FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Chapter 5 Exercises i
Saved
49
Required information
Part 4 of 7
(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
Debit
Credit
1
$ 26,100
14,700
Cash
points
Accounts Receivable
Allowance for Uncollectible Accounts
$ 3,000
Supplies
Notes Receivable (6, due in 2 years)
Land
Skipped
3,600
15,000
80,000
Accounts Payable
Conmon Stock
Retained Earnings
7,900
95,000
33,500
eBook
Totals
$139,400
$139,400
Print
During January 2021, the following transactions occur:
2 Provide services to customers for cash, $46,100.
6 Provide services to customers on account, $83,400.
January
January
January 15 write off accounts receivable as uncollectible, $2,500.
January 20 Pay cash for salaries, $32, 500.
January 22 Receive cash on accounts receivable, $81,000.
January 25 Pay cash on accounts payable, $6,600.
January 30 Pay cash for utilities during January, $14,800.
References
4. Prepare an income statement for the period ended January 31, 2021.
3D FAMILY FIREWORKS
Income Statement
For the year ended January 31, 2021
Revenues:
Total Revenues
Expenses:
Total Expenses
Mc
Graw
Hill
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Transcribed Image Text:Chapter 5 Exercises i Saved 49 Required information Part 4 of 7 (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 Debit Credit 1 $ 26,100 14,700 Cash points Accounts Receivable Allowance for Uncollectible Accounts $ 3,000 Supplies Notes Receivable (6, due in 2 years) Land Skipped 3,600 15,000 80,000 Accounts Payable Conmon Stock Retained Earnings 7,900 95,000 33,500 eBook Totals $139,400 $139,400 Print During January 2021, the following transactions occur: 2 Provide services to customers for cash, $46,100. 6 Provide services to customers on account, $83,400. January January January 15 write off accounts receivable as uncollectible, $2,500. January 20 Pay cash for salaries, $32, 500. January 22 Receive cash on accounts receivable, $81,000. January 25 Pay cash on accounts payable, $6,600. January 30 Pay cash for utilities during January, $14,800. References 4. Prepare an income statement for the period ended January 31, 2021. 3D FAMILY FIREWORKS Income Statement For the year ended January 31, 2021 Revenues: Total Revenues Expenses: Total Expenses Mc Graw Hill < Prev 曲 Next > 49 50 51 52 of 60 ......
50
Required information
Part 5 of 7
(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
Debit
Credit
$ 26,100
14,700
Cash
points
Accounts Receivable
Allowance for Uncollectible Accounts
$ 3,000
Skipped
Supplies
Notes Receivable (6, due in 2 years)
3,600
15,000
80,000
Land
Accounts Payable
Common Stock
7,900
95,000
33,500
Retained Earnings
eBook
Totals
$139,400
$139,400
Print
During January 2021, the following transactions occur:
2 Provide services to customers for cash, $46,100.
6 Provide services to customers on account, $83,400.
January
January
January 15 write off accounts receivable as uncollectible, $2,500.
January 20 Pay cash for salaries, $32, 500.
January 22 Receive cash on accounts receivable, $81,000.
January 25 Pay cash on accounts payable, $6,600.
January 30 Pay cash for utilities during January, $14,800.
References
5. Prepare a classified balance sheet as of January 31, 2021. (Deductible amount should be indicated with by a minus sign.)
3D Family Fireworks
Balance Sheet
January 31, 2021
Assets
Liabilities
Current Assets:
Current Liabilities:
Total Current Liabilities
Total Current Assets
Total Liabilities
Long-term assets:
Stockholders' Equity
Mc
Graw
< Prev
50
51
52
of 60
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Hill
*..........
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Transcribed Image Text:50 Required information Part 5 of 7 (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 Debit Credit $ 26,100 14,700 Cash points Accounts Receivable Allowance for Uncollectible Accounts $ 3,000 Skipped Supplies Notes Receivable (6, due in 2 years) 3,600 15,000 80,000 Land Accounts Payable Common Stock 7,900 95,000 33,500 Retained Earnings eBook Totals $139,400 $139,400 Print During January 2021, the following transactions occur: 2 Provide services to customers for cash, $46,100. 6 Provide services to customers on account, $83,400. January January January 15 write off accounts receivable as uncollectible, $2,500. January 20 Pay cash for salaries, $32, 500. January 22 Receive cash on accounts receivable, $81,000. January 25 Pay cash on accounts payable, $6,600. January 30 Pay cash for utilities during January, $14,800. References 5. Prepare a classified balance sheet as of January 31, 2021. (Deductible amount should be indicated with by a minus sign.) 3D Family Fireworks Balance Sheet January 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Total Current Assets Total Liabilities Long-term assets: Stockholders' Equity Mc Graw < Prev 50 51 52 of 60 Next > Hill *..........
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