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Category > Accounting Posted 09 Dec 2017 My Price 10.00

general ledger of Grand Finale Fireworks

On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances:
  

  Accounts Debit Credit
  Cash $ 42,700        
  Accounts Receivable   44,500        
  Supplies   7,500        
  Equipment   64,000        
  Accumulated Depreciation       $ 9,000  
  Accounts Payable         14,600  
  Common Stock, $1 par value         10,000  
  Additional Paid-in Capital         80,000  
  Retained Earnings         45,100  
 
       Totals $ 158,700   $ 158,700  
 

 

 

 

 

  
During January 2018, the following transactions occur:

January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000.
January 9 Provide services to customers on account, $14,300.
January 10 Purchase additional supplies on account, $4,900.
January 12 Repurchase 1,000 shares of treasury stock for $18 per share.
January 15 Pay cash on accounts payable, $16,500.
January 21 Provide services to customers for cash, $49,100.
January 22 Receive cash on accounts receivable, $16,600.
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 10,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.)   
January 30 Reissue 600 shares of treasury stock for $20 per share.
January 31 Pay cash for salaries during January, $42,000.

1. Prepare an adjusted trial balance as of January 31, 2018

2. Prepare a classified balance sheet as of January 31, 2018

3.Record closing entries. 

Answers

CourseLover
(12)
Status NEW Posted 09 Dec 2017 08:12 AM My Price 10.00

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