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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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need income statement
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
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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