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Please help with fhe following parts to question 1 On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances:
Please help with fhe following parts to question 1
On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances: During January 2024, the following transactions occur; January 2 Issue an additional 2,28e shares of $1 par value comnon stock for 544,60 . January 9 Provide services to custovers on account, 518,300. January 10 Purchase additional supplies on account, $16,400. January 12 purchase 1,000 shares of treasury stock for $22 per share. January 15 Pay cash on occounts payable, \$18, $ceo. January 21 Provide services to custoners for cash, $50,600. Jonuary 22 Aeceive cash on accounts receivable, 518,160 . January 29 Declare a cash dividend of s0.30 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Wint: Grand Finale Fireworks had 15, ee0 thares outstanding on January 1, 2e24, and dividends are not paid on treasury stock.) January 30 Resell 9 ase shares of treasury stock for $24 per share. January 31 pay cash for salaries during January, 343,50e. The following information is avallable on January 31,2024 a. Unpaid utilities for the month of January are $7700. b. Supplies of the end of January total $6.600 c. Depreciation on the equipment for the month of January is calculated using the straight the method At the time the equipment was purchased, the compony estmated a service life of three years and a residual value of \$it,500. a Accrued income taxes at the end of January are $2.600 The following information is available on January 31, 2024. a. Unpaid utilities for the month of January are $7,700. b. Supplies at the end of January total $6,600. c. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipmer purchased, the company estimated a service life of three years and a residual value of $11,500. d. Accrued income taxes at the end of January are $2,600. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 10). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on January 31. in the 'General Journal' tab (these are shown as items 11 to 14). 3. Review the adjusted 'Trial Balance' as of January 31 , 2024, in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended January 31, 2024, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31,2024 , in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 15 to 17). 7. Using the information from the requirements above, complete the 'Analysis' tab. On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances: During January 2024, the following transactions occur; January 2 Issue an additional 2,28e shares of $1 par value comnon stock for 544,60 . January 9 Provide services to custovers on account, 518,300. January 10 Purchase additional supplies on account, $16,400. January 12 purchase 1,000 shares of treasury stock for $22 per share. January 15 Pay cash on occounts payable, \$18, $ceo. January 21 Provide services to custoners for cash, $50,600. Jonuary 22 Aeceive cash on accounts receivable, 518,160 . January 29 Declare a cash dividend of s0.30 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Wint: Grand Finale Fireworks had 15, ee0 thares outstanding on January 1, 2e24, and dividends are not paid on treasury stock.) January 30 Resell 9 ase shares of treasury stock for $24 per share. January 31 pay cash for salaries during January, 343,50e. The following information is avallable on January 31,2024 a. Unpaid utilities for the month of January are $7700. b. Supplies of the end of January total $6.600 c. Depreciation on the equipment for the month of January is calculated using the straight the method At the time the equipment was purchased, the compony estmated a service life of three years and a residual value of \$it,500. a Accrued income taxes at the end of January are $2.600 The following information is available on January 31, 2024. a. Unpaid utilities for the month of January are $7,700. b. Supplies at the end of January total $6,600. c. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipmer purchased, the company estimated a service life of three years and a residual value of $11,500. d. Accrued income taxes at the end of January are $2,600. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 10). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on January 31. in the 'General Journal' tab (these are shown as items 11 to 14). 3. Review the adjusted 'Trial Balance' as of January 31 , 2024, in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended January 31, 2024, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31,2024 , in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 15 to 17). 7. Using the information from the requirements above, complete the 'Analysis' tab Step by Step Solution
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