Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

need closing entries for revenue, expense and dividends for general ledger. also need income statement, balance sheet, and final analysis as well. these are all

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
need closing entries for revenue, expense and dividends for general ledger. also need income statement, balance sheet, and final analysis as well. these are all extremely important, so please answer all parts.
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 42,900 44,900 7,700 66,00 $ 9,200 14,89 12,000 82,000 43,500 $161,500 $161,500 During January 2021, the following transactions occur January 2 Issue an additional 2,200 shares of $1 par value common stock for $44,000. January 9 Provide services to customers on account, $14,000 January 10 Purchase additional supplies on account, $5,100. January 12 Purchase 1,000 shares of treasury stock for $20 per share. January 15 Pay cash on accounts payable, $16,700. January 21 Provide services to customers for cash, $49,300. January 22 Receive cash on accounts receivable, $16,800. January 29 Declare a cash dividend of $0.30 per share to all shares outstanding on Panuary 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 12,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 700 shares of treasury stock for $22 per share. January 31 Pay cash for salaries during January, $42,200. The following information is available on January 31, 2021 a. Unpaid utilities for the month of January are $6,400, b. Supplies at the end of January total $5.300. c. Depreciation on the equipment for the month of January is calculated using the straightine method. At the time the equipment was purchased, the company estimated a service life of three years and a residual value of $10 200 d. Accrued income taxes at the end of January are $2,200 PLOM 1 of 1 !!! Ned b. Supplies at the end of January total $5,300, 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 $10,200. d. Accrued income taxes at the end of January are $2,200 Requirement General General Income Journal Trial Balance Balance Sheet Ledger Statement Analysis 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. Adjusted Grand Finale Fireworks Multiple Soup Income Statement For the Month ended January 31, 2021 Total Revenue 5 0 Total Operating Expenses 0 0 5 0 General Journal Requirement General Ledger Trial Balance Income Statement Balance Sheet Analysis Choose the appropriate accounts to complete the company's balance sheet. Make sure to select 'adjusted from the de which will then populate the balances in those accounts from the adjusted trial balance. Adjusted Grand Finale Fireworks Classified Balance Sheet January 31, 2021 Assets Liabilities Current Assets Current Liabilities 0 0 Total Current Assets Noncurrent Assets Total Current Liabilities Stockholders' Equity 0 Total Stockholders' Equity Total Liabilities & Stockholders Equity $ 0 0 Total Assets General Journal Requirement General Ledger Trial Balance Analysis Income Statement Balance Sheet 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? ces The number of common shares outstanding as of January 31, 2021 is 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 $360 last year (e. an average of SO 30 per month). Is earnings per share for January 2021 better or worse than last year's average? Eumings per share is is camins per share for January 2021 better or worse than last year's average?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson

6th edition

978-0077400163

Students also viewed these Accounting questions