Question: NEED HELP FINDING THE RETURN ON EQUITY FOR THE MONTH OF JANUARY, NUMBER OF COMMON STOCK OUTSTANDING, AND EARNINGS PER SHARE FOR THE LAST PART
NEED HELP FINDING THE RETURN ON EQUITY FOR THE MONTH OF JANUARY, NUMBER OF COMMON STOCK OUTSTANDING, AND EARNINGS PER SHARE FOR THE LAST PART OF THE PROBLEM







On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances: credit Accounts Debit 43,900 Cash Accounts Receivable 46,900 Supplies 8,700 76,000 Equipment 10,200 Accumulated Depreciation Accounts Payable 15,800 Common Stock, $1 par value 12,000 Additional Paid-in Capital 92,000 Retained Earnings 45,500 Totals $175,500 $175,500 During January 2018, the following transactions occur: January 2 Issue an additional 2100 shares of $1 par value common stock for $42,000. January 9 Provide services to customers on account, $17,200. January 10 Purchase additional supplies on account, $6,100. January 12 Repurchase 1,400 shares of treasury stock for $18 per share. January 15 Pay cash on accounts payable, $17700. January 21 Provide services to customers for cash, $50,300. January 22 Receive cash on accounts receivable, $17,800. January 29 Declare a cash dividend of $0.40 per share to a shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 12,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.) January 30 Reissue 400 shares of treasury stock for $20 per share. January 31 Pay cash for salaries during January, $43,200
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
