Chec On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Debit Credit $ 44, 400 47,900 9,200 81,000 $ 10,700 16,300 17,000 97.000 41,500 $182,500 $182,500 Totals During January 2021, the following transactions occur: January 2 Issue an additional 2,100 shares of $1 par value common stock for $42,000. January 9 Provide services to customers on account, $19,300. January 10 Purchase additional supplies on account, $6,600. January 12 Purchase 1.200 shares of treasury stock for $20 per share. January 15 Pay cash on accounts payable, $18,200. January 21 Provide services to customers for cash, $50,800. January 22 Receive cash on accounts receivable, $18,300. January 29 Declare a cash dividend of $0.20 per share to all shares outstanding on January 29. The dividend is payable on February 1s. (Hint: Grand Finale Fireworks had 17,000 shares outstanding on January 1, 2021, and dividenda are not paid on treasury stock.) January 30 Resell 500 shares of treasury stock for $22 per share. January 31 Pay cash for salaries during January, $43,700. The following information is available on January 31, 2021. a. Unpaid utilities for the month of January are $7.900. b. Supplies at the end of January total $6.800. c. 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 $11.700. d. Accrued income taxes at the end of January are $2,800. ournal entry worksheet 1 N 3 4 5 6 7 8 .... 17 Record issuance of an additional 2,100 shares of $1 par value common stock for $42,000. ote: Enter debits before credits. Date Account Title Debit Credit Jan 02 Common Stock 42,000 Additional Paid-in Capital 2,100 Record entry Clear entry View general jours entry worksheet 1 2 3 4 5 6 7 8 17 ..... Record the providing of services to customers on account, $19,300. Note: Enter debits before credits. Date Account Title Debit Credit Jan 09 Record entry Clear entry View general jour ournal entry worksheet 1 2 3 4 5 6 7 8 17 ..... Record purchase of additional supplies on account, $6,600. ce: Enter debits before credits. Date Account Title Debit Credit Jan 10 Record entry Clear entry View general journal Journal entry worksheet Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Unadjusted Grand Finale Fireworks Multiple-Step Income Statement For the Month ended January 31, 2021 Total Revenue 0 0 Total Operating Expenses 0 $ 0 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Choose the appropriate accounts to complete the company's balance sheet. Make sure to select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Unadjusted Grand Finale Fireworks Classified Balance Sheet January 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Total Current Assets 0 Total Current Liabilities Noncurrent Assots: Stockholders' Equity 0 Total Stockholders' Equity Total Liabilities & Stockholders' Equity $ 0 Total Assets $ 0 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Andlysis Enter your return on Equity value to one decimal place and earnings per share value to 2 decimal places. Analyze the following for Grand Finale Fireworks: (a) Calculate the return on equity for the month of January. If the average retum on equity for the industry for January is 2.60%, is the company more or less profitable than other companies in the same industry? The return on equity is Is the company more or less profitable than other companies? (b) How many shares of common stock are outstanding as of January 31, 2021? The number of common shares outstanding as of January 31, 2021 is (c) Calculato earnings por share for the month of January. (Hint: To calculate average shares of common stock outstanding take the beginning shares outstanding plus the ending shares outstanding and divide the total by 2 ) if earnings per share was $2.40 last year (ie, an average of $0.20 per month). Is earnings per share for January 2021 better or worse than last year's average? Earnings per share is: Is eamings per share for January 2021 better or worse than last year's average?
