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thank you. anyone help me Required information Exercise 10-17 Complete the accounting cycle using stockholders' equity transactions (LO10-2, 10-4, 10-5, 108) [The following information applies
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Required information Exercise 10-17 Complete the accounting cycle using stockholders' equity transactions (LO10-2, 10-4, 10-5, 108) [The following information applies to the questions displayed below] On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: During January 2021, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value conmon stock for $40,000. January 9 Provide services to customers on account, $18,800. January 18 Purchase additional supplies on account, $6,500. January 12 Purchase 1,180 shares of treasury stock for $19 per share. January 15 Pay cash on accounts payable, $18,100. January 21 Provide services to custoners for cash, $50,780. January 22 Receive cash on accounts receivable, $18,200. January 29 Declare a cash dividend of $0.28 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 16,00e shares outstanding on January 1,2021 , and dividends are not paid on treasury stock.) January 36 Resel1 700 shares of treasury stock for $21 per share. January 31 Pay cash for salaries during January, $43,600. a. Unpaid utilities for the month of January are $7.800. b. Supplies at the end of January total $6,700. 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 $11,600.. d. Accrued income taxes at the end of January are $2,700. 3. Prepare an adjusted trial balance as of January 31,2021. 4. Prepare an income statement for the period ended January 31,2021. 5. Prepare a classified balance sheet as of January 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) 6. Record closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the closing entry for revenue accounts. Note: Enter debits before credits, 7. Analyze the following for Grand Finale Fireworks: a-1. Calculate the return on equity for the month of January. a-2. If the average return on equity for the industry for January is 2.5%, is the company more or less profitable than cher companies in the same industry? More profitable Less profitable b. How many shares of common stock are outstanding as of January 31,2021 ? c-1. 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.). c-2. If earnings per share was $2.40 last year (i.e., an average of $2.40 per month), is earnings per share for January 2021 better or worse than last year's average? Better Worse Step by Step Solution
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