FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
:59
ces
Required information
Cash
Accounts Receivable
Less: Allowance for Uncollectible Accounts
Inventory
Total Current Assets
Land
Equipment
Accumulated Depreciation
Assets
Total Assets
Classified Balance Sheet
January 31, 2021
$
Saved
0
Accounts Payable
Deferred Revenue
0 Interest Payable
Total Current Liabilities
Notes Payable
Total Liabilities
Liabilities
Stockholders' Equity
Common Stock
Retained Earnings
Total Stockholders' Equity
0 Total Liabilities and Stockholders' Equity $
0
0
0
0
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Transcribed Image Text::59 ces Required information Cash Accounts Receivable Less: Allowance for Uncollectible Accounts Inventory Total Current Assets Land Equipment Accumulated Depreciation Assets Total Assets Classified Balance Sheet January 31, 2021 $ Saved 0 Accounts Payable Deferred Revenue 0 Interest Payable Total Current Liabilities Notes Payable Total Liabilities Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity $ 0 0 0 0
38
es
Maps
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:
Accounts
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
Inventory
Land
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable (6%, due April 1, 2022)
Common Stock
Retained Earnings
Totals
Saved
< Prev
5
Debit
$ 26,100
48,200
21,000
56,000
20,000
Credit
During January 2021, the following transactions occur:
January 2 Sold gift cards totaling $10,000. The cards are redeemable for merchandise within one year of the
purchase date.
January 6 Purchase additional inventory on account, $157,000.
January 15 Firework sales for the first half of the month total $145,000. All of these sales are on account.
The cost of the units sold is $78,800.
January 23 Receive $126,400 from customers on accounts receivable.
January 25 Pay $100,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $5,800.
January 30 Firework sales for the second half of the month total $153,000. Sales include $16,000 for cash and
$137,000 on account. The cost of the units sold is $84,500.
January 31 Pay cash for monthly salaries, $53,000.
$ 5,200
2,500
29,500
60,000
45,000
29,100
$171,300 $171,300
S
6
7 of 7 H
Next >
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Transcribed Image Text:38 es Maps On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals Saved < Prev 5 Debit $ 26,100 48,200 21,000 56,000 20,000 Credit During January 2021, the following transactions occur: January 2 Sold gift cards totaling $10,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $157,000. January 15 Firework sales for the first half of the month total $145,000. All of these sales are on account. The cost of the units sold is $78,800. January 23 Receive $126,400 from customers on accounts receivable. January 25 Pay $100,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,800. January 30 Firework sales for the second half of the month total $153,000. Sales include $16,000 for cash and $137,000 on account. The cost of the units sold is $84,500. January 31 Pay cash for monthly salaries, $53,000. $ 5,200 2,500 29,500 60,000 45,000 29,100 $171,300 $171,300 S 6 7 of 7 H Next > Help
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