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The last four steps in the accounting cycle include preparing the adjusted trial balance, preparing financial statements, and recording closing and adjusting entries.

A classified balance sheet organizes assets and liabilities into important subgroups that provide more information to decision makers.

On September 1, Cooper, Inc. signed a $50,000, 90-day, 5% note payable with Northern Savings Bank. What is the journal entry that should be recorded by Cooper, Inc. upon maturity of the note? (Use 360 days a year.)

Using the following year-end information for Dorie’s Pet Supplies, calculate the current ratio and acid-test ratio for the business:      Cash $ 52,000 Short-term investments   12,000 Accounts receivable   54,000 Inventory   325,000 Prepaid expenses   17,500 Accounts payable   106,500 Other current payables   25,000

On May 22, Jarred, Inc. borrows $7,500 from A-1 Loans, signing a 90-day, 8%, $7,500 note. What is the journal entry needed to record the transaction by Jarred, Inc.?

On November 1, Boris, Inc. signed a 120-day, 8% note payable, with a face value of $9,000. What is the maturity value of the note on March 1? (Use 360 days a year.)

Belcher Inc. maintains a $400 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $110 for office supplies, $140 for merchandise inventory, and $70 for miscellaneous expenses. There is a cash overage of $4. Based on this information, the amount of cash in the fund before the replenishment is:

Which of the following items is reported on the statement of cash flows under financing activities?

On July 1, Missouri Company sold merchandise in the amount of $5,800 to Arkansas Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Missouri uses the perpetual inventory system and the gross method. On July 5, Arkansas returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. The entry or entries that Missouri must make on July 5 is:

Larry Larrimore opened a frame shop and completed these transactions:1. Larry started the shop by investing $40,000 cash and equipment valued at $18,000 in exchange for common stock.2. Purchased $70 of office supplies on credit.3. Paid $1,200 cash for the receptionist’s salary.4. Sold a custom frame service and collected $1,500 cash on the sale.5. Completed framing services and billed the client $200.What was the balance of the cash account after these transactions were posted?