On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit

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On January 1 2018 The General Ledger Of Grand Finale Fireworks Includes The Following Account Balances Accounts Debit 1 (59.11 KiB) Viewed 30 times

On January 1 2018 The General Ledger Of Grand Finale Fireworks Includes The Following Account Balances Accounts Debit 2 (44.9 KiB) Viewed 30 times

On January 1 2018 The General Ledger Of Grand Finale Fireworks Includes The Following Account Balances Accounts Debit 3 (25.78 KiB) Viewed 30 times

On January 1 2018 The General Ledger Of Grand Finale Fireworks Includes The Following Account Balances Accounts Debit 4 (33.35 KiB) Viewed 30 times

On January 1 2018 The General Ledger Of Grand Finale Fireworks Includes The Following Account Balances Accounts Debit 5 (18.9 KiB) Viewed 30 times

On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $43,200 Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals 45,500 8,000 69,000 January 29 $ 9,500 15,100 15,000 85,000 41,100 $165,700 $165,700 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, $15,600. January Purchase additional supplies on account, $5,400. 10 January 12 Repurchase 1,200 shares of treasury stock for $17 per share. January 15Pay cash on accounts payable, $17,000. January 21Provide services to customers for cash, $49,600. January Receive cash on accounts receivable, $17,100. 22 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 15,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.)

January 15Pay cash on accounts payable, $17,000. January 21Provide services to customers for cash, $49,600. January Receive cash on accounts receivable, $17,100. 22 January 29 January 30 Declare a cash dividend of $0.30 per share to all shares outstanding on January 29. The dividend is payable on February 15. ury stock $17 per share. (Hint: Grand Finale Fireworks had 15,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.) Reissue 800 shares of treasury stock for $19 per share. January 31Pay cash for salaries during January, $42,500. The following information is available on January 31, 2018. a. Unpaid utilities for the month of January are $6,700. b. Supplies at the end of January total $5,600. 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 $10,500. d. Accrued income taxes at the end of January are $2,500. Requirement General Journal General. Ledger Trial Balance Answer is not complete. Income Statement Balance Sheet Analysis

Date Jan 29 Account Title Dividends Dividends payable Debit Credit

Prepare the closing entry for dividends. Note: Enter debits before credits. Date Jan 31 Account Title Retained earnings Dividends Debit Credit

(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 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? better