Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i am stuck On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment
i am stuck
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, 51 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 43,900 46,900 8,700 76,000 $ 10, 200 15,800 12,800 92,000 45,500 5175,500 $175,500 During January 2021, the following transactions occur January 2 Issue an additional 2,100 shares of $1 par value common stock for $42,800. January 9 Provide services to customers on account, $17,200. January 10 Purchase additional supplies on account, 56,100. January 12 Purchase 1,400 shares of treasury stock for $18 per share. January 15 Pay cash on accounts payable, $17,700. January 21 Provide services to customers for cash, 550, 300 January 22 Receive cash on accounts receivable, $17,809. January 29 Declare a cash dividend of $2,40 per Share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 12,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 38 Resell 400 shares of treasury stock for $20 per share. January 31 Pay cash for salaries during January, 543,200. The following information is available on January 31, 2021. a. Unpaid utilities for the month of January are $7,400 b. Supplies at the end of January total $6,300 c. 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 $11,200. d. Accrued income taxes at the end of January are $2.300 General Journal General Ledger Trial Balance Requirement Income Statement Balance Sheet Analysis If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list View journal entry worksheet Prex 1 of 1 1 Next O 05 551 search Post-closing Grand Finale Fireworks Multiple-Step Income Statement For the Month ended January 31, 2021 0 $ 0 0 Service Revenue Total Revenue Salaries Expense Utilities Expense Depreciation Expense Supplies Expense 0 0 0 0 Total Operating Expenses Income Before Taxes 0 S 0 Post-closing Grand Finale Fireworks Classified Balance Sheet January 31, 2021 Assets Liabilities Current Assets Current Liabilities: Total Current Assets 0 0 Total Current Liabilities Stockholders' Equity Noncurrent Assets 0 Total Assets Total Stockholders' Equity Total Liabilities & Stockholders Equity 0 S 0 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