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could you also do an income statement for the same information in the first picture. Required information [The following information applies to the questions displayed
could you also do an income statement for the same information in the first picture.
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 $ 43,200 45,500 8,000 69,000 $ 9,500 15, 100 15,000 85,000 41,100 $165,700 $165,700 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, $15,600. January 10 Purchase additional supplies on account, $5,400. January 12 Purchase 1,200 shares of treasury stock for $17 per share. January 15 Pay cash on accounts payable, $17,000. January 21 Provide services to customers for cash, $49,600. January 22 Receive cash on accounts receivable, $17,100. 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 15,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 800 shares of treasury stock for $19 per share. January 31 Pay cash for salaries during January, $42,500. 5. Prepare a classified balance sheet as of January 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) January 30 Resell 800 shares of treasury stock for $19 per share. January 31 Pay cash for salaries during January, $42,500. 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 Cash Accounts Receivable Accounts Payable Deferred Revenue Interest Payable Income Tax Payable Allowance for Uncollectible Accounts Inventory 0 Total Current Liabilities Stockholders' Equity Total Current Assets Common Stock Retained Earnings Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity 0 Total Assets $ $ 0Step by Step Solution
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