Question
I NEED THE ANSWERS FOR THE MULTI-STEP INCOME STATEMENT, CLASSIFIED BALANCE SHEET, CLOSING ENTRIES, HOW MANY SHARES OF COMMON STOCK ARE OUTSTANDING AS OF JANUARY
I NEED THE ANSWERS FOR THE MULTI-STEP INCOME STATEMENT, CLASSIFIED BALANCE SHEET, CLOSING ENTRIES, HOW MANY SHARES OF COMMON STOCK ARE OUTSTANDING AS OF JANUARY 31, 2018, CALCULATE THE EARNINGS PER SHARE FOR THE MONTH OF JANUARY.
On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances:
Accounts | Debit | Credit |
---|---|---|
Cash | $ 42,700 | |
Accounts Receivable | 44,500 | |
Supplies | 7,500 | |
Equipment | 64,000 | |
Accumulated Depreciation | $ 9000 | |
Accounts Payable | 14,600 | |
Common Stock, $1 par value | 10,000 | |
Additional Paid-in Capital | 80,000 | |
Retained Earnings |
| 45,100 |
Totals | $158,700 | $158,700 |
Page 494
During January 2018, 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, $14,300. |
January | 10 | Purchase additional supplies on account, $4,900. |
January | 12 | Repurchase 1,000 shares of treasury stock for $18 per share. |
January | 15 | Pay cash on accounts payable, $16,500. |
January | 21 | Provide services to customers for cash, $49,100. |
January | 22 | Receive cash on accounts receivable, $16,600. |
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 10,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.) |
January | 30 | Reissue 600 shares of treasury stock for $20 per share. |
January | 31 | Pay cash for salaries during January, $42,000. |
Required:
1. | Record each of the transactions listed above. | ||||||||
2. | Record adjusting entries on January 31.
| ||||||||
3. | Prepare an adjusted trial balance as of January 31, 2018, after updating beginning balances (above) for transactions during January (Requirement1) and adjusting entries at the end of January (Requirement 2). | ||||||||
4. | Prepare a multiple-step income statement for the period ended January 31, 2018. | ||||||||
5. | Prepare a classified balance sheet as of January 31, 2018. | ||||||||
6. | Record closing entries. | ||||||||
7. | Analyze the following for Grand Finale Fireworks:
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