General General Income Balance Sheet Requirement Trial Balance Analysis Journal Ledger Statement 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: Accounts Payable 50,300 Dividends Payable Utilities Payable Cash 93,800 5,000 4,240 Accounts Receivable 9,500 Supplies 0 Income Tax Payable Equipment 84,000 0 Accumulated Depreciation 11,000 9,240 Total Current Assets 248,600 Total Current Liabilities Noncurrent Assets: Stockholders' Equity Common Stock 22,300 Additional Paid-in Capital 145,300 Treasury Stock (5,700) Retained Earnings 55,460 Total Stockholders Equity Total Liabilities & Stockholders Equity 217,360 248,600 226,600 Total Assets Income Statement Analysis www.mn Debit Credit Accounts 44,700 48,500 9,500 84,000 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid -in Capital Retained Earnings 11,000 16,600 20,000 100,000 39,100 $186,700 $186,700 Totals During January 2021, the following transactions occur: January 2 Issue an additional 2,300 shares of $1 par value common stock for $46,000 9 Provide services to customers on account, $20,400 January January 1 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 $7100. 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. General Journal General Income Requirement Trial Balance Balance Sheet Analysis Ledger Statement If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet General Ledger General Income Requirement Trial Balance Balance Sheet Analysis Journal Statement 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 return on equity for the industry for January is 2.50%, 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) 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 $2.40 last year (i.e., 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 earnings per share for January 2021 better or worse than last year's average? Balance Sheet Analysis