Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals Debit $ 26,100 48,200 21,000 56,000 20,000 $171,300 Credit Sa $ 5,200 2,500 29,500 60,000 45,000 29,100 $171,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $10,000. The cards are redeemable for merchandise within one year of purchase date. January 6 Purchase additional inventory on account, $157,000. January 15 Firework sales for the first half of the month total $145,000. All of these sales are on accou The cost of the units sold is $78,800.
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals Debit $ 26,100 48,200 21,000 56,000 20,000 $171,300 Credit Sa $ 5,200 2,500 29,500 60,000 45,000 29,100 $171,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $10,000. The cards are redeemable for merchandise within one year of purchase date. January 6 Purchase additional inventory on account, $157,000. January 15 Firework sales for the first half of the month total $145,000. All of these sales are on accou The cost of the units sold is $78,800.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 14P: Gray Company lists the following shareholders equity items on its December 31, 2018, balance sheet:...
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