Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can i get this explained Exercise 11-40 (Algo) General ledger exercise; depreciation [LO11-2] On January 1, 2024, the general ledger of TNT Fireworks included the
Can i get this explained
Exercise 11-40 (Algo) General ledger exercise; depreciation [LO11-2] On January 1, 2024, the general ledger of TNT Fireworks included the following occount balances: During January 2024 , the following transactions occurred: January 1 Purchased equipment for $20,700. The coepany estimates a renidual value of $2,700 and a aix-year service ilfe. January 4 Paid cash on accountin payable, $10,700. January B Purchased additional inventory on account, $94,900. January 15 Received cash on accounts receivable, $23,200 January 19 paid cash for salaries, $31,000. January 28 Paid cash for January utilities, $17,700. fanuary 30 Firework salen for January totaled $232,000. A11 of these nales were on account. The cost of the units nold was $121,000. The following information is available on January 31,2024. Depreciation on the equipment for the month of January is calculated using the straight-line method. 0. The company records an adjusting entry for $5,660 for estimated future uncollectible accounts. - The company has accrued interest on notes receivable for January. Interest will be received each December 31. 1. Unpaid salaries owed to employees at the end of January are $33,800. The company accrued income taxes at the end of January of $10,200. Complete this question by entering your answers in the tabs below. b. The company records an adjusting entry for $5,660 for estimated future uncollectible accounts. c. The company has accrued interest on notes recelvable for January. Interest will be recelved each December 31 d. Unpaid salaries owed to employees at the end of January are $33.800. e. The company accrued income taxes at the end of January of $10,200. Complete this question by entering your answers in the tabs below. Prepare the journal entries for transactions. Note: If no entry is required for a particular transaction/event, select "No journal entry required" in the first account neid Journal entry worksheet 234567815 Record the purchase of equipment for $20,700. The company estimates a residual value of $2,700 and a six-year service life. Note: Enter debits before credits e. The company accrued income taxes at the end of January of $10,200. Complete this question by entering your answers in the tabs below. Prepare an income statement for the period ended January 31, 2024. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. d. Unpaid salaries owed to employees at the end of January are $33,800 e. The company accrued income taxes at the end of January of $10,200. Complete this question by entering your answers in the tabs below. Prepare a classified balance sheet as of January 31, 2024. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. January 8 Purchased additional inventory on account, $94,900. January 15 Feceived cash on accoont reoeivable, $23,200 January 19 Paid canh for ealaries, $31,000. January 28 Paid cash for January utilities, 517,700 . January 30 pirework sales tor January totaled $232,000. All of these sales were on account. The cost of the unita sold Was $121,000 The following information is available on January 31, 2024. a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. The company records an adjusting entry for $5,660 for estimated future uncollectible accounts. c. The company has accrued interest on notes recelvable for January. Interest will be received each December 31. d. Unpaid salaries owed to employees at the end of January are $33,800. e. The company accrued income taxes at the end of January of $10,200. Complete this question by entering your answers in the tabs below. Using the information from the requirements above, complete the 'Analysis'. Nate: Rnund final answors to 1 decimal olace Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started