accounting Hw5

Required information [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 44,500 48, 100 9,300 82,000 $ 10,800 16,400 18,000 98,000 40,700 $183,900 $183, 900 During January 2021, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000. January 9 Provide services to customers on account, $19,500. January 10 Purchase additional supplies on account, $6,700. January 12 Purchase 1,200 shares of treasury stock for $21 per share. January 15 Pay cash on accounts payable, $18,300. January 21 Provide services to customers for cash, $50,900. January 22 Receive cash on accounts receivable, $18,400. January 29 Declare a cash dividend of $0.30 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 18,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 600 shares of treasury stock for $23 per share. January 31 Pay cash for salaries during January, $43,800. 5. Prepare a classified balance sheet as of January 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) GRAND FINALE FIREWORKS Classified Balance Sheet January 31, 2021 Assets Liabilities Total Current Liabilities Stockholders' Equity Total Current Assets Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets