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Exercise 10-17A Complete the accounting cycle using stockholders' equity transactions (LO10-2, 10-4, 10-5, 10-8) (GL) On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit $ 44,600 48,300 9,400 83,000 Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings $ 10,900 16,500 19,000 99,000 39,900 $185,300 $185,300 Totals During January 2021, the following transactions occur: 2 Issue an additional 2,200 shares of $1 par value common stock for $44,000. January January 9 Provide services to customers on account, $19,700. January 10 Purchase additional supplies on account, $6,800. January 12 Purchase 1,000 shares of treasury stock for $22 per share. January 15 Pay cash on accounts payable, $18,400. January 21 Provide services to customers for cash, $51,000. January 22 Receive cash on accounts receivable, $18,500. 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 19,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 700 shares of treasury stock for $24 per share. January 31 Pay cash for salaries during January, $43,900. The following information is available on January 31, 2021. a. Unpaid utilities for the month of January are $8,100. b. Supplies at the end of January total $7,000. c. Depreciation on the equipment for the month of January is calculated using the straightline method. At the time the equipment was

Exercise 10-17A Complete the accounting cycle using stockholders' equity transactions (LO10-2, 10-4, 10-5, 10-8) (GL) On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit $ 44,600 48,300 9,400 83,000 Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings $ 10,900 16,500 19,000 99,000 39,900 $185,300 $185,300 Totals During January 2021, the following transactions occur: 2 Issue an additional 2,200 shares of $1 par value common stock for $44,000. January January 9 Provide services to customers on account, $19,700. January 10 Purchase additional supplies on account, $6,800. January 12 Purchase 1,000 shares of treasury stock for $22 per share. January 15 Pay cash on accounts payable, $18,400. January 21 Provide services to customers for cash, $51,000. January 22 Receive cash on accounts receivable, $18,500. 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 19,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 700 shares of treasury stock for $24 per share. January 31 Pay cash for salaries during January, $43,900. The following information is available on January 31, 2021. a. Unpaid utilities for the month of January are $8,100. b. Supplies at the end of January total $7,000. c. Depreciation on the equipment for the month of January is calculated using the straightline method. At the time the equipment was

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
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Exercise 10-17A Complete the accounting cycle using stockholders' equity transactions (LO10-2, 10-4, 10-5, 10-8) (GL) On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit $ 44,600 48,300 9,400 83,000 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings $ 10,900 16,500 19,000 99,000 39,900 $185,300 $185,300 Totals During January 2021, the following transactions occur: January 2 Issue an additional 2,200 shares of $1 par value common stock for $44,000. January 9 Provide services to customers on account, $19,700. January 10 Purchase additional supplies on account, $6,800. January 12 Purchase 1,000 shares of treasury stock for $22 per share. January 15 Pay cash on accounts payable, $18,400. January 21 Provide services to customers for cash, $51,000. January 22 Receive cash on accounts receivable, $18,500. 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 19,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 700 shares of treasury stock for $24 per share. January 31 Pay cash for salaries during January, $43,900. The following information is available on January 31, 2021. a. Unpaid utilities for the month of January are $8,100. b. Supplies at the end of January total $7,000. c. Depreciation on the equipment for the month of January is calculated using the straightline method. At the time the equipment was
Transcribed Image Text:Exercise 10-17A Complete the accounting cycle using stockholders' equity transactions (LO10-2, 10-4, 10-5, 10-8) (GL) On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit $ 44,600 48,300 9,400 83,000 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings $ 10,900 16,500 19,000 99,000 39,900 $185,300 $185,300 Totals During January 2021, the following transactions occur: January 2 Issue an additional 2,200 shares of $1 par value common stock for $44,000. January 9 Provide services to customers on account, $19,700. January 10 Purchase additional supplies on account, $6,800. January 12 Purchase 1,000 shares of treasury stock for $22 per share. January 15 Pay cash on accounts payable, $18,400. January 21 Provide services to customers for cash, $51,000. January 22 Receive cash on accounts receivable, $18,500. 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 19,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 700 shares of treasury stock for $24 per share. January 31 Pay cash for salaries during January, $43,900. The following information is available on January 31, 2021. a. Unpaid utilities for the month of January are $8,100. b. Supplies at the end of January total $7,000. c. Depreciation on the equipment for the month of January is calculated using the straightline method. At the time the equipment was
a. Unpaid utilities for the month of January are $8,100. b. Supplies at the end of January total $7,000. 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 $1,900. (Hint: Start with the cost of the Equipment shown at the top.) d. Accrued income taxes at the end of January are $3,000. General General Income Requirement Trial Balance Balance Sheet Journal Ledger Statement Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Post-closing Grand Finale Fireworks Multiple-Step Income Statement For the Month ended January 31, 2021 Total Revenue Total Operating Expenses %24
Transcribed Image Text:a. Unpaid utilities for the month of January are $8,100. b. Supplies at the end of January total $7,000. 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 $1,900. (Hint: Start with the cost of the Equipment shown at the top.) d. Accrued income taxes at the end of January are $3,000. General General Income Requirement Trial Balance Balance Sheet Journal Ledger Statement Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Post-closing Grand Finale Fireworks Multiple-Step Income Statement For the Month ended January 31, 2021 Total Revenue Total Operating Expenses %24
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