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Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter4: Accounting For Retail Operations
Section: Chapter Questions
Problem 4.4.4P: Multiple-step income statement and report form of balance sheet The following selected accounts and...
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5 of 7 ook int ences Required information Exercise 5-22 (Algo) Complete the accounting cycle using receivable transactions (LO5-1, 5-2, 5-4, 5-5, 5-7) [The following information applies to the questions displayed below.] The general ledger of Pop's Fireworks includes the following account balances in 2024: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (8%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals Debit $23,200 46,500 June 3 9,700 30,000 95,000 June 8 71,900 27,200 18,700 $322,200 Credit $4,200 14,300 146,000 30,900 126,800 In addition, the following transactions occurred during 2024 and are not yet reflected in the account balances above: Provide additional services on account for $17,000. All services on account include terms 2/10, n/30. Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $10,000. November 15 Write off customer accounts of $2,500 as uncollectible. $322,200
Transcribed Image Text:5 of 7 ook int ences Required information Exercise 5-22 (Algo) Complete the accounting cycle using receivable transactions (LO5-1, 5-2, 5-4, 5-5, 5-7) [The following information applies to the questions displayed below.] The general ledger of Pop's Fireworks includes the following account balances in 2024: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (8%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals Debit $23,200 46,500 June 3 9,700 30,000 95,000 June 8 71,900 27,200 18,700 $322,200 Credit $4,200 14,300 146,000 30,900 126,800 In addition, the following transactions occurred during 2024 and are not yet reflected in the account balances above: Provide additional services on account for $17,000. All services on account include terms 2/10, n/30. Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $10,000. November 15 Write off customer accounts of $2,500 as uncollectible. $322,200
Required information 5. Prepare a classified balance sheet as of December 31, 2024. (Amounts to be deducted should be indicated with sign.) Assets Total Current Assets Total Assets POP'S FIREWORKS Balance Sheet December 31, 2024 Total Current Liabilities Liabilities Stockholder's Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity
Transcribed Image Text:Required information 5. Prepare a classified balance sheet as of December 31, 2024. (Amounts to be deducted should be indicated with sign.) Assets Total Current Assets Total Assets POP'S FIREWORKS Balance Sheet December 31, 2024 Total Current Liabilities Liabilities Stockholder's Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity
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