quiz15

CUMULATIVE REVIEW PROBLEM: CHAPTER 1 The purpose of this problem is to provide an chapter and major concepts in previous chapters. This cumulatice reciere shouald assist you integrating accounting concepts and preparing for eans opportunity to reciee both neve concepts in the current RIQUIRED: Use the following information for the eight questions which follow. Heather Company has the following account balances after adjusting entries at December 31, 2011: Bonds Payable (due 2050 Accounts Payable 137,000 100,000 Treasury Stock, Common (22,000 shares) Preferred Stock ($10 par) 80,000 Paid-in Capital in Excess of Par Value, Preferred Accounts Receivable Common Stock ($1 par) Cost of Goods Sold Unearned Revenue Allowance for Doubtful Accounts Operating Expenses 18000 15,000 Paid-in Cap Retained E of Par Value, Common 40,000 27,000 I. The adjusted trial balance on December 31, 2011, would balance at: 2. The net income for the year is: 3. The total owners' equity on the December 31, 2011 balance sheet is: 4. The total assets on the December 31, 2011 balance sheet is: 5. The total current assets on the December 31, 2011 balance sheet is 6. The current ratio on December 31, 2011 is: 7. The total debt percentage on December 31, 2011 is