Question: i need help with income statement and balance sheet During January 2024 , the following transactions occur: January 2 Issue an additional 2,000 shares of

i need help with income statement and balance sheet During January 2024i need help with income statement and balance sheet

During January 2024 , 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 account, $14,000. January 10 Purchase additional supplies on account, $5,000. January 12 Purchase 1,100 shares of treasury stock for $19 per share. January 15 Pay cash on accounts payable, $16,600. January 21 Provide services to customers for cash, \$49, 200. January 22 Receive cash on accounts receivable, $16,700. January 29 Declare a cash dividend of $0.40 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 11,000 shares outstanding on January 1, 2024, and dividends are not paid on treasury stock.) January 30 Resell 800 shares of treasury stock for $21 per share. January 31 Pay cash for salaries during January, $42,100. The following information is available on January 31, 2024. a. Unpaid utilities for the month of January are $6,300. b. Supplies at the end of January total $5,200. c. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a service life of three years and a residual value of $10,100. d. Accrued income taxes at the end of January are $2,100. Prepare a multiple-step income statement for the period ended January 31, 2024. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!