- On January 1 2018 The General Ledger Of Grand Finale Fireworks Includes The Following Account Balances Debit Credit A 1 (48.45 KiB) Viewed 9 times
- On January 1 2018 The General Ledger Of Grand Finale Fireworks Includes The Following Account Balances Debit Credit A 2 (64.04 KiB) Viewed 9 times
On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances: Debit Credit Accounts Cash $44,300 Accounts Receivable 47,700 Supplies 9,100 Equipment 80,000 Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals $ 10,600 16,200 16,000 96,000 42,300 $ 181,100 $ 181,100 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, $18,800 January Purchase additional supplies on account, $6,500. 10 January 12Repurchase 1100 shares of treasury stock for $19 per share. January 15Pay cash on accounts payable, $18.100. January 21Provide services to customers for cash, $50.700. January Receive cash on accounts receivable, $18,200. 22 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 16,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock) January Reissue 700 shares of treasury stock for $21 per share. 30 January 31Pay cash for salaries during January, $43.600 The following information is available on January 31, 2018 a. Unpaid utilities for the month of January are $7.800 b. Supplies at the end of January total $6.700 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 $11,600 d. Accrued income taxes at the end of January are $2.700.
Unadjusted Service revenue Total revenue Salaries expense Utilities expense Supplies expense Grand Finale Fireworks Multiple-Step Income
Statement For the Month ended January 31, 2018 69,500 Depreciation expense Income tax expense Total operating expenses SA 43,600 0 0 0 0 $ $ 69,500 43,600 25,900 25,900