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please answer with full general journal, trial balance, income statement, balance sheet, and analysis. During January 2021, the following transactions occur. January 2 Issue an
please answer with full general journal, trial balance, income statement, balance sheet, and analysis.
During January 2021, the following transactions occur. January 2 Issue an additional 2,600 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 $8.30 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. Analysis Balance Sheet Income Statement General Ledger Trial Balance General Journal Requirement If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. 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-Step Income Statement For the Month ended January 31, 2021 $ Service Revenue 0 $ 0 0 fotal Revenue Salaries Expense Utilities Expense Supplies Expense Depreciation Expense O O O O Total Operating Expenses Income Before Taxes Income Tax Expense Net Income OOOO $ Grand Finale Fireworks Classified Balance Sheet January 31, 2021 Assets Liabilities Current Assets: Current Liabilities: GA $ Cash Accounts Receivable Supplies 85,200 44,000 5,600 Accounts Payable Dividends Payable Income Tax Payable Utilities Payable . 3,500 4,740 2,500 6,700 134,800 17,440 Total Current Assets Noncurrent Assets: Equipment Accumulated Depreciation 69,000 (11,125) Total Current Liabilities Stockholders' Equity Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings 97 30,600 124,600 (20,400) 40,435 Total Stockholders' Equity Total Liabilities & Stockholders' Equity 175,235 192,675 $ 192,675 Total Assets $ 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 retum on equity is: 2.1% is the company more or less profitable than her companies? Less (b) How 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 (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: es per share for January 2021 better or worse than last year's average? Step by Step Solution
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