Exercise 10-20 New See the next tab for the beginning trial balance. On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances: January 2 Issue and additional 2,000 shares of $1 par value common stock for $35,000. Provide services to customers on account, $16,400. January 9 January 10 Purchase additional supplies on account, $5,500. January 12 Purchase 1,000 shares of treasury stock for $16 per share. January 15 Pay cash on accounts payable, $18,000. January 21 Provide services to customers for cash, $51,200. January 22 Receive cash on accounts receivable, $15,300. 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. (Hint: Grand Finale Fireworks had 10,000 shares outstanding on January 1, 2024, and dividends are not paid on treasury stock.) January 30 Resell 600 shares of treasury stock for $19 per share. January 31 Pay cash for salaries during January, $44,000 Required 1 Record each of the transactions listed in the general journal and post to the general ledger. 2 Record adjusting entries on January 31 in the general journal and post to the general ledger. a. Unpaid Utilities for the month of January are $5,800. b. Supplies at the end of January total $6,000. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment c. was purchased, the company estimated a service life of three years and a residual value of $10,000. d. Accrued income taxes at the end of January are $2,400 3 Prepare an adjusted trial balance as of January 31, 2024. The worksheet provided satisfies this requirement. 4 Prepare a multi-step income statement for the period ended January 31, 2024. 5 Prepare a statement of stockholders equity for the period ended January 31, 2024. 6 Prepare a classified balance sheet as of January 31, 2024. 7 Record the closing entries on January 31 in the general journal and post to the general ledger. 8 Analyze the following for Grand Finale Fireworks: Calculate the return on equity for the month of January. If the average return on equity for the industry for January is 2.5%, is the a. company more or less profitable than other companies in the same industry? b. How many shares of common stock are outstanding as of January 31, 2024? Calculate earnings 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 $3.60 last year c. (i.e., an average of $.30 per month), is earnings per share for January 2024 better or worse than last year's average? Exercise 10-20 New See the next tab for the beginning trial balance. On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances: January 2 Issue and additional 2,000 shares of $1 par value common stock for $35,000. Provide services to customers on account, $16,400. January 9 January 10 Purchase additional supplies on account, $5,500. January 12 Purchase 1,000 shares of treasury stock for $16 per share. January 15 Pay cash on accounts payable, $18,000. January 21 Provide services to customers for cash, $51,200. January 22 Receive cash on accounts receivable, $15,300. 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. (Hint: Grand Finale Fireworks had 10,000 shares outstanding on January 1, 2024, and dividends are not paid on treasury stock.) January 30 Resell 600 shares of treasury stock for $19 per share. January 31 Pay cash for salaries during January, $44,000 Required 1 Record each of the transactions listed in the general journal and post to the general ledger. 2 Record adjusting entries on January 31 in the general journal and post to the general ledger. a. Unpaid Utilities for the month of January are $5,800. b. Supplies at the end of January total $6,000. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment c. was purchased, the company estimated a service life of three years and a residual value of $10,000. d. Accrued income taxes at the end of January are $2,400 3 Prepare an adjusted trial balance as of January 31, 2024. The worksheet provided satisfies this requirement. 4 Prepare a multi-step income statement for the period ended January 31, 2024. 5 Prepare a statement of stockholders equity for the period ended January 31, 2024. 6 Prepare a classified balance sheet as of January 31, 2024. 7 Record the closing entries on January 31 in the general journal and post to the general ledger. 8 Analyze the following for Grand Finale Fireworks: Calculate the return on equity for the month of January. If the average return on equity for the industry for January is 2.5%, is the a. company more or less profitable than other companies in the same industry? b. How many shares of common stock are outstanding as of January 31, 2024? Calculate earnings 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 $3.60 last year c. (i.e., an average of $.30 per month), is earnings per share for January 2024 better or worse than last year's average? Exercise 10-20 New See the next tab for the beginning trial balance. On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances: January 2 Issue and additional 2,000 shares of $1 par value common stock for $35,000. Provide services to customers on account, $16,400. January 9 January 10 Purchase additional supplies on account, $5,500. January 12 Purchase 1,000 shares of treasury stock for $16 per share. January 15 Pay cash on accounts payable, $18,000. January 21 Provide services to customers for cash, $51,200. January 22 Receive cash on accounts receivable, $15,300. 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. (Hint: Grand Finale Fireworks had 10,000 shares outstanding on January 1, 2024, and dividends are not paid on treasury stock.) January 30 Resell 600 shares of treasury stock for $19 per share. January 31 Pay cash for salaries during January, $44,000 Required 1 Record each of the transactions listed in the general journal and post to the general ledger. 2 Record adjusting entries on January 31 in the general journal and post to the general ledger. a. Unpaid Utilities for the month of January are $5,800. b. Supplies at the end of January total $6,000. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment c. was purchased, the company estimated a service life of three years and a residual value of $10,000. d. Accrued income taxes at the end of January are $2,400 3 Prepare an adjusted trial balance as of January 31, 2024. The worksheet provided satisfies this requirement. 4 Prepare a multi-step income statement for the period ended January 31, 2024. 5 Prepare a statement of stockholders equity for the period ended January 31, 2024. 6 Prepare a classified balance sheet as of January 31, 2024. 7 Record the closing entries on January 31 in the general journal and post to the general ledger. 8 Analyze the following for Grand Finale Fireworks: Calculate the return on equity for the month of January. If the average return on equity for the industry for January is 2.5%, is the a. company more or less profitable than other companies in the same industry? b. How many shares of common stock are outstanding as of January 31, 2024? Calculate earnings 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 $3.60 last year c. (i.e., an average of $.30 per month), is earnings per share for January 2024 better or worse than last year's average? Exercise 10-20 New See the next tab for the beginning trial balance. On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances: January 2 Issue and additional 2,000 shares of $1 par value common stock for $35,000. Provide services to customers on account, $16,400. January 9 January 10 Purchase additional supplies on account, $5,500. January 12 Purchase 1,000 shares of treasury stock for $16 per share. January 15 Pay cash on accounts payable, $18,000. January 21 Provide services to customers for cash, $51,200. January 22 Receive cash on accounts receivable, $15,300. 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. (Hint: Grand Finale Fireworks had 10,000 shares outstanding on January 1, 2024, and dividends are not paid on treasury stock.) January 30 Resell 600 shares of treasury stock for $19 per share. January 31 Pay cash for salaries during January, $44,000 Required 1 Record each of the transactions listed in the general journal and post to the general ledger. 2 Record adjusting entries on January 31 in the general journal and post to the general ledger. a. Unpaid Utilities for the month of January are $5,800. b. Supplies at the end of January total $6,000. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment c. was purchased, the company estimated a service life of three years and a residual value of $10,000. d. Accrued income taxes at the end of January are $2,400 3 Prepare an adjusted trial balance as of January 31, 2024. The worksheet provided satisfies this requirement. 4 Prepare a multi-step income statement for the period ended January 31, 2024. 5 Prepare a statement of stockholders equity for the period ended January 31, 2024. 6 Prepare a classified balance sheet as of January 31, 2024. 7 Record the closing entries on January 31 in the general journal and post to the general ledger. 8 Analyze the following for Grand Finale Fireworks: Calculate the return on equity for the month of January. If the average return on equity for the industry for January is 2.5%, is the a. company more or less profitable than other companies in the same industry? b. How many shares of common stock are outstanding as of January 31, 2024? Calculate earnings 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 $3.60 last year c. (i.e., an average of $.30 per month), is earnings per share for January 2024 better or worse than last year's average