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Complete a Trial Balance, multiple income statement, and classfied balance sheet. Please let me know if you need more information to complete this problem On
Complete a Trial Balance, multiple income statement, and classfied balance sheet. Please let me know if you need more information to complete this problem
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 11,600 34,800 152,400 71,300 124,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $ 2,200 10,000 22,100 204,000 155,800 $394,100 $394,100 During January 2021, the following transactions occur: January Borrow $104,000 from Captive Credit Corporation. The installment note pears 1 interest at 6% annually and matures in 5 years. Payments of $2,011 are required at the end of each month for 60 months. January Receive $31,400 from customers on accounts receivable. 4 January Pay cash on accounts payable, $15,000. 10 January Pay cash for salaries, $29,300. 15 January Firework sales for the month total $195,800. Sales include $65,400 for cash and 30 $130, 400 on account. The cost of the units sold is $114,500. January Pay the first monthly installment of $2,011 related to the $104,000 borrowed on 31 January 1. Round your interest calculation to the nearest dollarStep by Step Solution
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