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Did all the financial statements( pretty sure they are all correct) I just do not understand what I am suppose to do for this last
Did all the financial statements( pretty sure they are all correct) I just do not understand what I am suppose to do for this last picture. Please help. Don't know how to find the return on equity or any of those questions on this last picture.
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Credit Debit $ 44,700 48,500 9,500 84,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals $ 11,000 16,600 20,000 100,000 39,100 $186,700 During January 2021, the following transactions occur: January 2 Issue an additional 2,300 shares of $1 par value common stock for $46,000. January 9 Provide services to customers on account, $20,400. January 10 Purchase additional supplies on account, $6,900. January 12 Purchase 1,100 shares of treasury stock for $19 per share. January 15 Pay cash on accounts payable, $18,500. January 21 Provide services to customers for cash, $51,100. January 22 Receive cash on accounts receivable, $18,600. January 29 Declare a cash dividend of $0.20 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 20,000 shares outstanding on January 1, 2021, 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, $44,000. The following information is available on January 31, 2021. a. Unpaid utilities for the month of January are $8,200. b. Supplies at the end of January total $7,100. 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 $12,000. d. Accrued income taxes at the end of January are $3,100. 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. 5. 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. No Credit Date Jan 02 Debit 46,000 Account Title Cash Common Stock Additional Paid-in Capital 2,300 43,700 12 Jan 09 20,400 Accounts Receivable Service Revenue 20,400 31 Jan 10 6,900 Supplies Accounts Payable 6,900 - 4 Jan 12 20,900 Treasury Stock Cash 20,900 - 5 Jan 15 18,500 Accounts Payable Cash 18,500 - 6 Jan 21 51,100 Cash Service Revenue 51,100 -> Jan 22 Jan 22 Cash | Accounts Receivable Cravete unis Receivat 18,600 18,600 8 Jan 29 4,240 Dividends Dividends Payable 4,240 9 Jan 30 16,800 Cash Treasury Stock Additional Paid-in Capital 15,2001 1,600 10 Jan 31 44,000 Salaries Expense Cash 44,000 11 Jan 31 8,200 Utilities Expense Accounts Payable 8,200 12 Jan 31 9,300 Supplies Expense Supplies 9,300 13 Jan 31 2,000 Depreciation Expense Accumulated Depreciation 2,000 14 Jan 31 3,100 Income Tax Expense Income Tax Payable 3,100 15 Jan 31 71,500 Service Revenue Income Tax Expense 71,500 16 Jan 31 66,600 Income Tax Expense Salaries Expense Supplies Expense Utilities Expense Depreciation Expense Income Tax Expense 44,000 9,300 8,200 2,000 3,100 17 Jan 31 4,240 Retained Earnings Dividends 4,240 Adjusted Grand Finale Fireworks Trial Balance January 31, 2021 Account Title Credit $ Debit 93,800 50,300 7,100 84,000 13,000 13,200 3,100 4,240 22,300 5,700 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Income Tax Payable Dividends Payable Common Stock Treasury Stock Additional Paid-in Capital Retained Earnings Dividends Service Revenue Depreciation Expense Supplies Expense Salaries Expense Utilities Expense Income Tax Expense Total 145,300 39,100 Itttttt 4,240 71,500 2,000 9,300 44,000 8,200 3,100 311,740 $ $ 311,740 Adjusted Grand Finale Fireworks Multiple-Step Income Statement For the Month ended January 31, 2021 Service Revenue 71,500 $ 71,500 Total Revenue Salaries Expense Supplies Expense Utilities Expense Depreciation Expense PUIDE 44,000 9,300 8,200 2,000 Total Operating Expenses Income Before Taxes Income Tax Expense | Net Income 63,500 8,000 3,100 4,900 $ Assets Current Assets: Cash Accounts Receivable Supplies Grand Finale Fireworks Classified Balance Sheet January 31, 2021 Liabilities Current Liabilities: 93,800 Accounts Payable 50,300 Income Tax Payable 7,100 Dividends Payable 13,200 3,100 4,240 151,200 20,540 Total Current Assets Noncurrent Assets: Equipment Accumulated Depreciation 1.4,000 $3,000) Total Current Liabilities Stockholders' Equity Common Stock Additional Paid-in Capital Retained Earnings Treasury Stock 22,300 * 45,300 39,760 5,700) 201,660 Total Stockholders' Equity Total Liabilities & | 222,200 Stockholders' Equity Total Assets 222,200Step by Step Solution
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