On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:

Accounts	Debit			Credit
Cash	$	43,200
Accounts Receivable		45,500
Supplies		8,000
Equipment		69,000
Accumulated Depreciation				$	9,500
Accounts Payable					15,100
Common Stock, $1 par value					15,000
Additional Paid-in Capital					85,000
Retained Earnings					41,100
Totals	$	165,700		$	165,700

During January 2021, 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, $15,600.
January		10		Purchase additional supplies on account, $5,400.
January		12		Purchase 1,200 shares of treasury stock for $17 per share.
January		15		Pay cash on accounts payable, $17,000.
January		21		Provide services to customers for cash, $49,600.
January		22		Receive cash on accounts receivable, $17,100.
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 15,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.)
January		30		Resell 800 shares of treasury stock for $19 per share.
January		31		Pay cash for salaries during January, $42,500.

The following information is available on January 31, 2021.

1. Unpaid utilities for the month of January are $6,700.
2. Supplies at the end of January total $5,600.
3. 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 $10,500.
4. Accrued income taxes at the end of January are $2,500

Transaction List:

• 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, $15,600.

• 3

  Record purchase of additional supplies on account, $5,400.

• 4

  Record purchase of 1,200 shares of treasury stock for $17 per share.

• 5

  Record payment of cash on accounts payable, $17,000.

• 6

  Record the providing of services to customers for cash, $49,600.

• 7

  Record the receipt of cash on accounts receivable, $17,100.

• 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 15,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.)

• 9

  Record the reselling of 800 shares of treasury stock for $19 per share.

• 10

  Record the payment of cash for salaries during January, $42,500.

• 11

  Unpaid utilities for the month of January are $6,700. Prepare the adjusting entry for utilities.

• 12

  Supplies at the end of January total $5,600. 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 $10,500. Prepare the adjusting entry for depreciation.

• 14

  Accrued income taxes at the end of January are $2,500. 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.

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 $ 43,200 45,500 8,000 69,000 $ 9,500 15,100 15,000 85,000 41,100 $165,700 $165,700 During January 2021, 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, $15,600. January 10 Purchase additional supplies on account, $5,400. January 12 Purchase 1,200 shares of treasury stock for $17 per share. January 15 Pay cash on accounts payable, $17,000. January 21 Provide services to customers for cash, $49,600. January 22 Receive cash on accounts receivable, $17,100. 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 15,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 800 shares of treasury stock for $19 per share. January 31 Pay cash for salaries during January, $42,500. The following information is available on January 31, 2021. a. Unpaid utilities for the month of January are $6,700. b. Supplies at the end of January total $5,600. 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 $10,500. d. Accrued income taxes at the end of January are $2,500. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. View transaction list View journal entry worksheet No Date Account Title Debit Credit 17 Jan 31 No Transaction Recorded Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted General Ledger Account Cash Accounts Receivable Debit Credit No. Debit Credit No. Date Date Dec 31 Balance 43,200 Balance 45,500 Supplies Debit Equipment Debit No. Credit No. Credit Date Dec 31 Balance 8,000 Date Dec 31 Balance 69,000 Accumulated Depreciation Debit Credit Accounts Payable Debit Credit No. Date No. Date Balance 9,500 Balance 15,100 Common Stock Additional Paid-in Capital Debit Credit No. Date Debit Credit No. Date Balance 15,000 Balance 85,000 Retained Earnings Debit Credit No. Date Balance 41,100 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Unadjusted Grand Finale Fireworks Trial Balance January 31, 2021 Account Title Debit Credit Cash $ 43,200 Accounts Receivable 45,500 Supplies 8,000 Equipment 69,000 Accumulated Depreciation 9,500 Accounts Payable 15,100 Common Stock 15,000 Additional Paid-in Capital 85,000 Retained Earnings 41,100 Total 165,700 $ 165,700 $ Requirement General Journal General Ledger Trial Balance Income Statement 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, 2021 Total Revenue Total Operating Expenses Requirement General Journal 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 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: Total Current Assets Noncurrent Assets: Total Current Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 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: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 43,200 45,500 8,000 69,000 $ 9,500 15,100 15,000 85,000 41,100 $165,700 $165,700 During January 2021, 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, $15,600. January 10 Purchase additional supplies on account, $5,400. January 12 Purchase 1,200 shares of treasury stock for $17 per share. January 15 Pay cash on accounts payable, $17,000. January 21 Provide services to customers for cash, $49,600. January 22 Receive cash on accounts receivable, $17,100. 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 15,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 800 shares of treasury stock for $19 per share. January 31 Pay cash for salaries during January, $42,500. The following information is available on January 31, 2021. a. Unpaid utilities for the month of January are $6,700. b. Supplies at the end of January total $5,600. 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 $10,500. d. Accrued income taxes at the end of January are $2,500. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. View transaction list View journal entry worksheet No Date Account Title Debit Credit 17 Jan 31 No Transaction Recorded Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted General Ledger Account Cash Accounts Receivable Debit Credit No. Debit Credit No. Date Date Dec 31 Balance 43,200 Balance 45,500 Supplies Debit Equipment Debit No. Credit No. Credit Date Dec 31 Balance 8,000 Date Dec 31 Balance 69,000 Accumulated Depreciation Debit Credit Accounts Payable Debit Credit No. Date No. Date Balance 9,500 Balance 15,100 Common Stock Additional Paid-in Capital Debit Credit No. Date Debit Credit No. Date Balance 15,000 Balance 85,000 Retained Earnings Debit Credit No. Date Balance 41,100 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Unadjusted Grand Finale Fireworks Trial Balance January 31, 2021 Account Title Debit Credit Cash $ 43,200 Accounts Receivable 45,500 Supplies 8,000 Equipment 69,000 Accumulated Depreciation 9,500 Accounts Payable 15,100 Common Stock 15,000 Additional Paid-in Capital 85,000 Retained Earnings 41,100 Total 165,700 $ 165,700 $ Requirement General Journal General Ledger Trial Balance Income Statement 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, 2021 Total Revenue Total Operating Expenses Requirement General Journal 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 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: Total Current Assets Noncurrent Assets: Total Current Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 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