Accounting 200 Review Exam 1 Chapter 1 2 Forms of Business Organizations Proprietorship Partnership and Corporation Financial Statements the Components and their interrelationships Income Statement Statement of Retained Earnings Classified Balance Sheet Notes to Financial Statements Auditor s Report FASB GAAP IASB IFRS Objectives of Financial Reporting useful and its friends relevant reliable Chapter 3 Asset Liabilities Stockholder s Equity Balance Sheet equation Debits Credits know rules and effects on type of account Normal Balances of accounts Analyze Transactions Preparing journal entries Using T accounts Trial Balance Distinguish difference from trial balance and financial statements Chapter 4 Matching Principle and Revenue Recognition Adjusting entries Prepaid expenses Unearned Revenues Depreciation Accrued expenses accrued revenues Understand how a journal entry affects the accounting equation or financial statements Adjusted Trial Balance Prepare financial statements from an adjusted trial balance Closing process Permanent accounts versus Temporary accounts Result of closing process what accounts still have balances Chapter 5 Using perpetual system of tracking inventory Journal entries to record steps in the purchasing process includes payment with discount Journal entries to record sale of merchandise and receipt of payment with discount I S Calculations Cost of Goods Sold and Gross Profit MILLER INC ADJUSTED TRIAL BALANCE 12 31 08 DEBIT CREDIT Cash Accounts Receivable Supplies on Hand Prepaid Insurance Equipment Accumulated Depreciation Accounts Payables Wages Payable Unearned Revenues Long Term Notes Payable Common Stock Retained Earnings 1 1 08 Dividends Sales Sales Returns and Allowances Cost of Goods Sold Rent Expense Insurance Expense Depreciation Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense 40 000 10 000 5 000 12 000 20 000 66 000 0 188 000 55 000 28 000 5 000 2 000 85 000 4 000 12 000 60 000 24 000 8 000 7 000 25 000 2 000 6 000 18 000 Total 341 000 341 000 Answer the following questions using the above trial balance 1 How much is gross profit 2 How much is net income 3 How much is ending retained earnings 4 How much is current assets 5 How much is total assets 6 How much is current liabilities 7 How much is total liabilities
View Full Document
Unlocking...