Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

the problem in accounts payable in the balance sheet. I want to make it $10800 instead of $3800 On January 1, 2021, the general ledger

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedthe problem in accounts payable in the balance sheet. I want to make it $10800 instead of $3800image text in transcribed

On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: During January 2021 , 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, $16,800. January 10 Purchase additional supplies on account, $5,700. January 12 Repurchase 1,100 shares of treasury stock for $21 per share. January 15 Pay cash on accounts payable, $17,300. January 21 Provide services to customers for cash, $49,900. January 22 Receive cash on accounts receivable, $17,400. 15. (Hint: Freedom Fireworks had 18,000 shares outstanding on January 1, 2021 , and dividends are not paid on treasury stock.) January 30 Reissue 900 shares of treasury stock for $23 per share. January 31 Pay cash for salaries during January, $42,800. The following information is available on January 31,2021. 1. Unpaid utilities for the month of January are $7,000. 2. Supplies at the end of January total $5,900. 3. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a service life of three years and a residual value of $10,800. 4. Accrued income taxes at the end of January are $2,800. required" in the first account field.) dc Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Answer is not complete. Prepare an income statement for the period ended January 31, 2021. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Prepare a classified balance sheet as of January 31, 2021. Choose the appropriate accounts to complete the company's balance shee The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: During January 2021 , 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, $16,800. January 10 Purchase additional supplies on account, $5,700. January 12 Repurchase 1,100 shares of treasury stock for $21 per share. January 15 Pay cash on accounts payable, $17,300. January 21 Provide services to customers for cash, $49,900. January 22 Receive cash on accounts receivable, $17,400. 15. (Hint: Freedom Fireworks had 18,000 shares outstanding on January 1, 2021 , and dividends are not paid on treasury stock.) January 30 Reissue 900 shares of treasury stock for $23 per share. January 31 Pay cash for salaries during January, $42,800. The following information is available on January 31,2021. 1. Unpaid utilities for the month of January are $7,000. 2. Supplies at the end of January total $5,900. 3. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a service life of three years and a residual value of $10,800. 4. Accrued income taxes at the end of January are $2,800. required" in the first account field.) dc Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Answer is not complete. Prepare an income statement for the period ended January 31, 2021. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Prepare a classified balance sheet as of January 31, 2021. Choose the appropriate accounts to complete the company's balance shee The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions