- On January 1 2018 The General Ledger Of Grand Finale Fireworks Includes The Following Account Balances Accounts Debit 1 (18.08 KiB) Viewed 8 times
- On January 1 2018 The General Ledger Of Grand Finale Fireworks Includes The Following Account Balances Accounts Debit 2 (39.28 KiB) Viewed 8 times
- On January 1 2018 The General Ledger Of Grand Finale Fireworks Includes The Following Account Balances Accounts Debit 3 (55.97 KiB) Viewed 8 times
During January 2018, the following transactions occur: January 2 Issue an additional 2,200 shares of $1 par value common stock for $44,000. January 9 Provide services to customers on account, $18,300. January Purchase additional supplies on account, $6,400. 10 January 12Repurchase 1,000 shares of treasury stock for $22 per share. January 15Pay cash on accounts payable, $18,000. January 21Provide services to customers for cash, $50.600. January 22 January 29 Receive cash on accounts receivable, $18,100. 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 30 Reissue 900 shares of treasury stock for $24 per share. January 31Pay cash for salaries during January, $43,500. 4 The following information is available on January 31, 2018. a. Unpaid utilities for the month of January are $7,700. b. Supplies at the end of January total $6,600. 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 $11,500. d. Accrued income taxes at the end of January are $2,600.
General Journal Income Statement 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? Requirement The return on equity is: General Ledger Trial Balance Is the company more or less profitable than other companies? (b) How many shares of common stock are outstanding as of January 31, 2018? The number of common shares outstanding as of January 31, 2018 is Balance Sheet Earnings per share is: is earnings per share for January 2018 better or worse than last year's average? < Balance Sheet Analysis (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? Analysis > %