1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
nata0808 [166]
3 years ago
14

On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:

Business
1 answer:
valentinak56 [21]3 years ago
6 0

Answer and Explanation:

The Journal entry is shown below:-

1. Cash Dr, $40,000  

    To Common stock $2,000

    To Additional paid in capital $38,000

(Being issue of common stock is recorded)

2. Accounts receivables Dr, $18,800  

      To Service revenue $18,800

(Being service revenue is recorded)

3. Supplies Dr, $6,500  

       To Accounts payable $6,500

(Being supplies is recorded)

4. Treasury stock Dr, $20,900

[1,100 × $19]  

       To Cash $20,900

(Being treasury stock is recorded)

5, Accounts payable Dr, $18,100  

        To Cash $18,100

(Being cash paid is recorded)

6. Cash Dr, $50,700  

       To Service revenue $50,700

(Being cash received is recorded)

7. Cash Dr, $18,200  

      To Accounts receivables $18,200

(Being cash received is recorded)

8. Dividends Dr, $3,380

(16,000 + 2000 - 1,100) × $0.20

     To dividends payable $3,380

(Being dividends declared is recorded)

9. Cash Dr, $14,700

[700 × $21]

     To Treasury stock $13,300

[700 × $19]

       To Additional paid in capital $1,400

(Being cash is recorded)

10. Salaries expense Dr, $43,600  

        To cash $43,600

(Being salary expenses is recorded)

11. Utilities expense Dr, $7800  

      To utilities payable $7800

(Being  utilities expense is recorded)

12. Supplies expense Dr, $8,900

[$9,100 + $6,500 - $6,700]

       To supplies $8,900

(Being supplies expenses is recorded)

13. Depreciation expense Dr, $1,900

[$80,000 - $11,600] ÷ 3 × 1 ÷ 12  

       To Accumulated depreciation $1,900

(Being depreciation expense is recorded)

14. Income tax expense $2,700  

       To Income tax payable $2,700

(Being income tax expenses is recorded)

You might be interested in
What are five things you should consider when trying to decide if you should buy or lease a car?
Angelina_Jolie [31]
The price the model used or new if you have a leased car if you damage it you got to pay
4 0
3 years ago
What does software alone enable a computer to do?
photoshop1234 [79]
Connect the internet
3 0
3 years ago
Read 2 more answers
The Baldwin company will sell 100 units (x1000) of capacity from their Buddy product line. Each unit of capacity is worth $6 plu
stiv31 [10]

Answer:

Amount received =   $2,210,000

Explanation:

given data

sell  = 100 units (x 1000)

capacity =  $6 + $4 per automation rating

sell capacity = 35%

to find out

how much they receive when the capacity is sold

solution

we consider here Automation rating is 7.0

we get here first Cost per unit that is here as

Cost per unit = 6 + 4 × 7

Cost per unit = 34

and capacity worth will be here as

capacity worth = Cost per unit × sell units

capacity worth = 34 ×  100000

capacity worth = 3,400,000  

so that here Amount received will be as

Amount received =  capacity worth × ( 1 - sell capacity )

Amount received =  3400000 × ( 1 - 35% )  

Amount received =   $2,210,000

6 0
3 years ago
4. Suppose you have two credit cards. The first has a balance of $410 and a credit limit of $1,000. The second has a balance of
Morgarella [4.7K]
Number 4 is a number 5 is d
4 0
3 years ago
Read 2 more answers
If the government of Balancia runs a deficit of $50 million per year in Year 1 and in Year 2 due to its recession, but then has
natima [27]

Answer:

Cyclically balanced budget

Explanation:

6 0
2 years ago
Other questions:
  • What type of economy is an economic system in which private businesses can operate freely with minimal state control?Henry lives
    14·1 answer
  • The impact of increasing, as opposed to constant, costs is to Multiple Choice expand the limits of the terms of trade. intensify
    7·1 answer
  • Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, suc
    6·1 answer
  • Assume a firm in a competitive industry is producing 800 units of output, and it sells each unit for $6. Its average total cost
    11·1 answer
  • Which is a result of frequent change request from client ​
    14·2 answers
  • 5. Calculate the return on investment in dollars and as a percentage for an investment that you purchase for $500 and sell for $
    7·2 answers
  • Uncle Fred recently died and left $280,000 to his 45-year-old favorite niece. She immediately spent $80,000 on a town home but d
    8·1 answer
  • Ben and Miranda recently sold some land they owned for $150,000. They received the land and a check equal to the amount of the t
    15·1 answer
  • The process of determining the present value of future cash flows in order to know their worth today is referred to as:______.
    12·1 answer
  • Federal spending that is authorized by permanent laws and does not go through the annual appropriation process is called _____ s
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!