21) Net income is $29,000. Beginning retained earnings were $34,000. Ending retained earnings are $55,000. What amount of cash dividends was paid out? A) $18,000 B) $8,000 C) $5,000 D) $60,000 22) Sharon Samson starts a plumbing service, Reliable Waterworks, Inc. Selected transactions are described as follows: A) Sharon deposits $7,000 into a new checking account for the company, receiving stock in exchange. B) Reliable pays $4,000 cash for equipment to be used for plumbing repairs. C) Reliable borrows $15,000 from a local bank and deposits the money in the checking account. D) Reliable pays $600 rent for the first […]

51) The Spelling pane checks the spelling of an entire presentation. 52) The dictionary is a research tool that provides a list of words with the same meaning. 53) When the upper half of the New Slide button is clicked, a new slide is inserted with the same layout as the previous slide. 54) The New Slide button is divided into three parts. 55) The number of slide layouts is NOT the same for each slide design. 56) You can resize an image proportionally by using the middle sizing handle. 57) .rtf is an example of a graphic file extension. […]

11) Robert Rogers, CPA, PC performed accounting services for a client in December. A bill was mailed to the client on December 30. Roberts received a check in the mail on January 5. The revenue principle would require that which of the following accounts appear on the balance sheet for December 31? A) Prepaid expense B) Accounts receivable C) Unearned revenue D) Accounts payable 12) Robert Rogers, CPA, PC owns a computer used for the corporation's business. The matching principle would require that which of the following accounts appear on the income statement for the year ended December 31? A) […]

Learning Objective 2-5 1) In a trial balance, total debits are always equal to total credits. 2) The trial balance is generally used only inside the business and is not published with the other financial statements. 3) A trial balance summarizes a ledger by listing all the accounts with their ending balances. 4) Which of the following is a method used to detect errors when the two columns of the trial balance are NOT equal? A) Compute the difference in the columns and search the trial balance for a transposition error or a slide error if the difference is evenly […]

31) Which of the following accounts will be closed by debiting the Income summary? A) Dividends  B) Service revenue  C) Accounts receivable  D) Salary expense  32) Revenues total $10,200.  Expenses total $7,300.  Dividends paid total $2,600. What is the balance in the Income summary account prior to closing net income or loss to the Retained earnings account?  A) Credit balance of $300  B) Debit balance of $2,900  C) Credit balance of $2,900  D) Balance of $0  33) Revenues total $10,200.  Expenses total $7,300. Dividends paid total $2,600.  What is the balance in the Income summary account after closing net income […]