[The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals Debit $ 23,900 13,600 2,500 20,000 77,000 $137,000 $ 1,400 7,200 96,000 32,400 $137,000 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $35,100. January 6 Provide services to customers on account, $72,400. January 15 Write off accounts receivable as uncollectible, $1,000. January 20 Pay cash for salaries, $31,400. January 22 Receive cash on accounts receivable, $70,000. January 25 Pay cash on accounts payable, $5,500. January 30 Pay cash for utilities during January, $13,700. Prepare a classified balance sheet as of January 31, 2021. (Amounts to be deducted should be indicated with a mi
[The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals Debit $ 23,900 13,600 2,500 20,000 77,000 $137,000 $ 1,400 7,200 96,000 32,400 $137,000 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $35,100. January 6 Provide services to customers on account, $72,400. January 15 Write off accounts receivable as uncollectible, $1,000. January 20 Pay cash for salaries, $31,400. January 22 Receive cash on accounts receivable, $70,000. January 25 Pay cash on accounts payable, $5,500. January 30 Pay cash for utilities during January, $13,700. Prepare a classified balance sheet as of January 31, 2021. (Amounts to be deducted should be indicated with a mi
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
don't give answer in image format
Transcribed Image Text:5. Prepare a classified balance sheet as of January 31, 2021. (Amounts to be deducted should be indicated with a minus sign.)
Current Assets:
Total Current Assets
Long-term assets:
Total Assets
Assets
$
3D Family Fireworks
Balance Sheet
January 31, 2021
0
Current Liabilities:
Total Current Liabilities
Total Liabilities
Stockholders' Equity
< Prev
Liabilities
Total Stockholders' Equity
0 Total Liabilities & Stockholders' Equity
19 20 21 of 23
$
Next >
0
0
0
0
![Required information
[The following information applies to the questions displayed below.]
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:
Accounts
Cash
Accounts Receivable.
Allowance for Uncollectible Accounts
Supplies
Notes Receivable (68, due in 2 years)
Land
Accounts Payable
Common Stock
Retained Earnings
Totals
Debit
$ 23,900
13,600
2,500
20,000
77,000
$137,000
Credit
$ 1,400
7,200
96,000
32,400
$137,000
During January 2021, the following transactions occur:
January 2 Provide services to customers for cash, $35,100.
January 6 Provide services to customers on account, $72,400.
January 15 Write off accounts receivable as uncollectible, $1,000.
January 20 Pay cash for salaries, $31,400.
January 22 Receive cash on accounts receivable, $70,000.
January 25 Pay cash on accounts payable, $5,500.
January 30 Pay cash for utilities during January, $13,700.
5. Prepare a classified balance sheet as of January 31, 2021. (Amounts to be deducted should be indicated with a mi](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F66812b29-b126-47f7-8df3-fde8630ed77a%2F3a8d2a0c-942b-45d4-b50c-a7ea26f3f390%2Fxtk7koc_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:
Accounts
Cash
Accounts Receivable.
Allowance for Uncollectible Accounts
Supplies
Notes Receivable (68, due in 2 years)
Land
Accounts Payable
Common Stock
Retained Earnings
Totals
Debit
$ 23,900
13,600
2,500
20,000
77,000
$137,000
Credit
$ 1,400
7,200
96,000
32,400
$137,000
During January 2021, the following transactions occur:
January 2 Provide services to customers for cash, $35,100.
January 6 Provide services to customers on account, $72,400.
January 15 Write off accounts receivable as uncollectible, $1,000.
January 20 Pay cash for salaries, $31,400.
January 22 Receive cash on accounts receivable, $70,000.
January 25 Pay cash on accounts payable, $5,500.
January 30 Pay cash for utilities during January, $13,700.
5. Prepare a classified balance sheet as of January 31, 2021. (Amounts to be deducted should be indicated with a mi
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education