Chapter 5 Exercises iSaved49Required informationPart 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:AccountsDebitCredit1$ 26,10014,700CashpointsAccounts ReceivableAllowance for Uncollectible Accounts$ 3,000SuppliesNotes Receivable (6, due in 2 years)LandSkipped3,60015,00080,000Accounts PayableConmon StockRetained Earnings7,90095,00033,500eBookTotals$139,400$139,400PrintDuring January 2021, the following transactions occur:2 Provide services to customers for cash, $46,100.6 Provide services to customers on account, $83,400.JanuaryJanuaryJanuary 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, $14,800.References4. Prepare an income statement for the period ended January 31, 2021.3D FAMILY FIREWORKSIncome StatementFor the year ended January 31, 2021Revenues:Total RevenuesExpenses:Total ExpensesMcGrawHill< Prev曲Next >495051 52of 60...... 50Required informationPart 5 of 7(The following information applies to the questions displayed below.)On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:AccountsDebitCredit$ 26,10014,700CashpointsAccounts ReceivableAllowance for Uncollectible Accounts$ 3,000SkippedSuppliesNotes Receivable (6, due in 2 years)3,60015,00080,000LandAccounts PayableCommon Stock7,90095,00033,500Retained EarningseBookTotals$139,400$139,400PrintDuring January 2021, the following transactions occur:2 Provide services to customers for cash, $46,100.6 Provide services to customers on account, $83,400.JanuaryJanuaryJanuary 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.References5. Prepare a classified balance sheet as of January 31, 2021. (Deductible amount should be indicated with by a minus sign.)3D Family FireworksBalance SheetJanuary 31, 2021AssetsLiabilitiesCurrent Assets:Current Liabilities:Total Current LiabilitiesTotal Current AssetsTotal LiabilitiesLong-term assets:Stockholders' EquityMcGraw< Prev505152of 60Next >Hill*..........

Required information (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: Debit $ 26,100 14,700 Accounts Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 3,000 Supplies Notes Receivable (6, due in 2 years) 3,600 15,000 80,000 Land Accounts Payable Common Stock 7,900 95,000 Retained Earnings 33,500 Totals $139,400 $139, 400 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $46,100. January 6 Provide services to customers on account, $83,400. January 15 write off accounts receivable as uncollectible, $2,50o. 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. 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

Required information (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: Debit $ 26,100 14,700 Accounts Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 3,000 Supplies Notes Receivable (6, due in 2 years) 3,600 15,000 80,000 Land Accounts Payable Common Stock 7,900 95,000 Retained Earnings 33,500 Totals $139,400 $139, 400 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $46,100. January 6 Provide services to customers on account, $83,400. January 15 write off accounts receivable as uncollectible, $2,50o. 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. 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

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 94PSB

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Required information Skip to question [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 Cash $ 27,300 Accounts Receivable 15,300 Allowance for Uncollectible Accounts $ 4,200 Supplies 4,200 Notes Receivable (6%, due in 2 years) 21,000 Land 80,600 Accounts Payable 9,100 Common Stock 101,000 Retained Earnings 34,100 Totals $ 148,400 $ 148,400 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $52,100. January 6 Provide services to customers on account, $89,400. January 15 Write off accounts receivable as uncollectible, $3,900. January 20 Pay cash for salaries, $33,100. January 22 Receive cash on accounts receivable,…
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