On January 1, 2024, 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 $ 43,600 46,300 8,400 73,000 Credit $ 9,900 15,500 19,000 89,000 37,900 $ 171,300 $171,300 During January 2024, the following transactions occur: January 2 Issue an additional 2,100 shares of $1 par value common stock for $42,000. January 9 Provide services to customers on account, $16,300. January 10 Purchase additional supplies on account, $5,800. January 12 Repurchase 1,200 shares of treasury stock for $22 per share. January 15 Pay cash on accounts payable, $17,400. January 21 Provide services to customers for cash, $50,000. January 22 Receive cash on accounts receivable, $17,500. 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 19,000 shares outstanding on January 1, 2024, and dividends are not paid on treasury stock.) January 30 Reissue 700 shares of treasury stock for $24 per share. January 31 Pay cash for salaries during January, $42,900. The following information is available on January 31, 2024. The following information is available on January 31, 2024. 1. Unpaid utilities for the month of January are $7,100. 2. Supplies at the end of January total $6,000. 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 $10,900. 4. Accrued income taxes at the end of January are $2,000. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. Note: If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8. 16 Issue an additional 2,100 shares of $1 par value common stock for $42,000. Note: Enter debits before credits. Date January 02 Account Title Debit Credit 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 ori your selection. Unadjusted General Ledger Account Cash No. Date Debit Credit Balance No. Jan 01 43,600 Datel December 31 Accounts receivable Debit Credit Balance 46,300 Supplies No. Date December 31 Accumulated depreciation Debit Credit Balance No. Date Equipment Debit Credit Balance 8,400 Jan 01 73,000 No. Date December 31 Debit Common stock No. Date Debit Credit Balance No. Date Credit Balance No. Date Accounts payable Debit Credit Balance 9,900 December 31 15,500 Paid-in capital-excess of par Debit Credit Balance 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 Cash 444444 777 Accounts receivable Supplies: Equipment Accumulated depreciation Accounts payable Common stock Paid-in capital-excess of par Retained earnings Total Freedom Fireworks Trial Balance January 31, 2024 Account Title Debit Credit $ 43,600 46,300 8,400 73,000 9,900 15,500 19,000 89,000 37,900 $ 171,300 $ 171,300 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare an income statement for the period ended January 31, 2024. Choose the appropriate accounts to company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each acc selection. Unadjusted Total revenue Freedom Fireworks Multiple-Step Income Statement For the Month ended January 31, 2024 Total operating expenses $ 0 0 0 $ 0 Requirement General Journal General Ledger Trial Balance Income Statement Balands Sheet Analysis Prepare a classified balance sheet as of January 31, 2024. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Assets Current Assets: Freedom Fireworks Classified Balance Sheet January 31, 2024 Current Liabilities: Liabilities Total Current Assets 0 Total Current Liabilities 0 Noncurrent Assets: Stockholders' Equity Requirement General Journal General Ledger Trial Balance Income Statement. Balance Sheet Analysis Using the information from the requirements above, complete the 'Analysis'. Note: Round "Return on Equity" value to 1 decimal place and "Earnings per share" value to 2 decimal places. Analyze the following for Freedom Fireworks: (a) Calculate the return on equity for the month of January. If the average return on equity for the industry for January is 2.4%, 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, 2024? The number of common shares outstanding as of January 31, 2024 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 $2.4 last year (i.e., an average of $0.2 per month), is earnings per share for January 2024 better or worse than last year's average? Earnings per share is: Is earnings per share for January 2024 better or worse than last year's average?