PLease help. I don't understand how to do this. don't know what i am doing.
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Debit Credit Accounts $44,400 47,900 9,200 81,000 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings $ 10,700 16,300 17,000 97,000 41,500 $182,500 $182,500 Totals During January 2021, the following transactions occur: 2 Issue an additional 2,100 shares of $1 par value common stock for $42,000. 9 Provide services to customers on account, $19,300. January January January 10 Purchase additional supplies on account, $6, 600. January 12 Purchase 1,200 shares of treasury stock for $20 per share. January 15 Pay cash on accounts payable, $18,200 January 21 Provide services to customers for cash, $50,800. January 22 Receive cash on accounts receivable, $18,300. January 29 Declare a cash dividend of $0.20 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 17,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 500 shares of treasury stock for $22 per share. January 31 Pay cash for salaries during January, $43,700 The following information is available on January 31, 2021. a. Unpaid utilities for the month of January are $7,900 b. Supplies at the end of January total $6,800. 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 $11,700 d. Accrued income taxes at the end of January are $2,800. 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. Record issuance of an additional 2,100 shares of $1 par value common stock for $42,000. 2 Record the providing of services to customers on account, $19,300 Record purchase of additional supplies on account, $6,600 Record purchase of 1,200 shares of treasury stock for $20 per share. 4 Record payment of cash on accounts payable, $18,200. 6 Record the providing of services to customers for cash, $50,800 7 Record the receipt of cash on accounts receivable, $18,300 8 Record the declaration of a cash dividend of $0.20 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 17,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.) 9 Record the reselling of 500 shares of treasury stock for $22 per share. 10 Record the payment of cash for salaries during January, $43,700 11 Unpaid utilities for the month of January are $7,900. Prepare the adjusting entry for utilities. 12 Supplies at the end of January total $6,800. Prepare the adjusting entry for supplies. 13 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 $11,700. Prepare the adjusting entry for depreciation 13 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 $11,700. Prepare the adjusting entry for depreciation 14 Accrued income taxes at the end of January are $2,800. Prepare the adjusting entry for income taxes. 15 Record the closing entry for revenue. 16 Record the closing entry for expenses 17 Record the closing entry for dividends. Unadjusted Grand Finale Fireworks Multiple-Step Income Statement For the Month ended January 31, 2021 Total Revenue Total Operating Expenses Unadjusted Grand Finale Fireworks Classified Balance Sheet January 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Total Current Assets Total Current Liabilities Stockholders' Equity Noncurrent Assets: Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets 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 2.60%, 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, 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 (i.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: Is earnings per share for January 2021 better or worse than last year's average
