record the entry to close the revenue accounts for jan 31

record the entry to close the expense account

for jan 31

record the entry to close the dividends account for january 31

prepare a income statement

prepare a balance sheet

During January 2024, the following transactions occur: January 2 Issue an additional 2,16e shares of $1 par value common stock for $42,000. January 9 Provide services to customers on account, $19,300. 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, $18,360. 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 Finate Fireworks had 17,000 shares outstanding on January 1, 2024, 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 sataries during January, $43,700. The following information is available on January 31,2024. 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 straight-line method. At the time the equipment was purchased, the company estimated a service life of three years and a residual value of $11,700. d. Accrued income taxes at the end of January are $2.800. Analyze the following for Grand Finale Fireworks: (a) Calculate the retum 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 proftable 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 slock are outstanding as of January 31,2024 ? The number of common shares outstanding as of January 31,2024 is (c) Calculate earnings per share for the month of January. (Hint. To calculate average shares of common stock outstanding take the beginning shares outatanding plus the ending shares outatanding and divide the total by 2.) If earnings per share was $2.40 last year (i.e., an average of $0.20 per month), ts eamings per share for January 2024 better or worse than last year's average? Eamings per share is: Is earnings per share for January 2024 better or worse than last year's average? During January 2024, the following transactions occur: January 2 Issue an additional 2,16e shares of $1 par value common stock for $42,000. January 9 Provide services to customers on account, $19,300. 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, $18,360. 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 Finate Fireworks had 17,000 shares outstanding on January 1, 2024, 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 sataries during January, $43,700. The following information is available on January 31,2024. 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 straight-line method. At the time the equipment was purchased, the company estimated a service life of three years and a residual value of $11,700. d. Accrued income taxes at the end of January are $2.800. Analyze the following for Grand Finale Fireworks: (a) Calculate the retum 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 proftable 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 slock are outstanding as of January 31,2024 ? The number of common shares outstanding as of January 31,2024 is (c) Calculate earnings per share for the month of January. (Hint. To calculate average shares of common stock outstanding take the beginning shares outatanding plus the ending shares outatanding and divide the total by 2.) If earnings per share was $2.40 last year (i.e., an average of $0.20 per month), ts eamings per share for January 2024 better or worse than last year's average? Eamings per share is: Is earnings per share for January 2024 better or worse than last year's average