prior years? CUMULATIVE REVIEW PROBLEM: CHAPTER 14 ty to review both new concepts in the current The purpose of this problem is to provide an chapter and major concepts in previous chapters. This cumulative review should assist you in integrating accounting concepts and preparing for exams. REQUIHED: Use the following information for the ten questions which follow. PART i: USE THE FOLLowING INFORMATION FOR THE NEXT FIVE QUESTIONS. Selected Balance Sheet account balances are: MELLISSA COMPANY December 31 2011 2010 Cash Accounts Payable Accounts Receivable Salaries Payable Land Merchandise Inventory Prepaid Rent Income Taxes Payable $ 20,000 30,000 160,000 7,000 50,000 70,000 18,000 1,000 $ 10,000 40,000 110,000 1,000 80,000 90,000 30,000 2,000