The following information applies to the questions displayed below.) on January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit $ 25,900 47,800 Cash Accounts Receivable $ 5,000 Allowance for Uncollectible Accounts 20,800 54,000 19,000 Inventory Land Equipment Accumulated Depreciation 2,300 29,300 58,000 Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings 43,000 29,900 Totals $167,500 $167,500 uring January 2021, the following transactions occur: anuary 2 Sold gift cards totaling $9,600. The cards are redeemable for merchandise within one year of the purchase date. anuary 6 Purchase additional inventory on account, $155,000. anuary 15 Firework sales for the first half of the month total $143,000. All of these sales are on account. The cost of the units sold is $77,800. anuary 23 Receive $126,200 from customers on accounts receivable. anuary 25 Pay $98,000 to inventory suppliers on accounts payable. anuary 28 Write off accounts receivable as uncollectible, $5,600. anuary 30 Firework sales for the second half of the month total $151,000. Sales include $14,000 for cash and $137.00 0 on aggount The cost of the unit s sold is $83.500
The following information applies to the questions displayed below.) on January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit $ 25,900 47,800 Cash Accounts Receivable $ 5,000 Allowance for Uncollectible Accounts 20,800 54,000 19,000 Inventory Land Equipment Accumulated Depreciation 2,300 29,300 58,000 Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings 43,000 29,900 Totals $167,500 $167,500 uring January 2021, the following transactions occur: anuary 2 Sold gift cards totaling $9,600. The cards are redeemable for merchandise within one year of the purchase date. anuary 6 Purchase additional inventory on account, $155,000. anuary 15 Firework sales for the first half of the month total $143,000. All of these sales are on account. The cost of the units sold is $77,800. anuary 23 Receive $126,200 from customers on accounts receivable. anuary 25 Pay $98,000 to inventory suppliers on accounts payable. anuary 28 Write off accounts receivable as uncollectible, $5,600. anuary 30 Firework sales for the second half of the month total $151,000. Sales include $14,000 for cash and $137.00 0 on aggount The cost of the unit s sold is $83.500
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 10E: Spreadsheet The following 2019 information is available for Payne Company: Partial additional...
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