CUMULATIVE REVIEW PROBLEM: CHAPTER 14 The purpose of this problem is to provide an opportunity to review both new concepts in the curret chapter and major concepts in previous chapters. This cumulative review should assist you in REQUIRED: Use the following information for the ten questions which follow. PART I: USE THE FOLLOWING INFORMATION FOR THE NEXT FIVE QUESTIONS. concepts and preparing for enaims. 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 Statement and other items for the me year 20 11 are Selected Income Sales Cost of Goods Sold Salary Expense Loss on Sale of Land Cash Dividends declared and paid Depreciation Expense Rent Expense Income Taxes Expense $940,000 500,000 200,000 30,000 80,000 60,000 70,000 40,000 Cash collections from customers during 2011 amounted to: $ 1. ish payments to suppliers for merchandise inventory during 2011 3. Cash payments for salaries during 2011 amounted to 4. Cash payments for rent during 2011 amounted to: $ 5. Cash payments for income taxes during 2011 a amounted to: mounted to: S