Business, 26.11.2019 05:31 maddyclark19
On january 1, 2018, the general ledger of grand finale fireworks includes the following account balances:
accounts debit credit
cash $ 43,200
accounts receivable 45,500
supplies 8,000
equipment 69,000
accumulated depreciation $ 9,500
accounts payable 15,100
common stock, $1 par value 15,000
additional paid-in capital 85,000
retained earnings 41,100
totals $ 165,700 $ 165,700
during january 2018, 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, $15,600.
january 10 purchase additional supplies on account, $5,400.
january 12 repurchase 1,200 shares of treasury stock for $17 per share.
january 15 pay cash on accounts payable, $17,000.
january 21 provide services to customers for cash, $49,600.
january 22 receive cash on accounts receivable, $17,100.
january 29 declare a cash dividend of $0.30 per share to all shares outstanding on january 29. the dividend is payable on february 15. (hint: grand finale fireworks had 15,000 shares outstanding on january 1, 2018 and dividends are not paid on treasury stock.)
january 30 reissue 800 shares of treasury stock for $19 per share.
january 31 pay cash for salaries during january, $42,500.
1. record each of the transactions listed above.
a. unpaid utilities for the month of january are $6,700.
b. supplies at the end of january total $5,600.
c. 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 $10,500.
d. accrued income taxes at the end of january are $2,500.
2. record the adjusting entries on january 31, 2018 for the above transactions.
3. prepare an adjusted trial balance as of january 31, 2018.
4. prepare a multiple-step income statement for the period ended january 31, 2018.
5. prepare a classified balance sheet as of january 31, 2018.
on january 1, 2018, the general ledger of grand finale fireworks includes the following account balances: accounts debit credit cash $ 43,200 accounts receivable 45,500 supplies 8,000 equipment 69,000 accumulated depreciation $ 9,500 accounts payable 15,100 common stock, $1 par value 15,000 additional paid-in capital 85,000 retained earnings 41,100 totals $ 165,700 $ 165,700
Answers: 1
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