1. Welcome to Who Wants to be a Millionaire
50:50 15
$1 Million 14
$500,000
Welcome to Who Wants to be a Millionaire 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000 6
$2,000 5
$1,000 4
$500 3
$300 2
$200 1
$100

2. Another Presentation © 2000 - All rights Reserved Mark E. Damon

4. 15
$1 Million 14
$500,000 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000 6
$2,000 5
$1,000 4
$500 3
$300 2
$200 1
$100

5. Statement that reports assets, liabilities and stockholders’ equity15
$1 Million 14
$500,000 13
$250,000 12
$125,000
Statement that reports assets, liabilities and stockholders’ equity 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000
Balance sheet 6
$2,000 5
$1,000 4
$500 3
$300 2
$200
50:50 1
$100
A: work sheet
B: balance sheet
C: income statement
D: sales sheet

6. 15
$1 Million 14
$500,000 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000 6
$2,000 5
$1,000 4
$500 3
$300 2
$200 1
$100

7. Show the revenue and expenses for a fiscal period15
$1 Million 14
$500,000 13
$250,000
Show the revenue and expenses for a fiscal period 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000
Income statement 6
$2,000 5
$1,000 4
$500 3
$300 2
$200
50:50 1
$100
A: work sheet
B: balance sheet
D: Stmt of Stockholders’ Equity
C: income statement

8. 15
$1 Million 14
$500,000 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000 6
$2,000 5
$1,000 4
$500 3
$300 2
$200 1
$100

9. 15
$1 Million
An accounting form used to summarize the general ledger info needed to prepare financial stmts 14
$500,000 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000
Work Sheet 6
$2,000 5
$1,000 4
$500 3
$300 2
$200
50:50 1
$100
A: work sheet
B: balance sheet
D: Stockholders’ Equity
C: income statement

10. 15
$1 Million 14
$500,000 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000 6
$2,000 5
$1,000 4
$500 3
$300 2
$200 1
$100

11. Stmt of Stockholders’ Equity15
$1 Million 14
$500,000
A financial statement that shows changes in a corporations ownership for a fiscal period. 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000
Stmt of Stockholders’ Equity 6
$2,000 5
$1,000 4
$500 3
$300 2
$200
50:50 1
$100
A: work sheet
B: balance sheet
D: Stmt of Stockholders’ Equity
C: income stmt

12. 15
$1 Million 14
$500,000 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000 6
$2,000 5
$1,000 4
$500 3
$300 2
$200 1
$100

13. Income Stmt Debit Column15
$1 Million
After the federal income tax adjustment is recorded on the work sheet, the federal income tax expense is extended into the: 14
$500,000 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000
Income Stmt Debit Column 6
$2,000 5
$1,000 4
$500 3
$300 2
$200
50:50 1
$100
A: Income Stmt Credit Column
B: Income Stmt Debit Column
C: Balance Sheet Credit Column
D: Balance Sheet Debit Column

14. You’ve Reached the $1,000 Milestone! Congratulations! Congratulations!

15. 15
$1 Million 14
$500,000 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000 6
$2,000 5
$1,000 4
$500 3
$300 2
$200 1
$100

16. Actual federal income tax expense is calculated on the amount of:15
$1 Million
Actual federal income tax expense is calculated on the amount of: 14
$500,000 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000
Net income before
federal income tax 6
$2,000 5
$1,000 4
$500 3
$300 2
$200
50:50 1
$100
B: net sales less total expenses
A: net sales
C: Net income before federal income tax
D: Net income after federal income tax

17. 15
$1 Million 14
$500,000 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000 6
$2,000 5
$1,000 4
$500 3
$300 2
$200 1
$100

18. A corporation’s total stockholders’ equity is increased by:15
$1 Million 14
$500,000
A corporation’s total stockholders’ equity is increased by: 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000
Net income 6
$2,000 5
$1,000 4
$500 3
$300 2
$200
50:50 1
$100
B: declaring dividends
A: net income
C: paying dividends
D: receiving payment on account

19. 15
$1 Million 14
$500,000 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000 6
$2,000 5
$1,000 4
$500 3
$300 2
$200 1
$100

20. The purpose of closing entries is to:15
$1 Million 14
$500,000
The purpose of closing entries is to: 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000
Close out temporary accts 6
$2,000 5
$1,000 4
$500 3
$300 2
$200
50:50 1
$100
A: prove debits=credits
B: close out temporary accts
C: balance the accounting equation
D: close out permanent accts

21. 15
$1 Million 14
$500,000 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000 6
$2,000 5
$1,000 4
$500 3
$300 2
$200 1
$100

22. 15
$1 Million 14
$500,000
If net sales is $100,000 and total operating expenses are $10,000, the component percentage for total operating expenses is: 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000
10% 6
$2,000 5
$1,000 4
$500 3
$300 2
$200
50:50 1
$100
A: 1%
B: 10%
C: 50%
D: 100%

23. 15
$1 Million 14
$500,000 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000 6
$2,000 5
$1,000 4
$500 3
$300 2
$200 1
$100

24. The reversing entry for federal15
$1 Million 14
$500,000
Debiting Federal Income Tax Payable and Crediting Federal Income Tax Expense is: 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000
The reversing entry for federal
income tax payable 6
$2,000 5
$1,000 4
$500 3
$300 2
$200
50:50 1
$100
A: The reversing entry for federal income tax payable
B: The reversing entry for income payable
C: The closing entry for federal income tax payable
D: The adjusting entry for federal income tax payable

25. You’ve Reached the $32,000 Milestone! Congratulations!

26. 15
$1 Million 14
$500,000 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000 6
$2,000 5
$1,000 4
$500 3
$300 2
$200 1
$100

27. The closing entry for federal income tax expense is to:15
$1 Million
The closing entry for federal income tax expense is to: 14
$500,000 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000
Debit income summary
Credit federal inc tax exp 6
$2,000 5
$1,000 4
$500 3
$300 2
$200
50:50 1
$100
B: Debit income summary, Credit federal inc tax exp
A: Debit federal inc tax exp, Credit income summary
C: Debit federal inc tax payable, Credit federal inc tax expense
D: Debit federal income tax exp, Credit federal income tax payable

28. 15
$1 Million 14
$500,000 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000 6
$2,000 5
$1,000 4
$500 3
$300 2
$200 1
$100

29. What account is Dividends closed into?15
$1 Million 14
$500,000
What account is Dividends closed into? 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000
Retained Earnings 6
$2,000 5
$1,000 4
$500 3
$300 2
$200
50:50 1
$100
A: Retained Earnings
B: Capital Stock
D: Stockholders’ Equity
C: Income Summary

30. 15
$1 Million 14
$500,000 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000 6
$2,000 5
$1,000 4
$500 3
$300 2
$200 1
$100

31. The closing entry for the sales account is to:15
$1 Million 14
$500,000
The closing entry for the sales account is to: 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000
Debit Sales,
Credit Income Summary 6
$2,000 5
$1,000 4
$500 3
$300 2
$200
50:50 1
$100
B: Debit Sales, Credit Cash
A: Debit Cash, Credit Sales
C: Debit Income Summary, Credit Sales
D: Debit Sales,
Credit Income Summary

32. 15
$1 Million 14
$500,000 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000 6
$2,000 5
$1,000 4
$500 3
$300 2
$200 1
$100

33. 15
$1 Million 14
$500,000
If net income before federal income taxes equals $107,578, what is federal income tax amount? 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000
$25,205.42 6
$2,000 5
$1,000 4
$500 3
$300 2
$200
50:50 1
$100
A: $25,756.44
B: $41,955.42
C: $25,205.42
D: $41,755.76

34. 15
$1 Million 14
$500,000 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000 6
$2,000 5
$1,000 4
$500 3
$300 2
$200 1
$100

35. 15
$1 Million
An amount earned by a corporation and not yet distributed to stockholders is: 14
$500,000 13
$250,000 12
$125,000 11
$64,000 10
$32,000 9
$16,000 8
$8,000 7
$4,000
Retained Earnings 6
$2,000 5
$1,000 4
$500 3
$300 2
$200
50:50 1
$100
B: Net Income
A: Stockholders’ Equity
D: Retained Earnings
C: Capital Stock

36. YOU WIN $1 MILLION DOLLARS!