the general ledger of Grand Finale Fireworks includes the following account balances:

The

Save Time On Research and Writing

Hire a Pro to Write You a 100% Plagiarism-Free Paper.

Get My Paper

following

information

applies

to

Save Time On Research and Writing

Hire a Pro to Write You a 100% Plagiarism-Free Paper.

Get My Paper

the

questions

displayed

below.]

On

January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances:

Cash

Accounts Receivable

Supplies

Equipment

Accumulated Depreciation

Accounts Payable

Common Stock, $1 par value

Additional Paid-in Capital

Retained Earnings

Totals

$158,700

Accounts	Debit	Credit
$42,700
44,500
7,500
64,000
$9,000
14,600
10,000
80,000
45,100
	$158,700

During January 2024, the following transactions occur:

January 2

January 9

January 10

January 12

January 15

January 21

January 22

January 29

January 30

January 31

Issue an additional 2,000 shares of $1 par value common stock for $40,000.

Provide services to customers on account, $14,300.

Purchase additional supplies on account, $4,900.

Purchase 1,000 shares of treasury stock for $18 per share.

Pay cash on accounts payable, $16,500.

Provide services to customers for cash, $49,100.

Receive cash on accounts receivable, $16,600.

Declare a cash dividend of $0.30 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint:Grand Finale Fireworks had 10,000 shares outstanding on January 1, 2024, and dividends are not paid on treasury stock.)

Resell 600 shares of treasury stock for $20 per share.

Pay cash for salaries during January, $42,000.

1. Unpaid utilities for the month of January are $6,200.
2. Supplies at the end of January total $5,100.
3. Depreciation on the equipment for the month of January is calculated using the straightline method. At the time the equipment was purchased, the company estimated a service life of three years and a residual value of $10,000.
4. Accrued income taxes at the end of January are $2,000

A/ Prepare an adjusted trial balance as of January 31, 2024

B/Prepare a classified balance sheet as of January 31, 2024. (Amounts to be deducted should be indicated by a minus sign.)