Help preparing a multi step income statement?
On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances Credit Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Pavable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Debit $ 43,400 45,900 8,200 71,000 $ 9,700 15,300 17,000 87,000 39,500 $168,500 $168,500 Totals During January 2018, the following transactions occur: January 2 Issue an additional 2,100 shares of $1 par value common stock for $42,000 January 9 Provide services to customers on account, $16,700 January 10 Purchase additional supplies on account, $5,600 January 12 Repurchase 1,000 shares of treasury stock for $20 per share January 15 Pay cash on accounts payable, $17,200 January 21 Provide services to customers for cash, $49,800 January 22 Receive cash on accounts receivable, $17,300 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 17,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.) January 30 Reissue 800 shares of treasury stock for $22 per share January 31 Pay cash for salaries during January, $42,700 The following information is available on January 31, 2018 a. Unpaid utilities for the month of January are $6,900 b. Supplies at the end of January total $5,800 c. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a service life of three years and a residual value of $10,700. d. Accrued income taxes at the end of January are $2,700 GeneralTrial Balance Statement Ledger General Income Requirement Journal Balance Sheet Analysis Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Adjusted Grand Finale Fireworks Multiple-Step Income Statement For the Month ended January 31, 2018 Total revenue 0 GeneralTrial BalanceStatement Ledger General Journal Requirement Balance Sheet Analysis Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Adjusted Grand Finale Fireworks Multiple-Step Income Statement For the Month ended January 31, 2018 Total revenue 0 Total operating expenses 0
