On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances:

Accounts	Debit			Credit
Cash	$	43,800
Accounts Receivable		46,700
Supplies		8,600
Equipment		75,000
Accumulated Depreciation				$	10,100
Accounts Payable					15,700
Common Stock, $1 par value					11,000
Additional Paid-in Capital					91,000
Retained Earnings					46,300
Totals	$	174,100		$	174,100

During January 2018, the following transactions occur:

January 2	Issue an additional 2,000 shares of $1 par value common stock for $40,000.
January 9	Provide services to customers on account, $16,700.
January 10	Purchase additional supplies on account, $6,000.
January 12	Repurchase 1,300 shares of treasury stock for $19 per share.
January 15	Pay cash on accounts payable, $17,600.
January 21	Provide services to customers for cash, $50,200.
January 22	Receive cash on accounts receivable, $17,700.
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 11,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.)
January 30	Reissue 800 shares of treasury stock for $21 per share.
January 31	Pay cash for salaries during January, $43,100.

The following information is available on January 31, 2018.

1. Unpaid utilities for the month of January are $7,300.
2. Supplies at the end of January total $6,200.
3. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a service life of three years and a residual value of $11,100.
4. Accrued income taxes at the end of January are $2,200.

Journal Entree Worksheet

1. Jan 02: Issue an additional 2,000 shares of $1 par value common stock for $40,000.

2. Jan 09: Provide services to customers on account, $16,700.

3. Jan 10: Purchase additional supplies on account, $6,000.

4. Jan 12: Repurchase 1,300 shares of treasury stock for $19 per share.

5. Jan 15: Pay cash on accounts payable, $17,600.

6. Jan 21: Provide services to customers for cash, $50,200.

7. Jan 22: Receive cash on accounts receivable, $17,700.

8. Jan 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 11,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.)

9. Jan 30: Reissue 800 shares of treasury stock for $21 per share.

10. Jan 31: Pay cash for salaries during January, $43,100.

11. Jan 31: Prepare the adjusting entry for utilities.

12. Jan 31: Prepare the adjusting entry for supplies.

13. Jan 31: Prepare the adjusting entry for depreciation.

14. Jan 31: Prepare the adjusting entry for income tax.

15. Jan 31: Prepare the closing entry for revenue.

16. Jan 31: Prepare the closing entry for expenses.

17. Jan 31: Prepare the closing entry for dividends.

-Income Statement-

Account Options:

• 0: No journal entry required
• 100: Cash
• 120: Accounts receivable
• 121: Allowance for uncollectible accounts
• 125: Note receivable
• 130: Interest receivable
• 135: Inventory
• 140: Supplies
• 145: Prepaid rent
• 160: Land
• 165: Equipment
• 166: Accumulated depreciation
• 167: Buildings
• 201: Accounts payable
• 205: Salaries payable
• 210: Utilities payable
• 215: Interest payable
• 220: Income tax payable
• 225: Dividends payable
• 230: Deferred revenue
• 235: Notes payable
• 310: Common stock
• 315: Treasury stock
• 320: Additional paid-in capital
• 330: Retained earnings
• 340: Dividends
• 400: Service revenue
• 410: Interest revenue
• 500: Cost of goods sold
• 505: Advertising expense
• 510: Depreciation expense
• 515: Supplies expense
• 520: Salaries expense
• 530: Utilities expense
• 535: Bad debt expense
• 540: Interest expense
• 545: Rent expense
• 550: Income tax expense

- Balance Sheet -

- 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. Unadjusted Grand Finale Fireworks Multiple-Step Income Statement For the Month ended January 31, 2018 Total revenue Total operating expenses 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, 2018 Assets Liabilities Current Assets: Current Liabilities: Total Current Assets Total Current Liabilities Stockholders' Equity Noncurrent Assets: Total Stockholders' Equity Total Assets Total Liabilities & Stockholders' Equity 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 2.30%, 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, 2018? The number of common shares outstanding as of January 31, 2018 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 $3.60 last year (i.e, an average of $0.30 per month), is earnings per share for January 2018 better or worse than last year's average? Earnings per share is: Is earnings per share for January 2018 better or worse than last year's average