Reference no: EM133007197

Problem 1: Which of the following is a cash inflow from financing activities?

a. Receipt from collections on notes receivable.

b. Receipt from interest on notes receivable.

c. Receipt from issuance of notes payable.

d. Receipt from sale of property and equipment.

Problem 2: In the adjusted trial balance, the owner's equity account reflects

a. the beginning-of-the-period balance.

b. the increase to income and expense.

c. the period ending balance.

d. the results of adjusting entries.

Problem 3: Which of the following steps comes first in worksheet preparation?

a. Compute each account's adjusted balance by combining the trial balance and adjustment figures.

b. Compute profit or loss as the difference between total revenues and total expenses on the income statement.

c. Enter the account balances in the unadjusted trial balance columns and total the amounts.

d. Enter the adjusting entries in the adjustment columns and total the amounts.