Current assets $ 7,000 Net income $ 12,000 Current liabilities 4,000 Stockholders ’ equity 21,000 Total assets 30,000 Total liabilities 9,000 Average common shares outstanding was 10,000
7 . ( TCO 4 ) Using the following balance sheet and income statement data , what is the total amount of working capital ?
Current assets $ 7,000 Net income $ 12,000 Current liabilities 4,000 Stockholders ’ equity 21,000 Total assets 30,000 Total liabilities 9,000 Average common shares outstanding was 10,000
8 . ( TCO 4 ) Using the following balance sheet and income statement data , what is the debt to total assets ratio ?
Current assets $ 7,000 Net income $ 12,000 Current liabilities 4,000 Stockholders ’ equity 21,000 Total assets 30,000 Total liabilities 9,000 Average common shares outstanding was 10,000
9 . ( TCO 2 ) Powers Company paid its office rent of $ 1,000 with cash . As a result of this event , _________.
10 . ( TCO 2 ) Which accounts normally have debit balances ?
11 . ( TCO 2 ) In the first month of operations , the total of the debit entries to the cash account amounted to $ 700 and the total of the credit entries to the cash account amounted to $ 300 . The cash account has a _________
12 . ( TCO 2 ) A trial balance would only help in detecting which one of the following errors ?