Answer the following 6 RECORD THE CLOSING ENTIRES FOR REVENUE ACCOUNTS EXPENSE ACCOUNTS DIVIDENT ACCOUNTS 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 other companies in the same industry b How many shares of common stock are outstanding as of January 31, Year 1 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 Year 1 better or worse than last years average Required information (The following information applies to the questions displayed below ) On January 1, Year 1, the general ledger of a company includes the following account balances Supplies Accounts Cash Accounts Receivable Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid in Capital Retained Earnings Totals Debit Credit $ 43,200 45,500 8,000 69,000 $ 9,500 15, 100 15,000 85,000 41,100 $165,700 $165,700 During January Year 1, 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 10 Purchase additional supplies on account, $5,400 January 12 Purchase 1,200 shares of treasury stock for $17 per share January 15 Pay cash on accounts payable, $17,000 January 21 Provide services to customers for cash, $49,600 January 22 Receive cash on accounts receivable, $17,100 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 The company had 15,000 shares outstanding on January 1, Year 1, and dividends are not paid on treasury stock ) January 30 Resell 800 shares of treasury stock for $19 per share January 31 Pay cash for salaries during January, $42,500 6 Record closing entries (If no entry is required for a transaction event, select No journal entry required in the first account field ) View transaction list Journal entry worksheet Record the closing entry for revenue accounts Note Enter debits before credits Date General Journal Debit Credit January 31 Record entry Clear entry View general journal During January Year 1, 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 10 Purchase additional supplies on account, $5,400 January 12 Purchase 1,200 shares of treasury stock for $17 per share January 15 Pay cash on accounts payable, $17,000 January 21 Provide services to customers for cash, $49,600 January 22 Receive cash on accounts receivable, $17,100 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 The company had 15,000 shares outstanding on January 1, Year 1, and dividends are not paid on treasury stock ) January 30 Resell 800 shares of treasury stock for $19 per share January 31 Pay cash for salaries during January, $42,500 7 Analyze the following for the company a 1 Calculate the return on equity for the month of January Return on Equity Ratio Choose Denominator Choose Numerator Return on Equity Ratio Return on equity a 2 If the average return on equity for the industry for January is 2 5 , is the company more or less profitable than other companies in the same industry More profitable Less profitable b How many shares of common stock are outstanding as of January 31, Year 1 Number of common stock outstanding 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 ) Earnings Per Share Choose Denominator Choose Numerator Earnings Per Share Earnings Per Share 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 Year 1 better or worse than last year's average Better Worse

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Answer the following  6  RECORD THE CLOSING ENTIRES FOR   REVENUE ACCOUNTS   EXPENSE ACCOUNTS   DIVIDENT ACCOUNTS 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 other companies in the same industry  b  How many shares of common stock are outstanding as of January 31, Year 1  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 Year 1 better or worse than last years average    Required information (The following information applies to the questions displayed below ) On January 1, Year 1, the general ledger of a company includes the following account balances  Supplies Accounts Cash Accounts Receivable Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid in Capital Retained Earnings Totals Debit Credit $ 43,200 45,500 8,000 69,000 $ 9,500 15, 100 15,000 85,000 41,100 $165,700 $165,700 During January Year 1, 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 10 Purchase additional supplies on account, $5,400  January 12 Purchase 1,200 shares of treasury stock for $17 per share  January 15 Pay cash on accounts payable, $17,000  January 21 Provide services to customers for cash, $49,600  January 22 Receive cash on accounts receivable, $17,100  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  The company had 15,000 shares outstanding on January 1, Year 1, and dividends are not paid on treasury stock ) January 30 Resell 800 shares of treasury stock for $19 per share  January 31 Pay cash for salaries during January, $42,500  6  Record closing entries  (If no entry is required for a transaction event, select  No journal entry required in the first account field ) View transaction list Journal entry worksheet Record the closing entry for revenue accounts  Note  Enter debits before credits  Date General Journal Debit Credit January 31 Record entry Clear entry View general journal During January Year 1, 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 10 Purchase additional supplies on account, $5,400  January 12 Purchase 1,200 shares of treasury stock for $17 per share  January 15 Pay cash on accounts payable, $17,000  January 21 Provide services to customers for cash, $49,600  January 22 Receive cash on accounts receivable, $17,100  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  The company had 15,000 shares outstanding on January 1, Year 1, and dividends are not paid on treasury stock ) January 30 Resell 800 shares of treasury stock for $19 per share  January 31 Pay cash for salaries during January, $42,500  7  Analyze the following for the company  a 1  Calculate the return on equity for the month of January  Return on Equity Ratio Choose Denominator Choose Numerator   Return on Equity Ratio Return on equity a 2  If the average return on equity for the industry for January is 2 5 , is the company more or less profitable than other companies in the same industry  More profitable Less profitable b  How many shares of common stock are outstanding as of January 31, Year 1  Number of common stock outstanding 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 ) Earnings Per Share Choose Denominator Choose Numerator     Earnings Per Share Earnings Per Share     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 Year 1 better or worse than last year's average  Better Worse

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Question: Answer the following: 6. RECORD THE CLOSING ENTIRES FOR - REVENUE ACCOUNTS - EXPENSE ACCOUNTS - DIVIDENT ACCOUNTS a-1. Calculate the return on equity for

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