General Journal:

On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Credit Accounts Debit Cash 44,500 Accounts Receivable 48,100 Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings 9,300 82,000 $ 10,800 16,400 18,000 98,000 40,700 $183,900 $183,900 Totals During January 2021, the following transactions occur 2 Issue an additionall 2,000 shares of $1 par value common stock for $40,000 9 Provide services to customers on account, $19,500 10 Purchase additional supplies on account, $6,700. 12 Purchase 1,200 shares of treasury stock for $21 per share 15 Pay cash on accounts payable, $18,300. January January January January January January 21 Provide services to customers for cash, $50,900 22 Receive cash on accounts receivable, $18,400. January 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 18,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury eck for $23 per share. stock. January 30 Resell 600 shares of January 31 Pay cash for salaries during January, $43,800. The following information is available on January 31, 2021. a. Unpaid utilities for the month of January are $8,000. b. Supplies at the end of January total $6,900. 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 $11,800. d. Accrued income taxes at the end of January are $2,900. 1. Record issuance of an additional 2,000 shares of $1 par value common stock for $40,000. 2. Record the providing of services to customers on account, $19,500. 3. Record purchase of additional supplies 4. Record purchase of 1,200 shares of treasury stock for $21 per share. 5. Record payment of cash on accounts payable, $18,300. 6. Record the providing of services to customers for cash, $50,900. 7. Record the receipt of cash on accounts receivable, $18,400. 8. Record the declaration of 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 18,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.) 9. Record the reselling of 600 shares of treasury stock for $23 per share. 10. Record the payment of cash for salaries during January, $43,800. 11. Unpaid utilities for the month of January are $8,000. Prepare the adjusting entry for utilities 12. Supplies at the end of January total $6,900. Prepare the adjusting entry for supplies. 13. 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 $11,800. Prepare the adjusting entry for depreciation 14. Accrued income taxes at the end of January are on account, $6,700. $2,900. Prepare the adjusting entry for income taxes 15. Record the closing entry for revenue. 16. Record the closing entry for expenses. 17. Record the closing entry for dividends. Adjusted Grand Finale Fireworks Unadjusted Multiple-Step Income Statement Adjusted or the Month ended January 31, 2021 Post-closing Total Revenue 0 Total Operating Expenses O EA Adjusted Grand Finale Fireworks Unadjusted Classified Balance Sheet Adjusted January 31, 2021 Assets Liabilities Post-closing Current Liabilities: Cunent MSsels Total Current Assets Total Current Liabilities 0 Noncurrent Assets: Stockholders' Equity Total Stockholders' Equity $ Total Liabilities & Stockholders' Equity 0 $ Total Assets 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? On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Credit Accounts Debit Cash 44,500 Accounts Receivable 48,100 Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings 9,300 82,000 $ 10,800 16,400 18,000 98,000 40,700 $183,900 $183,900 Totals During January 2021, the following transactions occur 2 Issue an additionall 2,000 shares of $1 par value common stock for $40,000 9 Provide services to customers on account, $19,500 10 Purchase additional supplies on account, $6,700. 12 Purchase 1,200 shares of treasury stock for $21 per share 15 Pay cash on accounts payable, $18,300. January January January January January January 21 Provide services to customers for cash, $50,900 22 Receive cash on accounts receivable, $18,400. January 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 18,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury eck for $23 per share. stock. January 30 Resell 600 shares of January 31 Pay cash for salaries during January, $43,800. The following information is available on January 31, 2021. a. Unpaid utilities for the month of January are $8,000. b. Supplies at the end of January total $6,900. 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 $11,800. d. Accrued income taxes at the end of January are $2,900. 1. Record issuance of an additional 2,000 shares of $1 par value common stock for $40,000. 2. Record the providing of services to customers on account, $19,500. 3. Record purchase of additional supplies 4. Record purchase of 1,200 shares of treasury stock for $21 per share. 5. Record payment of cash on accounts payable, $18,300. 6. Record the providing of services to customers for cash, $50,900. 7. Record the receipt of cash on accounts receivable, $18,400. 8. Record the declaration of 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 18,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.) 9. Record the reselling of 600 shares of treasury stock for $23 per share. 10. Record the payment of cash for salaries during January, $43,800. 11. Unpaid utilities for the month of January are $8,000. Prepare the adjusting entry for utilities 12. Supplies at the end of January total $6,900. Prepare the adjusting entry for supplies. 13. 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 $11,800. Prepare the adjusting entry for depreciation 14. Accrued income taxes at the end of January are on account, $6,700. $2,900. Prepare the adjusting entry for income taxes 15. Record the closing entry for revenue. 16. Record the closing entry for expenses. 17. Record the closing entry for dividends. Adjusted Grand Finale Fireworks Unadjusted Multiple-Step Income Statement Adjusted or the Month ended January 31, 2021 Post-closing Total Revenue 0 Total Operating Expenses O EA Adjusted Grand Finale Fireworks Unadjusted Classified Balance Sheet Adjusted January 31, 2021 Assets Liabilities Post-closing Current Liabilities: Cunent MSsels Total Current Assets Total Current Liabilities 0 Noncurrent Assets: Stockholders' Equity Total Stockholders' Equity $ Total Liabilities & Stockholders' Equity 0 $ Total Assets 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