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please answer all of the fill in the blanks and viewable on iphone On January 1, 2021, the general ledger of Grand Finale Fireworks includes
please answer all of the fill in the blanks and viewable on iphone
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $ 44,888 Accounts Receivable 47.100 Supplies 8,800 Equipment 77,000 Accumulated Depreciation $ 10,300 Accounts Payable 15,900 Common Stock, $1 par value 13,000 Additional Paid-in Capital 93,000 Retained Earnings 44,700 Totals $176,900 $176,90 aces During January 2021, the following transactions occur January 2 Issue an additional 2,800 shares of $1 par value common stock for $40,000. January 9 Provide services to customers on account, $17,900. January 10 Purchase additional supplies on account, $6,200. January 12 Purchase 1,000 shares of treasury stock for $20 per share. January 15 Pay cash on accounts payable, $17,800. January 21 Provide services to customers for cash, $50,400. January 22 Receive cash on accounts receivable, $17,900. January 29 Declare a cash dividend of $0.20 per share Ito all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 13,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 600 shares of treasury stock for $22 per share. January 31 Pay cash for salaries during January, $43,300. The following information is available on January 31, 2021. a. Unpaid utilities for the month of January are $7,500. b. Supplies at the end of January total $6,400. 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 $11,300. d. Accrued income taxes at the end of January are $2,400. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as Items 1 - 10) assuming a FIFO perpetual inventory system. Review the 'General Ledger' and the Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on January 31. In the 'General Journal' tab (these are shown as items 11-14). 3. Review the adjusted Trial Balance' as of January 31, 2021, in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended January 31, 2021, in the 'Income statement' tab. 5. Prepare a classified balance sheet as of January 31, 2021, in the Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 15-17). 7. Using the information from the requirements above, complete the 'Analysis' tab. 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 Post-closing ook General Ledger Account int ences Cash Accounts Receivable Debit Credit No. Debit Credit No. Date Balance 47,100 65,000 47.100 1 40,000 2 17.900 Jan 09 Jan 22 4 7 17.900 Date Dec 31 Jan 02 Jan 12 Jan 15 Jan 21 Jan 22 Jan 30 Jan 31 20,000 17,800 5 Balance 44,000 84,000 64,000 46,200 96,600 114,500 127,700 84,400 6 7 awa 50,400 17,900 13,200 9 10 43,300 Equipment Supplies Debit Credit No. Debit Credit No. Balance 77,000 Date Dec 31 Balance 8,800 Date Dec 31 Supplies Debit Equipment No. Credit No. Debit Credit Date Dec 31 Jan 10 Jan 31 Balance 8,800 15,000 6,400 Date Dec 31 Balance 77,000 3 6,200 2 12 8,600 Accumulated Depreciation Debit Credit No. Date Accounts Payable Debit Credit No. Date Balance 10,300 12,125 13 Jan 31 1,825 3 Balance 15,900 22,100 4,300 Jan 10 Jan 15 6,200 5 17.800 Utilities Payable Income Tax Payable No. Date Debit Credit No. Date Debit Credit Balance Balance 0 7,500 0 4 11 Jan 31 7,500 14 Jan 31 2.400 2,400 Common Stock Dividends Payable Debit Credit No. Date Balance No. Date Debit Credit 0 Balance 13,000 15,000 8 Jan 29 2,800 2,800 1 Jan 02 2.000 Treasury Stock Additional Pald-in Capital Additional Pald-In Capital Treasury Stock Debit Credit No. Date No. Date Debit Credit 20,000 Balanco 0 20,000 8.000 4 Jan 12 Jan 30 Balance 93,000 131,000 132,200 9 Jan 02 Jan 30 12.000 9 38.000 1,200 Dividends Retained Earnings Debit Credit No. Date Debit Credit Balance 0 68,300 Date Dec 31 Jan 29 Jan 31 15 16 17 Balance No. 44.700 113,000 8 49,375 17 46,575 2,800 Jan 31 Jan 31 Jan 31 2,800 0 2.800 63,625 2,800 Service Revenue Depreciation Expense Debit Credit No. Date Debit Credit Balance No. Date 0 Balance 0 1,825 0 2 1,825 Jan 09 Jan 21 Jan 31 17.900 50,400 17,900 68,300 0 13 16 6 Jan 31 Jan 31 1,825 15 68,300 Supplies Expense Salaries Expense Debit Credit No. Date Debit Credit Balance No. Date Balance 0 o Grand Finale Fireworks Trial Balance January 31, 2021 Account Title Debit Credit $ 84,400 47,100 6,400 77,000 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Income Tax Payable Dividends Payable Common Stock Treasury Stock Additional Paid-in Capital Retained Earnings Total 12,125 4,300 7,500 2,400 2,800 15,000 8,000 132,200 46,575 222,900 222,900 $ 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 Post-closing Grand Finale Fireworks Multiple-Stop Income Statement For the Month ended January 31, 2021 nces Total Revenue $ 0 Total Operating Expenses 0 0 $ 0 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. Post-closing 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 Requirement General General Income Journal Trial Balance Ledger 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? ook nt The return on equity is: % ances 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 (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 earings per share was $3.60 last year (.e. an average of $0.30 per month), is earings per share for January 2021 better or worse than last year's average? Earnings per share is Is earnings per shate for January 2021 better or worse than last year's average Step by Step Solution
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