Prepare a columnar report for the controller of heartland inc. comparing the industry averages for the ratios published by the trade association with the comparable ratios for heartland. for heartland, compute the ratios as of december 31, 2017, or for the year ending december 31, 2017, whichever is appropriate. briefly evaluate heartland's ratios relative to the industry averages. do you think that the bank will approve the loan? explain your answer.

Sye chase started and operated a small family architectural firm in 2016. the firm was affected by two events: (1) chase provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. there were $250 of supplies on hand as of december 31, 2016. record the two transactions in the accounts. record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. post the entries in the t-accounts and prepare a post-closing trial balance.