Question: Can you help me fix the question i got wrong, and the income balance. thank you!!! On January 1, 2021, the general ledger of Grand





On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: 100 points Skipped Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 43,600 46,300 8,400 73,000 $ 9,900 15,500 19.00 89.000 37,900 $171,300 $171,380 eBook Print During January 2021, the following transactions occur References January 2 Issue an additional 2,100 shares of $1 par value common stock for $42,000. January 9 Provide services to customers on account. $16,300. January 10 Purchase additional supplies on account, $5,800. January 12 Purchase 1,200 shares of treasury stock for $22 per share. January 15 Pay cash on accounts payable, $17,400. January 21 Provide services to customers for cash, $50,000. January 22 Receive cash on accounts receivable, $17,500. January 29 Declare a cash dividend of $0.40 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 19,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 700 shares of treasury stock for $24 per share. January 31 Pay cash for salaries during January, $42,900. The following information is available on January 31, 2021. a. Unpaid utilities for the month of January are $7100. b. Supplies at the end of January total $6,000. 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 $10,900. d. Accrued income taxes at the end of January are $2,000. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. 100 points No Date Account Title Credit Debit 42,000 Jan 02 Common Stock 21,000 Jan 09 Accounts Receivable Service Revenue o 16,300 16,300 16,300 Jan 10 5,800 Supplies Accounts Payable 5,800 Jan 12 26,400 Treasury Stock Cash 26,400 Jan 15 17.400 Accounts Payable Cash 17,400 Jan 21 Cash 50,000 Service Revenue 50,000 Jan 22 17,500 Cash Accounts Receivable 17,500 Jan 29 7,600 Dividends Dividends Payable 7,600 X Jan 30 Cash 16,800 Treasury Stock 15,400 1,400 10 Jan 31 Salaries Expense 42,900 Cash 42,900 Jan 31 7,100 Utilities Expense Utilities Payable 7,100 Jan 31 8,200 Accounts Payable Cash 8,200 Jan 31 1,725 Allowance for Uncollectible Accounts Depreciation Expense 1,725 14 Jan 31 2,000 Income Tax Expense Income Tax Payable 2,000 15 Jan 31 1,400 X 1,400% 16 Jan 31 52,000 Allowance for Uncollectible Accounts Income Tax Expense Utilities Expense Salaries Expense OOO 2,000 7,100 42,900 17 Jan 31 7,600 x Allowance for Uncollectible Accounts Dividends O 7,600 X Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 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 2.40%, is the company more or less profitable than other companies in the same industry? The return on equity is: 5.3 X % Is the company more or less profitable than other companies? More (b) How many shares of common stock are outstanding as of January 31, 2021? The number of common shares outstanding as of January 31, 2021 is 21,100 % (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 2021 better or worse than last year's average? Eamings per share is: $ 0.39% Is earnings per share for January 2021 better or worse than last year's average? better Requirement General Journal General Ledger Cenerento Trial Balance Trial Balance Income Statement Sencoment Balance Sheet balance Sheet Analysis Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the drc will then populate the balances in those accounts from the adjusted trial balance. Post-closing Grand Finale Fireworks Multiple-Step Income Statement For the Month ended January 31, 2021 Accounts Receivable $ 45,100 Total Revenue $ 45,100 Total Operating Expenses 45,100 $ 45,100 Trial Balance Balance Sheet >
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