On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Paid-in Capital-Excess of Par Retained Earnings Totals Debit Credit $ 42,800 44,700 7,600 65,000 $ 9, 100 14,700 11, eee 81,000 44,300 $160,100 $160,100 During January 2021, the following transactions occur January 2 Issue an additional 2,800 shares of $1 par value conmon stock for $40,000. January 9 Provide services to customers on account, $14, eee. January 10 Purchase additional supplies on account, $5,eee. January 12 Repurchase 1,100 shares of treasury stock for $19 per share. January 15 Pay cash on accounts payable, $16,6ee. January 21 Provide services to customers for cash, $49,200. January 22 Receive cash on accounts receivable, $16,700. January 29 Declare a cash dividend of $0.40 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Freedom Fireworks had 11,eee shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 3e Reissue 8ee shares of treasury stock for $21 per share. January 31 Pay cash for salaries during January, $42,180. The following information is available on January 31, 2021 January 29 Declare a cash dividend of $0.40 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Freedom Fireworks had 11,eee shares outstanding on January 1, 2021, and dividends 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, $42,100. The following information is available on January 31, 2021. 1. Unpaid utilities for the month of January are $6,300. 2. Supplies at the end of January total $5,200. 3. Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipme purchased, the company estimated a service life of three years and a residual value of $10,100. 4. Accrued income taxes at the end of January are $2,100. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry require in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 ..... 16 Issue an additional 2,000 shares of $1 par value common stock for $40,000. Note: Enter debits before credits Date Account Title Debit Credit Jan 02 General Ledger Account Cash Debit Accounts receivable Debit Credit Credit Balance Balance Date Jan 01 Date Dec 31 42.800 44.700 Supplies Equipment Debit Debit Credit Balance Credit Date Dec 31 Date Jan 01 65,000 Accumulated depreciation Debit Credit Accounts payable Debit Credit Date Balance Date Balance 14.700 Dec 31 Dec 31 Common stock Debit Credit Paid in capital excess of par Debit Credit Date Dec 31 Date Balance Balance Retained earnings Debit Credit Date Freedom Fireworks Trial Balance January 31, 2021 Account Title Debit Credit cach 42.800 44,700 7,600 65,000 Accounts receivable Supplies Equipment Accumulated depreciation Accounts payable Common stock paid in capitalcoss of par Retained earnings Total 9,100 14,700 11,000 81,000 44,300 160 100 $ 160,100 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare an income statement for the period ended January 31, 2021. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on selection Unadjusted Freedom Fireworks Multiple-Step Income Statement For the Month ended January 31, 2021 Total revenue Total operating expenses Unadjusted - Freedom Fireworks Classified Balance Sheet January 31, 2021 Assets Liabilities Current Assets Current Liabilities Total Current Assets Noncurrent Assets Total Current Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabetes & Stockholders' Equity Total Assets Using the information from the requirements above, complete the 'Analysis'. (Round "Return on Equity value to 1 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 retum on equity for the industry for January is 2.4%, 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) Calculo bags por 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 ) It earnings per she was $24 last year , an average of $02 per month), is eaming per Share for January 2021 better or worse than last year's average ? Earings por share is Is earnings por share for January 2021 batter or worse than last year's everage?