STRAYER ACCT 557 QUIZ WK 4Wk 4 Quiz Chap 41. The most efficient way to accomplish closing entries is to2. In order to close the Dividends account, the3. The use of fair value to report assets4. On a classified balance sheet, current assets are customarily listed5. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2013: The current assets should be listed on Postal Serviceâs balance sheet in the following order:6. The two optional steps in the accounting cycle are preparing7. The income statement for the year 2013 of Fugazi Co. contains the following information:At January 1, 2013, Fugazi reported retained earnings of $50,000. Dividends for the year totalled $10,000. At December 31, 2013, the company will report retained earning of8. The worksheet doesnotshow9. The following selected account balances appear on the December 31, 2013 balance sheet of Superchunk Co. What is the total amount of property, plant, and equipment that will be reported on the balance sheet?10. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2013: What are total current liabilities at December 31, 2013?11. The income statement for the month of June, 2013 of Camera Obscura Enterprises contains the following information: At June 1, 2013, Camera Obscura reported retained earnings of $35,000. The company paid no dividends during June. At June 30, 2013, the company will report retained earnings of12. An intangible asset13. When using a worksheet, adjusting entries are journalized14. Current liabilities15. Closing entries are necessary for
