On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:
Accounts |
Debit |
Credit |
||||
Cash |
$ |
44,700 |
||||
Accounts Receivable |
48,500 |
|||||
Supplies |
9,500 |
|||||
Equipment |
84,000 |
|||||
Accumulated Depreciation |
$ |
11,000 |
||||
Accounts Payable |
16,600 |
|||||
Common Stock, $1 par value |
20,000 |
|||||
Additional Paid-in Capital |
100,000 |
|||||
Retained Earnings |
39,100 |
|||||
Totals |
$ |
186,700 |
$ |
186,700 |
||
During January 2021, the following transactions occur:
January |
2 |
Issue an additional 2,300 shares of $1 par value common stock for $46,000. |
||
January |
9 |
Provide services to customers on account, $20,400. |
||
January |
10 |
Purchase additional supplies on account, $6,900. |
||
January |
12 |
Purchase 1,100 shares of treasury stock for $19 per share. |
||
January |
15 |
Pay cash on accounts payable, $18,500. |
||
January |
21 |
Provide services to customers for cash, $51,100. |
||
January |
22 |
Receive cash on accounts receivable, $18,600. |
||
January |
29 |
Declare a cash dividend of $0.20 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 20,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) |
||
January |
30 |
Resell 800 shares of treasury stock for $21 per share. |
||
January |
31 |
Pay cash for salaries during January, $44,000. |
The following information is available on January 31, 2021.
This is the Journal entry I got (please verify). I am stuck on the income statement, balance sheet, and the analysis:
In the books of Grand Finale Fireworks:
Date | Account Titles | Debit | Credit |
$ | $ | ||
Jan 2 | Cash | 46,000 | |
Common Stock | 2,300 | ||
Additional Paid-in Capital | 43,700 | ||
Jan 9 | Accounts Receivable | 20,400 | |
Service Revenue | 20,400 | ||
Jan 10 | Supplies | 6,900 | |
Accounts Payable | 6,900 | ||
Jan 12 | Treasury Stock | 20,900 | |
Cash | 20,900 | ||
Jan 15 | Accounts Payable | 18,500 | |
Cash | 18,500 | ||
Jan 21 | Cash | 51,100 | |
Service Revenue | 51,100 | ||
Jan 22 | Cash | 18,600 | |
Accounts Receivable | 18,600 | ||
Jan 29 | Dividends | 4,240 | |
Dividends Payable | 4,240 | ||
Jan 30 | Cash | 16,800 | |
Treasury Stock | 15,200 | ||
Additional Paid-in Capital | 1,600 | ||
Jan 31 | Salaries Expense | 44,000 | |
Cash | 44,000 | ||
Adjusting Entries | |||
Jan 31 | |||
a. | Utilities Expense | 8,200 | |
Accounts Payable | 8,200 | ||
b. | Supplies Expense | 9,300 | |
Supplies | 9,300 | ||
c. | Depreciation Expense | 2,000 | |
Accumulated Depreciation | 2,000 | ||
d. | Income Tax Expense | 3,100 | |
Income Taxes Payable | 3,100 | ||
Closing Entries | |||
Jan 31 | |||
a. | Service Revenue | 71,500 | |
Income Summary | 71,500 | ||
b. | Income Summary | 66,600 | |
Salaries Expense | 44,000 | ||
Supplies Expense | 9,300 | ||
Utilities Expense | 8,200 | ||
Depreciation Expense | 2,000 | ||
Income Tax Expense | 3,100 | ||
c. | Income Summary | 4,900 | |
Retained Earnings | 4,900 | ||
d. | Retained Earnings | 4,240 | |
Dividends | 4,240 |
2.
Grand Finale
Fireworks Income Statement For the month ended January 31, 2021 |
||
Revenues | ||
Service Revenue | $ 71,500 | |
Operating Expenses | ||
Salaries Expense | 44,000 | |
Supplies Expense | 9,300 | |
Utilities Expense | 8,200 | |
Depreciation Expense | 2,000 | |
Total Operating Expenses | 63,500 | |
Income before Taxes | 8,000 | |
Income Tax Expense | 3,100 | |
Net Income | $ 4,900 |
3.
Grand Finale
Fireworks Balance Sheet January 31, 2021 |
||
Assets | ||
Current Assets | ||
Cash | $ 93,800 | |
Accounts Receivable | 50,300 | |
Supplies | 7,100 | |
Total Current Assets | $ 151,200 | |
Property Plant and Equipment | ||
Equipment, at cost | 84,000 | |
Accumulated Depreciation | (13000) | |
Property Plant and Equipment, net | 71,000 | |
Total Assets | $ 222,200 | |
Liabilities | ||
Current Liabilities | ||
Accounts Payable | 13,200 | |
Incoe Taxes Payable | 3,100 | |
Dividends Payable | 4,240 | |
Total Current Liabilities | 20,540 | |
Long Term Liabilities | 0 | |
Total Liabilities | 20,540 | |
Stockholders' Equity | ||
Common Stock | 22,300 | |
Additional Paid-in Capital | 145,300 | |
Retained Earnings | 39,760 | |
Treasury Stock, at cost | (5,700) | |
Total Stockholders' Equity | 201,660 | |
Total Liabilities and Stockholders' Equity | $ 222,200 |
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Credit Accounts Debit $44,100 47,300 8,900 78,000 Cash Accounts Rece ivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings 10,400 16,000 14,000 94,000 43,900 $178,300 $178,300 Totals During January 2021, the following transactions occur: January January January 10 Purchase additional supplies on account, $6,300. January 12 Purchase 1,100 shares of treasury stock for $21 per share....
Un January 1, 2021, the general ledger or 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 Credit $ 44,500 48,100 9. 38 82,eee $ 10,800 16,400 18,089 98,ese 40 780 $183,900 $183,900 During January 2021, 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...
On January 1, 2021, 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 Credit $ 43,500 46,100 8,300 72,000 $ 9,800 15,400 18,000 88,000 38,700 $169,900 $169,900 During January 2021, 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 January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $ 44,200 Accounts Receivable 47,500 Supplies 9,000 Equipment 79,000 Accumulated Depreciation $ 10,500 Accounts Payable 16,100 Common Stock, $1 par value 15,000 Additional Paid-in Capital 95,000 Retained Earnings 43,100 Totals $ 179,700 $ 179,700 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...
On January 1, 2021, 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 Credit $ 43,500 46,100 8,300 72,000 $ 9,800 15,400 18,000 88,000 38,700 $169,900 $169,900 During January 2021, 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 January 1, 2021, 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 2021, 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...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $ 43,800 Accounts Receivable 46,700 Supplies 8,600 Equipment 75,000 Accumulated Depreciation $ 10,100 Accounts Payable 15,700 Common Stock, $1 par value 11,000 Additional Paid-in Capital 91,000 Retained Earnings 46,300 Totals $ 174,100 $ 174,100 During January 2021, 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...
On January 1, 2021, 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 Credit $ 43,500 46,100 8,300 72,000 $ 9,800 15,400 18,000 88,000 38,700 $169,900 $169,900 During January 2021, 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 January 1, 2021, 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 Credit $ 43,500 46,100 8,300 72,000 $ 9,800 15,400 18,000 88,000 38,700 $169,900 $169,900 During January 2021, 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 January 1, 2021, 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 Credit $ 43,500 46,100 8,300 72,000 $ 9,800 15,400 18,000 88,000 38,700 $169,900 $169,900 During January 2021, 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...