December 31, 2011Cash 137,000Bonds payable (due 2050) 100,000Accounts payable 22,000Dividends 20,000Treasury stock, common (22,000 shares)98,000Preferred stock ($10 par)80,000Land 220,000Paid-in Capital in excess of par value, preferred8,000Equipment 240,000Accounts receivable 90,000Common stock ($1 par) 400,000Sales 940,000Merchandise Inventory70,000Cost of Goods Sold 720,000Unearned Revenue 18,000Allowance for doubtful accounts 15,000Operating expenses 95,000Accumlated depreciation- equipment 40,000paid in capital in excess of par value, common 40,000Retained Earnings (1/1/2011) 27,000 1. The adjusted trial balance on December 31,2011, would balance at 2. The net income for the year is 3. The 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 December 31,2011 balance sheet is 6. The current ratio on December 31,2011 is 7. The total debt percentage on December 31,2011 is8. The gross margin percent for 2011 is

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Answered: December 31, 2011 Cash 137,000…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 10MC

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December 31, 2011

Cash	137,000
Bonds payable (due 2050)	100,000
Accounts payable	22,000
Dividends	20,000
Treasury stock, common (22,000 shares)	98,000
Preferred stock ($10 par)	80,000
Land	220,000
Paid-in Capital in excess of par value, preferred	8,000
Equipment	240,000
Accounts receivable	90,000
Common stock ($1 par)	400,000
Sales	940,000
Merchandise Inventory	70,000
Cost of Goods Sold	720,000
Unearned Revenue	18,000
Allowance for doubtful accounts	15,000
Operating expenses	95,000
Accumlated depreciation- equipment	40,000
paid in capital in excess of par value, common	40,000
Retained Earnings (1/1/2011)	27,000

1. The adjusted trial balance on December 31,2011, would balance at

2. The net income for the year is

3. The 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 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

8. The gross margin percent for 2011 is

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