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Please help compute General ledger, Income Statement, Balance Sheet and Analysis This is what i have so far for the General Journal : The following
Please help compute General ledger, Income Statement, Balance Sheet and Analysis
This is what i have so far for the General Journal :
The following entries are missing 12 - 17:
Income Statement:
Balance Sheet:
Analysis:
Thank you so much!!
On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances: Credit Debit $ 44,000 47,100 8,800 77,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings $ 10,300 15,900 13,000 93,000 44,700 Totals $176,900 $176,900 During January 2018, 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, $17,900. January Purchase additional supplies on account, $6,200. 10 January 12Repurchase 1,000 shares of treasury stock for $20 per share. January 15 Pay cash on accounts payable, $17,800. January 21Provide services to customers for cash, $50,400. January 22 Receive cash on accounts receivable, $17,900. January Declare a cash dividend of $0.20 per share to all shares outstanding on 29 January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 13,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.) January 30 Reissue 600 shares of treasury stock for $22 per share. January 31Pay cash for salaries during January, $43,300. The following information is available on January 31, 2018. 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 straight-line 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 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 X No Date Account Title Debit Credit Jan 02 40.000 Cash Common stock 2,000 Additional paid-in capital 38.000 2 Jan 09 Accounts receivable 17.900 Service revenue 17,900 3 Jan 10 6.200 Supplies Accounts payable 6.200 4 Jan 12 Treasury stock 20.000 Cash 20.000 5 Jan 15 17.800 Accounts payable Cash 17.800 6 Jan 21 Cash 50.400 Service revenue 50.400 7 Jan 22 Cash 17.900 Accounts receivable 17.900 Jan 20 Retained earnings Dividends payable 9 Jan 30 13,200 Cash Treasury stock Additional paid-in capital 12.000 1.200 10 Jan 31 Salaries expense 43,300 Cash 43,300 11 Jan 31 No Transaction Recorded View transaction list View journal entry worksheet X Debit Credit 40,000 10 Pay cash for salaries during January, $43,300. 2,000 38,000 11 Prepare the adjusting entry for utilities. 17,900 12 Prepare the adjusting entry for supplies. 17,900 13 Prepare the adjusting entry for depreciation. 6,200 14 Prepare the adjusting entry for income tax. 6,200 15 Prepare the closing entry for revenue. 20,000 20,000 16 Prepare the closing entry for expenses. 17,800 17 Prepare the closing entry for dividends. Note : journal entry has been entered 17,800 6 Jan 21 50,400 Cash Service revenue 50,400 7 Jan 22 17,900 Cash Accounts receivable 17,900 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. Unadjusted Grand Finale Fireworks Multiple-Step Income Statement For the Month ended January 31, 2018 Total revenue S 0 Total operating expenses 0 0 S 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. Unadjusted Grand Finale Fireworks Classified Balance Sheet January 31, 2018 Assets Liabilities S 4,300 Current Assets: Cash Accounts receivable Supplies Current Liabilities: 84,400 Accounts payable 47,100 Dividends payable 15,000 Utilities payable Income tax payable 0 0 0 Total Current Assets 146,500 Total Current Liabilities 4,300 Noncurrent Assets Equipment Accumulated depreciation Stockholders' Equity 77,000 Retained earnings (10,300) Common stock Additional paid-in capital Treasury stock Dividends Total Stockholders' Equity $ 213,200 Total Liabilities & Stockholders' Equity 44,700 15,000 132,200 (8,000) 0 183,900 188,200 Total Assets S Income Statement Analysis > 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 retum 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, 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 $3.60 last year (i.e., an average of $0.30 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? View transaction list View journal entry worksheet X Debit Credit 40,000 10 Pay cash for salaries during January, $43,300. 2,000 38,000 11 Prepare the adjusting entry for utilities. 17,900 12 Prepare the adjusting entry for supplies. 17,900 13 Prepare the adjusting entry for depreciation. 6,200 14 Prepare the adjusting entry for income tax. 6,200 15 Prepare the closing entry for revenue. 20,000 20,000 16 Prepare the closing entry for expenses. 17,800 17 Prepare the closing entry for dividends. Note : journal entry has been entered 17,800 6 Jan 21 50,400 Cash Service revenue 50,400 7 Jan 22 17,900 Cash Accounts receivable 17,900 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. Unadjusted Grand Finale Fireworks Multiple-Step Income Statement For the Month ended January 31, 2018 Total revenue S 0 Total operating expenses 0 0 S 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. Unadjusted Grand Finale Fireworks Classified Balance Sheet January 31, 2018 Assets Liabilities S 4,300 Current Assets: Cash Accounts receivable Supplies Current Liabilities: 84,400 Accounts payable 47,100 Dividends payable 15,000 Utilities payable Income tax payable 0 0 0 Total Current Assets 146,500 Total Current Liabilities 4,300 Noncurrent Assets Equipment Accumulated depreciation Stockholders' Equity 77,000 Retained earnings (10,300) Common stock Additional paid-in capital Treasury stock Dividends Total Stockholders' Equity $ 213,200 Total Liabilities & Stockholders' Equity 44,700 15,000 132,200 (8,000) 0 183,900 188,200 Total Assets S Income Statement Analysis > 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 retum 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, 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 $3.60 last year (i.e., an average of $0.30 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?Step by Step Solution
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