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On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $ 43,900 Accounts Receivable 46,900
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:
Accounts | Debit | Credit | ||||
Cash | $ | 43,900 | ||||
Accounts Receivable | 46,900 | |||||
Supplies | 8,700 | |||||
Equipment | 76,000 | |||||
Accumulated Depreciation | $ | 10,200 | ||||
Accounts Payable | 15,800 | |||||
Common Stock, $1 par value | 12,000 | |||||
Additional Paid-in Capital | 92,000 | |||||
Retained Earnings | 45,500 | |||||
Totals | $ | 175,500 | $ | 175,500 | ||
During January 2021, the following transactions occur:
January | 2 | Issue an additional 2,100 shares of $1 par value common stock for $42,000. | ||
January | 9 | Provide services to customers on account, $17,200. | ||
January | 10 | Purchase additional supplies on account, $6,100. | ||
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, $50,300. | ||
January | 22 | Receive cash on accounts receivable, $17,800. | ||
January | 29 | Declare a cash dividend of $0.40 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 | 30 | Resell 400 shares of treasury stock for $20 per share. | ||
January | 31 | Pay cash for salaries during January, $43,200. |
The following information is available on January 31, 2021.
- Unpaid utilities for the month of January are $7,400.
- Supplies at the end of January total $6,300.
- 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.
- Accrued income taxes at the end of January are $2,300.
Need assistance completing the Income Statement for Grand Finale Fireworks. Thank you!
Requirement General Journal General Ledger Thal Balance Imcorde Statement Choose the appropriate accounts to complete the company's income statem will then populate the balances in those accounts from the adjusted trial bal Post-closing Grand Finale Fireworks Multiple-Step Income Statement For the Month ended January 31, 2021 Total Revenue $ 0 Total Operating Expenses 0 $ 0 (Trial Balance Balance SheetStep by Step Solution
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