Check my work On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit 43,200 45,500 8,000 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Conmon Stock, $1 par value Additional Paid-in Capital Retained Earnings 15 points 69,000 $ 9,500 15,100 15,000 85,000 41,100 $165,700 $165,700 eBook References Totals During January 2021, the following transactions occur January 2 Isasue an additional 2,000 shares of 1 par value comnon atock for $40,000 January Provide services to customers on account, $15,600 January 10 Purchase additional aupplien on account, $5,400. January 12 Purchase 1,200 ahares of treasury stock for $17 per share. January 15 Pay cash on accounts payable, $17,000. January 21 Provide services to custoners for cash, $49,600. January 22 Receive cash on accounts receivable, $17,100. January 29 Declare a cash dividend of $0.30 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hinti Grand Finale Fireworks had 15,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 800 shares of treasury stock for $19 per share. January 31 Pay cash for salaries during January, $42,500. 10 Check my work 10 January 30 Resell 800 shares of treasury stock for $19 per share January 31 Pay cash for salaries during January, $42,500 The following information is available on January 31, 2021 a. Unpaid utilities for the month of January are $6,700. b. Supplies at the end of January total $5,600. 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 $10,500. d. Accrued income taxes at the end of January are $2,500. 15 points eBook References General Journal General Income Analysis Requirement Trial Balance Balance Sheet Ledger Statement 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 10) assuming a FIFO perpetual inventory system. Review the 'General Ledger' and the Trial Balance' tabs to see the effect of the transactions on the account balances 2. Record adjusting entries on January 31. in the 'General Journal tab (these are shown as items 11-14) 3. Review the adjusted Trial Balance' as of January 31, 2021, in the Trial Balance tab 4. Prepare a multiple-step income statement for the period ended January 31, 2021, in the 'Income statement' tab. S. Prepare a classified balance sheet as of January 31, 2021, in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 15-17). 7. Using the information from the requirements above, complete the 'Analysis' tab. General Journal Requirement Check my work 10 View transaction list View journal entry worksheet Date Account Title No Debit Credit 1 Cash Common Stock Additional Paid-in Capital Jan 02 15 points eBook Accounts Receivable Jan 09 References Service Revenue Supplies 3 Jan 10 Accounts Payable Treasury Stock 4 Jan 12 Cash Accounts Payable Cash 5 Jan 15 Cash 6 Jan 21 Service Revenue Cash Accounts Receivable Jan 22 7 Check my work Jan 31 13 Depreciation Expense Accumulated Depreciation Income Tax Expense Jan 31 15 Income Tax Payable points Service Revenue Retained Eamings 15 Jan 31 eBook References Retained Eamings 16 Jan 31 Salaries Expense Uslities Expense Supplies Expense Depreciation Expense Income Tax Expense Jan 31 Retained Eamings 17 Dividends General Ledger Requirement 10 Check my work 10 Siaemen JOurna Leuger 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: 15 (a) Calculate the retum on equity for the month of January. If the average retum on equity for the industry for January is 2.50 %, is the company more or less profitable than other companies in the same industry? points ellook % The retun on equity is: References 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) Calculate eamings per 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 (Le., an average of $0.20 per month), is eamings per share for January 2021 better or worse than last year's average? Eamings per share is: Is earmings per share for January 2021 better or worse than last year's average? Balance Sheet Analysis Check my work Post-ciosing General Ledger Account Cash Accounts Receivable 15 points No. Date Debit Credit Balance No. Date Debit Credit Balance 43,200 45,500 Dec 31 eBook Supplies Equipment References No. Date Debit Credit Balance No. Date Debit Credit Balance 8,000 69,000 Dec 31 Dec 31 Accumulated Depreciation Accounts Payable Debit No. Date Debit Credit Balance No. Date Credit Balance 9,500 15,100 Additional Paid-in Capital Common Stock No. Date Date Debit Credit Balance No. Debit Credit Balance 85,000 15,000 Retained Earnings No. Date Debit Credit Balance 41,100 General Journal Trial Balance 10 Check my 10 ueniera Ledger uenera Journal ancune Trial Balance Requirement Balance Sheet Analysis Statement Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. 15 points Post-closing Grand Finale Fireworks Trial Balance eBook January 31, 2021 References Account Title Debit Credit Cash $ 43,200 Accounts Receivable Supplies Equipment 45,500 8,000 69,000 Accumulated Depreciation Accounts Payable 9,500 15,100 Common Stock 15,000 Additional Paid-in Capital Retained Earnings 85,000 41,100 165,700 S Total 165,700 General Ledger Income Statement Check my work 10 General Ledger General Income Statement Requirement Trial Balance Balance Sheet Analysis Journal 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. 15 points Post-closing Grand Finale Fireworks eBook Multiple-Step Income Statement References For the Month ended January 31, 2021 Service Revenue 0 Total Revenue 0 Salaries Expense Utlities Expense Supplies Expense Depreciation Expense 0 0 0 0 Total Operating Expenses 0 Income Before Taxes Income Tax Expense 0 0 $ 0 Net Income Trial Balance Balance Sheet Check my 10 which will then populate the balances in those accounts from the adjusted trial balance Post-closing Grand Finale Fireworks Classified Balance Sheet 15 points January 31, 2021 Liabilities Assets Current Assets: Current Liabilities: k Accounts Payable Utilities Payable Cash 43,200 15,100 References Accounts Receivable 45,500 0 Supplies Dividends Payable 8,000 0 Income Tax Payable 0 Total Current Liabilities Total Current Assets 96,700 15,100 Noncurrent Assets: Stockholders' Equity Equipment 69,000 Common Stock 15,000 (9,500) Additional Paid-in Capital Accumulated Depreciation 85,000 Retained Eanings 41,100 Treasury Stock 0 Total Stockholders' Equity 141,100 $156,200 Total Liabilities & Stockholders' Equity 156,200 Total Assets Income Statement Analysis