Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help with all steps on bottom! On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash
please help with all steps on bottom!
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, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 44,700 48,500 9,5ee 84,000 $ 11,000 16,600 20,000 100,000 39,100 $186,700 $186,708 During January 2021, the following transactions occur es January 2 Issue an additional 2,300 shares of $1 por value common stock for $46,eee. January 9 Provide services to customers on account, $20,400 January 10 Purchase additional supplies on account, $6,9ee. January 12 Purchase 1,100 shares of treasury stock for $19 per share. January 15 Pay cash on accounts payable, $18,500. January 21 Provide services to customers for cash, 551,100. January 22 Receive cash on accounts receivable, $18,600 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 20,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 800 shares of treasury stock for $21 per share January 31 Pay cash for salaries during January, 544,000. The following information is available on January 31, 2021 a. Unpaid utilities for the month of January are $8.200 b. Supplies at the end of January total $7100. 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 $12.000 d Accrued income taxes at the end of January are $3,100 General Journal General Ledger Trial Balance Requirement Income Statement Balance Sheet Analysis 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, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 44,700 48,500 9,5ee 84,000 $ 11,000 16,600 20,000 100,000 39,100 $186,700 $186,708 During January 2021, the following transactions occur es January 2 Issue an additional 2,300 shares of $1 por value common stock for $46,eee. January 9 Provide services to customers on account, $20,400 January 10 Purchase additional supplies on account, $6,9ee. January 12 Purchase 1,100 shares of treasury stock for $19 per share. January 15 Pay cash on accounts payable, $18,500. January 21 Provide services to customers for cash, 551,100. January 22 Receive cash on accounts receivable, $18,600 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 20,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 800 shares of treasury stock for $21 per share January 31 Pay cash for salaries during January, 544,000. The following information is available on January 31, 2021 a. Unpaid utilities for the month of January are $8.200 b. Supplies at the end of January total $7100. 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 $12.000 d Accrued income taxes at the end of January are $3,100 General Journal General Ledger Trial Balance Requirement Income Statement Balance Sheet Analysis 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