In: Accounting
On January 1, 2018, the general ledger of Grand Finale Fireworks includes the following account balances:
Accounts | Debit | Credit | ||||
Cash | $ | 44,700 | ||||
Accounts Receivable | 48,500 | |||||
Supplies | 9,500 | |||||
Equipment | 84,000 | |||||
Accumulated Depreciation | $ | 11,000 | ||||
Accounts Payable | 16,600 | |||||
Common Stock, $1 par value | 20,000 | |||||
Additional Paid-in Capital | 100,000 | |||||
Retained Earnings | 39,100 | |||||
Totals | $ | 186,700 | $ | 186,700 | ||
During January 2018, the following transactions occur: |
January 2 | Issue an additional 2,300 shares of $1 par value common stock for $46,000. |
January 9 | Provide services to customers on account, $20,400. |
January 10 | Purchase additional supplies on account, $6,900. |
January 12 | Repurchase 1,100 shares of treasury stock for $19 per share. |
January 15 | Pay cash on accounts payable, $18,500. |
January 21 | Provide services to customers for cash, $51,100. |
January 22 | Receive cash on accounts receivable, $18,600. |
January 29 |
Declare a cash dividend of $0.20 per share to all shares outstanding on January 29. The dividend is payable on February 15. |
(Hint: Grand Finale Fireworks had 20,000 shares outstanding on January 1, 2018 and dividends are not paid on treasury stock.) |
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January 30 | Reissue 800 shares of treasury stock for $21 per share. |
January 31 | Pay cash for salaries during January, $44,000. |
The following information is available on January 31, 2018.
Enter your Return on Equity value to one decimal place and earnings per share value to 2 decimal places.
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Only do the analysis part and balance sheet part.
Adjust Trial Balance:
Grand Finale Fireworks | ||
Trial Balance | ||
January 31, 2018 | ||
Account Title | Debit | Credit |
---|---|---|
Cash | 93,800 | |
Accounts receivable | 50,300 | |
Supplies | 7,100 | |
Equipment | 84,000 | |
Accumulated depreciation | 13,000 | |
Accounts payable | 5,000 | |
Utilities payable | 8,200 | |
Income tax payable | 3,100 | |
Dividends payable | 4,240 | |
Common stock | 22,300 | |
Treasury stock | 5,700 | |
Additional paid-in capital | 145,300 | |
Retained earnings | 39,100 | |
Dividends | 4,240 | |
Service revenue | 71,500 | |
Depreciation expense | 2,000 | |
Supplies expense | 9,300 | |
Salaries expense | 44,000 | |
Utilities expense | 8,200 | |
Income tax expense | 3,100 | |
Total | 311,740 | 311,740 |