Q. Completing the accounting cycle?

Subsequent to studying this chapter you should be able to

- Recapitulate the steps in the accounting cycle.

- Organize a work sheet for a service company.

- Organize an income statement, balance sheet and statement of retained earnings using information contained in the work sheet.

- Prepare closing and adjusting entries using information contained in the work sheet.

- Organize a post-closing trial balance.

- Describe the progress of accounting systems.

- Organize a classified balance sheet.

- Analyze and utilize the financial results the current ratio.