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?