The following information is available for the R. Kandamil Company before closing the accounts....

1. G. Venda, owner of Venda Services, withdrew $25,000 from the business during the current year. The entry to close the withdrawals account at the end of the year is:

a.	G. Venda, Withdrawals	25,000
	G. Venda, Capital		25,000
b.	Income Summary	25,000
	G. Venda, Capital		25,000
c.	G. Venda,Withdrawals	25,000
	Cash		25,000
d.	G. Venda, Capital	25,000
	Salary Expense		25,000
e.	G. Venda, Capital	25,000
	G. Venda, Withdrawals		25,000

2. The following information is available for the R. Kandamil Company before closing the accounts. After all of the closing entries are made, what will be the balance in the R. Kandamil, Capital account?

Total revenues	$300,000
Total expenses	195,000
R. Kandamil, Capital	100,000
R. Kandamil, Withdrawals	45,000

a. $360,000

d. $150,000

b. $250,000

c. $160,000

e. $60,000

3. Which of the following errors would cause the balance sheet and statement of owner’s equity columns of a work sheet to be out of balance?

a. Entering a revenue amount in the balance sheet and statement of owner’s equity debit column.

b. Entering a liability amount in the balance sheet and statement of owner’s equity credit column.

c. Entering an expense account in the balance sheet and statement of owner’s equity debit column.

d. Entering an asset account in the income statement debit column.

e. Entering a liability amount in the income statement credit column.

4. The temporary account used only in the closing process to hold the amounts of revenues and expenses before the net difference is added or subtracted from the owner’s capital account is called the

a. Closing account.

b. Nominal account.

c. Income Summary account.

d. Balance Column account.

e. Contra account.

5. Based on the following information from Repicor Company’s balance sheet, what is Repicor Company’s current ratio?

Current assets	$ 75,000
Investments	30,000
Plant assets	300,000
Current liabilities	50,000
Long-term liabilities	60,000
D. Repicor, Capital	295,000

a. 2.10

d. 0.95

b. 1.50

c. 1.00

e. 0.67