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5. Prepare a classified balance sheet as of January 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) Cash Accounts Receivable Supplies Total Current Assets Assets Equipment Less: Accumulated Depreciation 000 GRAND FINALE FIREWORKS Classified Balance Sheet January 31, 2024 Answer is not complete. S 88.300 Accounts Payable 45.500 Dividends Payable 5.900 Income Tax Payable 139,700 72.000 (11,500) Total Current Liabilities Stockholders' Equity Co mon Stock Additional Paid-in Capital Treasury Stock Retained Earnings Liabilities Total Stockholders' Equity 000 0000 • • • s 10,800 x 5,070 2,800 19.270 20,000 120,000 S 1,800 X 37,330 (4.200) 180,930

5. Prepare a classified balance sheet as of January 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) Cash Accounts Receivable Supplies Total Current Assets Assets Equipment Less: Accumulated Depreciation 000 GRAND FINALE FIREWORKS Classified Balance Sheet January 31, 2024 Answer is not complete. S 88.300 Accounts Payable 45.500 Dividends Payable 5.900 Income Tax Payable 139,700 72.000 (11,500) Total Current Liabilities Stockholders' Equity Co mon Stock Additional Paid-in Capital Treasury Stock Retained Earnings Liabilities Total Stockholders' Equity 000 0000 • • • s 10,800 x 5,070 2,800 19.270 20,000 120,000 S 1,800 X 37,330 (4.200) 180,930

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit $ 43,500 46,100 8,300 72,000 $169,900 Credit $9,800 15,400 18,000 88,000 38,700 $169,900 During January 2024, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value common stock for $48,888. January 9 Provide services to customers on account, $16,800. January 18 Purchase additional supplies on account, $5,700. January 12 Purchase 1,100 shares of treasury stock for $21 per share. January 15 Pay cash on accounts payable, $17,300. January 21 Provide services to customers for cash, $49,900. January 22 Receive cash on accounts receivable, $17,400. January 29 Declare a cash dividend of $8.38 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 18,000 shares outstanding on January 1, 2824, and dividends are not paid on treasury stock.) January 30 Resell 900 shares of treasury stock for $23 per share. January 31 Pay cash for salaries during January, $42,800.
Transcribed Image Text:On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit $ 43,500 46,100 8,300 72,000 $169,900 Credit $9,800 15,400 18,000 88,000 38,700 $169,900 During January 2024, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value common stock for $48,888. January 9 Provide services to customers on account, $16,800. January 18 Purchase additional supplies on account, $5,700. January 12 Purchase 1,100 shares of treasury stock for $21 per share. January 15 Pay cash on accounts payable, $17,300. January 21 Provide services to customers for cash, $49,900. January 22 Receive cash on accounts receivable, $17,400. January 29 Declare a cash dividend of $8.38 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 18,000 shares outstanding on January 1, 2824, and dividends are not paid on treasury stock.) January 30 Resell 900 shares of treasury stock for $23 per share. January 31 Pay cash for salaries during January, $42,800.
5. Prepare a classified balance sheet as of January 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) Cash Accounts Receivable Supplies Total Current Assets Assets Equipment Less: Accumulated Depreciation 000 33 Answer is not complete. GRAND FINALE FIREWORKS Classified Balance Sheet January 31, 2024 s 88,300✔✔ Accounts Payable 45.500 Dividends Payable 5,900 Income Tax Payable 138.700 72.000 (11,500) Total Current Liabilities Stockholders' Equity Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings Liabilities Total Stockholders' Equity 300 3333 s 10,800 X 5,070 2,800✔ 19,270 20,000✔ 120,000 X 1,800 x 37,330 $ (4.200) 180,930 X
Transcribed Image Text:5. Prepare a classified balance sheet as of January 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) Cash Accounts Receivable Supplies Total Current Assets Assets Equipment Less: Accumulated Depreciation 000 33 Answer is not complete. GRAND FINALE FIREWORKS Classified Balance Sheet January 31, 2024 s 88,300✔✔ Accounts Payable 45.500 Dividends Payable 5,900 Income Tax Payable 138.700 72.000 (11,500) Total Current Liabilities Stockholders' Equity Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings Liabilities Total Stockholders' Equity 300 3333 s 10,800 X 5,070 2,800✔ 19,270 20,000✔ 120,000 X 1,800 x 37,330 $ (4.200) 180,930 X
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