Please answer ALL question in bold (1-6)
1. Record each of the transactions listed above. 2. Record the adjusting entries on January 31, 2018, for the above transactions. 3. Prepare an adjusted trial balance as of January 31, 2018. 4. Prepare a multiple-step income statement for the period ended January 31, 2018. 5. Prepare a classified balance sheet as of January 31, 2018. 6. Record closing entries.
1. valuc: 100.00 points On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances: Credit nts. Ceah Scbunts Receivable Equipment 70,000 reciation Arcounts Pavable E 000 ue Addilional Paidin Canital Retained Earnings 40,300 Totals $167,100 $167.100 During January 2018, the following transactions occur: ar value common stock r$40,000 lenueor Provide services to customers on account, $16,100. cha 1 300 sharas of troasury stock for $19 per share. andary January 15 Pay cn dau for cash $49.700. January 22 Receive cash on accounts receivable, $17,200. January 2 e e Fabau share to all shares outstanding on January 29. The (Hint Gra not peid on trepaun. shares outstanding on January 1, 2018 and January 30 Reissue B00 shares of treasury stock for $21 per share. January Pay cash for salaries during January, $42,600. The following information is available on January 31, 2018. the month of January are $6.800. a. Unpaid utilities th January is calculated using the straight-line method., At the time the equipment was purchased, the company estimated a service life of three vears and a residual value of $10.600. the end of January are $2,600 d. Accrued income taxes General Journal General Income Trial Balance Balance Sheet Analysis Requirement Ledger Statement 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, 2018, in the 'Trial Balance' tab 4. Prepare a multiple-step income statement for the period ended January 31, 2018, in the 'Income statement' tab 5. Prepare a classified balance sheet as of January 31, 2018, 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. General General Income Requirement Trial Balance Balance Sheet Analysis Journal Statement Ledger 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 Account Title No Date Debit Credit Cash Jan 02 40,000 1 Common stock 2,000 Additional paid-in capital 38,000 Accounts receivable 2 Jan 09 16,100 Service revenue 16,100 3 Jan 10 Supplies 5,500 Accounts payable 5,500 4 Jan 12 Treasury stock 24,700 Cash 24,700 Accounts payable Jan 15 17,100 5 17,100 Cash 6 Jan 21 49,700 Cash 49,700 Service revenue 7 Jan 22 Cash 17,200 Accounts receivable 17,200 Jan 29 8 Dividends 7,200 Dividends payable 7,200 Jan 30 16,800 Cash Treasury stock 15,200 Additional paid-in capital 1,600 Salaries expense 10 42,600 Jan 31 Cash 42,600 9 Jan 30 Cash 16,800 Treasury stock 15,200 Additional paid-in capital 1,600 Salaries expense 10 Jan 31 42,600 Cash 42,600 Utilities expense 11 Jan 31 6,800 Utilities payable 6,800 12 Jan 31 Supplies expense 7,900 Supplies 7,900 13 Jan 31 Depreciation expense 1,650 Accumulated depreciation 1,650 14 2,600 Jan 31 Income tax expense Income tax payable 2,600 15 Service revenue Jan 31 16 Supplies expense Jan 31 Salaries expense Utilities expense Depreciation expense Income tax expense Journal entry worksheet 14 12 10 13 15 16 17 1 11 Prepare the closing entry for revenue. Note: Enter debits before credits. Debit Date Account Title Credit Service revenue Jan 31 > 12 13 14 16 1 10 11 15 17 Prepare the closing entry for expenses. Note: Enter debits before credits. Date Account Title Debit Credit Supplies expense Jan 31 Salaries expense Utilities expense Depreciation expense Income tax expense 12 16 10 13 1 11 14 15 17 Prepare the closing entry for dividends Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 General General Income Requirement Trial Balance Balance Sheet Analysis Journal Ledger Statement 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. Adjusted Grand Finale Fireworks Trial Balance January 31, 2018 Account Title Debit Credit Cash $ 82,600 Accounts receivable 44,600 Supplies 5,700 Equipment 70,000 Accumulated depreciation 11,250 Accounts payable 3,600 Utilities payable 6,800 Income tax payable 2,600 Dividends payable 7,200 Common stock 18,000 9,500 Treasury stock Additional paid-in capital 125,600 Retained earnings 40,300 Dividends 7,200 Service revenue 65,800 Depreciation expense Supplies expense Salaries expense 1,650 7,900 42,600 Utilities expense 6,800 Income tax expense 2,600 Total 281,150 $ 281,150 General General Income Requirement Trial Balance Balance Sheet Analysis Statement Journal Ledger 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 Adjusted Grand Finale Fireworks Multiple-Step Income Statement For the Month ended January 31, 2018 s Service revenue 65,800 Total revenue $ 65,800 Total operating expenses 0 65,800 65,800 General Journal General Income Balance Sheet Trial Balance Requirement Analysis Ledger Statement 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. Adjusted Grand Finale Fireworks Classified Balance Sheet January 31, 2018 Liabilities Assets Current Assets: Current Liabilities: Total Current Assets Total Current Liabilities 0 0 Stockholders' Equity Noncurrent Assets: Total Stockholders' Equity 0 Total Liabilities & Stockholders' Equity 0 Total Assets A General Journal General Income Trial Balance Balance Sheet Analysis Requirement Ledger Statement 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 2.40%, is the company more or less profitable than other companies in the same industry? The return on equity is: s 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 $2.40 last year (i.e., an average of $0.20 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
