Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Complete the balance sheet please, thank you, On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Account Cash
Complete the balance sheet please, thank you,
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Account Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 44,300 47,700 9,100 80,000 $ 10,600 16,200 16,000 96,000 42,300 $181,100 $181,100 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, $18,800. January 10 Purchase additional supplies on account, $6,500. January 12 Purchase 1,100 shares of treasury stock for $19 per share. January 15 Pay cash on accounts payable, $18,100. January 21 Provide services to customers for cash, $50,700. January 22 Receive cash on accounts receivable, $18,200. January 29 Declare a cash dividend of $0.20 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 16,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 700 shares of treasury stock for $21 per share. January 31 Pay cash for salaries during January, $43,600. The following information is available on January 31, 2021. a. Unpaid utilities for the month of January are $7,800. b. Supplies at the end of January total $6,700. Depreciation on the equipment for the month of January is calculated using the straightline method. At the time the equipment was purchased, the company estimated a service life of three years and a residual value of $11,600. d. Accrued income taxes at the end of January are $2,700. General General Requirement Journal Income Trial Balance Ledger Statement Balance Sheet Analysis Choose the appropriate accounts to complete the company's balance sheet. Make sure to select 'adjusted' from the dropdo which will then populate the balances in those accounts from the adjusted trial balance. Unadjusted Grand Finale Fireworks Classified Balance Sheet January 31, 2021 Assets Liabilities Current Assets: Current Liabilities: 0 Total Current Assets Noncurrent Assets: Total Current Liabilities Stockholders' Equity 0 Total Stockholders' Equity Total Liabilities & Stockholders' Equity 0 $ 0 Total Assets 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