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On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: I've constructed the whole balance sheet but I am lost
On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances:
I've constructed the whole balance sheet but I am lost on why my retained earnings keeps showing as incorrect. Thank you!
5. Prepare a classified balance sheet as of January 31, 2021 XAnswer is not complete. DYNAMITE FIREWORKS Balance Sheet January 31, 2021 Assets Liabilities Current assets: Current liabilities: $ 29,700 Accounts Payable |$ 2,900 Cash Deferred Revenue Accounts Receivable 6,800 550 3,000 Supplies Prepaid Rent 6,050 3,450 Total current liabilities Stockholder's Equity 45,550 Total current assets Retained Earnings |Long-term assets: 27,100 Common Stock Land 52,000 67,000 Total stockholders' equity 94,100 $ 97,550 $ 97,550 Total liabilities and stockholders' equity Total assets Required information On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Debit Credit Accounts Cash $24,000 Accounts Receivable 5,400 Supplies Land 3,300 52,000 Accounts Payable 3,400 67,000 Common Stock Retained Earnings 14,300 $84,700 $84,700 Totals During January 2021, the following transactions occur: 2 Purchase rental space for one year in advance, $6,600 ($550/month) 9 Purchase additional supplies on account, $3,700. January January January 13 Provide services to customers on account, $25,700 January 17 Receive cash in advance from customers for services to be provided in the future, $3,900 January 20 Pay cash for salaries, $11,700 January 22 Receive cash on accounts receivable, $24,300 January 29 Pay cash on accounts payable, $4,200Step by Step Solution
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