On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances:
Accounts | Debit | Credit | ||||
Cash | $ | 43,100 | ||||
Accounts Receivable | 45,300 | |||||
Supplies | 7,900 | |||||
Equipment | 68,000 | |||||
Accumulated Depreciation | $ | 9,400 | ||||
Accounts Payable | 15,000 | |||||
Common Stock, $1 par value | 14,000 | |||||
Additional Paid-in Capital | 84,000 | |||||
Retained Earnings | 41,900 | |||||
Totals | $ | 164,300 | $ | 164,300 | ||
During January 2018, the following transactions occur: |
January 2 | Issue an additional 2,100 shares of $1 par value common stock for $42,000. |
January 9 | Provide services to customers on account, $15,300. |
January 10 | Purchase additional supplies on account, $5,300. |
January 12 | Repurchase 1,100 shares of treasury stock for $19 per share. |
January 15 | Pay cash on accounts payable, $16,900. |
January 21 | Provide services to customers for cash, $49,500. |
January 22 | Receive cash on accounts receivable, $17,000. |
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 14,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.) |
|
January 30 | Reissue 700 shares of treasury stock for $21 per share. |
January 31 | Pay cash for salaries during January, $42,400. |
The following information is available on January 31, 2018.
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On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances:...
On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $ 44,100 Accounts Receivable 47,300 Supplies 8,900 Equipment 78,000 Accumulated Depreciation $ 10,400 Accounts Payable 16,000 Common Stock, $1 par value 14,000 Paid-in Capital-Excess of Par 94,000 Retained Earnings 43,900 Totals $ 178,300 $ 178,300 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...
On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Debit $ 43,200 45,500 8,000 69,000 $ 9,500 15,100 15,000 85,000 41,100 Totals $165,700 $165,700 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 January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $ 42,800 Accounts Receivable 44,700 Supplies 7,600 Equipment 65,000 Accumulated Depreciation $ 9,100 Accounts Payable 14,700 Common Stock, $1 par value 11,000 Additional Paid-in Capital 81,000 Retained Earnings 44,300 Totals $ 160,100 $ 160,100 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, 2018, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $ 44,100 Accounts Receivable 47,300 Supplies 8,900 Equipment 78,000 Accumulated Depreciation $ 10,400 Accounts Payable 16,000 Common Stock, $1 par value 14,000 Paid-in Capital-Excess of Par 94,000 Retained Earnings 43,900 Totals $ 178,300 $ 178,300 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...
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 $ 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, 2018, the general ledger of Grand Finale Fireworks includes the following account balances: Credit Debit $ 43,000 45,100 7,800 67,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Paid-in Capital-Excess of Par Retained Earnings Totals $ 9,300 14,900 13,000 83,000 42,700 $ 162,900 $ 162,900 During January 2018, the following transactions occur: January 2 Issue an additional 2,200 shares of $1 par value common stock for $44,000. January 9 Provide...
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...