Worksheet: A worksheet is a spreadsheet used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger. To Identify: Whether a worksheet is a permanent accounting record and its use is required in the accounting cycle or not.

Question

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Answer 1

Question

Chapter 4, Problem 1Q

To determine

Worksheet: A worksheet is a spreadsheet used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.

To Identify: Whether a worksheet is a permanent accounting record and its use is required in the accounting cycle or not.

Expert Solution & Answer

Answer to Problem 1Q

No. Worksheet is not a permanent accounting record and companies may or may not use a worksheet in their accounting cycle.

Explanation of Solution

A worksheet is generally used to do the adjustments while preparing a financial statement.
It is not mandatory to use it every time a statement is prepared.
A worksheet is not a journal and hence journal entries must be passed separately in order to post them to the ledger.
Journal entries must also be passed for the adjustments made under the worksheet before posting them to the ledger.
Similarly, a worksheet is not a part of the general ledger.
It depends on the company whether they want to use a worksheet or not.

Conclusion

From the above statements given, it is evident that the worksheet is not a permanent accounting record and its use is not necessarily required in the accounting cycle. It is just a working tool that is used to do the adjustments while preparing the financial statements.

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Financing Deficit Stevens Textile Corporation's 2019 financial statements are shown below: Just need the correct LOC? Balance Sheet as of December 31, 2019 (Thousands of Dollars) Cash $ 1,080 Accounts payable $ 4,320 Receivables 6,480 Accruals 2,880 Inventories 9,000 Line of credit 0 Total current assets $16,560 Notes payable 2,100 Net fixed assets 12,600 Total current liabilities $ 9,300 Mortgage bonds 3,500 Common stock 3,500 Retained earnings 12,860 Total assets $29,160 Total liabilities and equity $29,160 Income Statement for December 31, 2019 (Thousands of Dollars) Sales $36,000 Operating costs 34,000 Earnings before interest and taxes $ 2,000 Interest 160 Pre-tax earnings $ 1,840 Taxes (25%) 460 Net income $ 1,380 Dividends (40%) $ 552 Addition to retained earnings $ 828 Stevens grew rapidly in 2019 and financed the growth with notes payable and long-term bonds. Stevens expects sales to…

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Answer 2

Question

Chapter 4, Problem 1Q

To determine

Worksheet: A worksheet is a spreadsheet used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.

To Identify: Whether a worksheet is a permanent accounting record and its use is required in the accounting cycle or not.

Expert Solution & Answer

Answer to Problem 1Q

No. Worksheet is not a permanent accounting record and companies may or may not use a worksheet in their accounting cycle.

Explanation of Solution

A worksheet is generally used to do the adjustments while preparing a financial statement.
It is not mandatory to use it every time a statement is prepared.
A worksheet is not a journal and hence journal entries must be passed separately in order to post them to the ledger.
Journal entries must also be passed for the adjustments made under the worksheet before posting them to the ledger.
Similarly, a worksheet is not a part of the general ledger.
It depends on the company whether they want to use a worksheet or not.

Conclusion

From the above statements given, it is evident that the worksheet is not a permanent accounting record and its use is not necessarily required in the accounting cycle. It is just a working tool that is used to do the adjustments while preparing the financial statements.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 4, Problem 1Q

To determine

Worksheet: A worksheet is a spreadsheet used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.

To Identify: Whether a worksheet is a permanent accounting record and its use is required in the accounting cycle or not.

Expert Solution & Answer

Answer to Problem 1Q

No. Worksheet is not a permanent accounting record and companies may or may not use a worksheet in their accounting cycle.

Explanation of Solution

A worksheet is generally used to do the adjustments while preparing a financial statement.
It is not mandatory to use it every time a statement is prepared.
A worksheet is not a journal and hence journal entries must be passed separately in order to post them to the ledger.
Journal entries must also be passed for the adjustments made under the worksheet before posting them to the ledger.
Similarly, a worksheet is not a part of the general ledger.
It depends on the company whether they want to use a worksheet or not.

Conclusion

From the above statements given, it is evident that the worksheet is not a permanent accounting record and its use is not necessarily required in the accounting cycle. It is just a working tool that is used to do the adjustments while preparing the financial statements.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 4, Problem 1Q

To determine

Worksheet: A worksheet is a spreadsheet used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.

To Identify: Whether a worksheet is a permanent accounting record and its use is required in the accounting cycle or not.

Expert Solution & Answer

Answer to Problem 1Q

No. Worksheet is not a permanent accounting record and companies may or may not use a worksheet in their accounting cycle.

Explanation of Solution

A worksheet is generally used to do the adjustments while preparing a financial statement.
It is not mandatory to use it every time a statement is prepared.
A worksheet is not a journal and hence journal entries must be passed separately in order to post them to the ledger.
Journal entries must also be passed for the adjustments made under the worksheet before posting them to the ledger.
Similarly, a worksheet is not a part of the general ledger.
It depends on the company whether they want to use a worksheet or not.

Conclusion

From the above statements given, it is evident that the worksheet is not a permanent accounting record and its use is not necessarily required in the accounting cycle. It is just a working tool that is used to do the adjustments while preparing the financial statements.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 4, Problem 1Q

To determine

Worksheet: A worksheet is a spreadsheet used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.

To Identify: Whether a worksheet is a permanent accounting record and its use is required in the accounting cycle or not.

Expert Solution & Answer

Answer to Problem 1Q

No. Worksheet is not a permanent accounting record and companies may or may not use a worksheet in their accounting cycle.

Explanation of Solution

A worksheet is generally used to do the adjustments while preparing a financial statement.
It is not mandatory to use it every time a statement is prepared.
A worksheet is not a journal and hence journal entries must be passed separately in order to post them to the ledger.
Journal entries must also be passed for the adjustments made under the worksheet before posting them to the ledger.
Similarly, a worksheet is not a part of the general ledger.
It depends on the company whether they want to use a worksheet or not.

Conclusion

From the above statements given, it is evident that the worksheet is not a permanent accounting record and its use is not necessarily required in the accounting cycle. It is just a working tool that is used to do the adjustments while preparing the financial statements.

Answer 6

Chapter 4, Problem 1Q

To determine

Worksheet: A worksheet is a spreadsheet used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.

To Identify: Whether a worksheet is a permanent accounting record and its use is required in the accounting cycle or not.

Expert Solution & Answer

Answer to Problem 1Q

No. Worksheet is not a permanent accounting record and companies may or may not use a worksheet in their accounting cycle.

Explanation of Solution

A worksheet is generally used to do the adjustments while preparing a financial statement.
It is not mandatory to use it every time a statement is prepared.
A worksheet is not a journal and hence journal entries must be passed separately in order to post them to the ledger.
Journal entries must also be passed for the adjustments made under the worksheet before posting them to the ledger.
Similarly, a worksheet is not a part of the general ledger.
It depends on the company whether they want to use a worksheet or not.

Conclusion

From the above statements given, it is evident that the worksheet is not a permanent accounting record and its use is not necessarily required in the accounting cycle. It is just a working tool that is used to do the adjustments while preparing the financial statements.

Answer 7

Chapter 4, Problem 1Q

To determine

Worksheet: A worksheet is a spreadsheet used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.

To Identify: Whether a worksheet is a permanent accounting record and its use is required in the accounting cycle or not.

Answer 8

Expert Solution & Answer

Answer to Problem 1Q

No. Worksheet is not a permanent accounting record and companies may or may not use a worksheet in their accounting cycle.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

A worksheet is generally used to do the adjustments while preparing a financial statement.
It is not mandatory to use it every time a statement is prepared.
A worksheet is not a journal and hence journal entries must be passed separately in order to post them to the ledger.
Journal entries must also be passed for the adjustments made under the worksheet before posting them to the ledger.
Similarly, a worksheet is not a part of the general ledger.
It depends on the company whether they want to use a worksheet or not.

Answer 12

Conclusion

From the above statements given, it is evident that the worksheet is not a permanent accounting record and its use is not necessarily required in the accounting cycle. It is just a working tool that is used to do the adjustments while preparing the financial statements.

Answer 13

Ch. 4 - Prob. 1Q Ch. 4 - 2. Explain the purpose of the worksheet. Ch. 4 - Prob. 3Q Ch. 4 - 4. If a company’s revenues are $125,000 and its...Ch. 4 - Prob. 5Q Ch. 4 - Prob. 6Q Ch. 4 - 7. Describe the nature of the Income Summary...Ch. 4 - Prob. 8Q Ch. 4 - 9. Which of the following would not appear in the...Ch. 4 - 10. Distinguish between a reversing entry and an...

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