheet with the indirect method, entry (a) records net income as the first item on the spreadsheet in the Operating Activities section, with the corresponding entry as a debit to Retained Earnings. credit to Retained Earnings. credit to Income Summary. debit to Cash. 2. As you complete the spreadsheet to account for all the changes in the noncash accounts that occurred during the current period, you are constructing entries that will need to be journalized and posted when the spreadsheet is complete. reconstructing the journal entries that caused the changes in the noncash accounts. undoing the journal entries that caused the changes in the noncash accounts. doing none of these choices.arrow_forward
- Rearrange the following steps in the accounting cycle in proper sequence:a. Transactions are analyzed and recorded in the journal.b. An unadjusted trial balance is prepared.c. Transactions are posted to the ledger.d. Adjustment data are assembled and analyzed.e. An adjusted trial balance is prepared.f. Adjusting entries are journalized and posted to the ledger.g. An optional end-of-period spreadsheet is prepared.h. A post-closing trial balance is prepared.i. Financial statements are prepared.j. Closing entries are journalized and posted to the ledger.arrow_forwardcreate balance sheet,trial balance and income statement. do it nicely. follow the instructions on attached images.arrow_forwarda. Calculate the final balance of each ledger account. PLEASE SEE ATTACHED FOR WORKarrow_forward
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