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On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 43,800 46,700 8,600 75,000 $ 10,100 15,700 11,000 91,000 46,300 $174,100 $174,100 During January 2021, 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, $16,700. January 10 Purchase additional supplies on account, $6,000. January 12 Purchase 1,300 shares of treasury stock for $19 per share. January 15 Pay cash on accounts payable, $17,600. January 21 Provide services to customers for cash, $50,200. January 29 Declare a cash dividend of $0.30 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 11,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 800 shares of treasury stock for $21 per share. January 31 Pay cash for salaries during January, $43, 100. The following information is available on January 31, 2021. a. Unpaid utilities for the month of January are $7,300. b. Supplies at the end of January total $6,200. 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 $11,100. d. Accrued income taxes at the end of January are $2,200. Jan 31 7,300 Utilities Expense Utilities Payable 7,300 Jan 31 6,200 Supplies Expense Supplies 6,200 X Jan 31 1,775 Depreciation Expense Accumulated Depreciation 1,775 14 Jan 31 o 2,200 Income Tax Expense Income Tax Payable 2,200 Jan 31 66,900 Service Revenue Cash 66,900 16 Jan 31 60,575 X Cash Salaries Expense Utilities Expense Supplies Expense Income Tax Expense Depreciation Expense 43,100 7,300 6,200 2,200 1,775 17 Jan 31 3,510 Retained Earnings Dividends Payable 3,510 Multiple-Step Income Statement For the Month ended January 31, 2021 Service Revenue 66,900 $ 66,900 * 43,100 2,200 6,200 Total Revenue Salaries Expense Income Tax Expense Supplies Expense Utilities Expense Depreciation Expense Total Operating Expenses Income Before Taxes Income Tax Expense Net Income 7,300 1,775 Sole 60,575 6,325 2,200 4,125 $ Answer is complete but not entirely correct. 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 return on equity for the industry for January is 2.30%, is the company more or less profitable than other companies in the same industry? The return on equity is: 2.2 % Is the company more or less profitable than other companies? Less X (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 13,000 X (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 2021 better or worse than last year's average? Earnings per share is: $ 0.34 Is earnings per share for January 2021 better or worse than last year's average? better Balance Sheet Analysis >
