On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $ 44,100 Accounts Receivable 47,300 Supplies 8,900 Equipment 78,000 Accumulated Depreciation $ 10,400 Accounts Payable 16,000 Common Stock, $1 par value 14,000 Additional Paid-in Capital 94,000 Retained Earnings 43,900 Totals $ 178,300 $ 178,300 During January 2021, 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, $18,200. January 10 Purchase additional supplies on account, $6,300. January 12 Purchase 1,100 shares of treasury stock for $21 per share. January 15 Pay cash on accounts payable, $17,900. January 21 Provide services to customers for cash, $50,500. January 22 Receive cash on accounts receivable, $18,000. 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: Grand Finale Fireworks had 14,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 800 shares of treasury stock for $23 per share. January 31 Pay cash for salaries during January, $43,400. The following information is available on January 31, 2021. Unpaid utilities for the month of January are $7,600. Supplies at the end of January total $6,500. 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 $11,400. Accrued income taxes at the end of January are $2,500 1 The return on equity is: 2 The number of common shares outstanding as of Jan 31, 2021 is . Earning per share is

On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $ 44,100 Accounts Receivable 47,300 Supplies 8,900 Equipment 78,000 Accumulated Depreciation $ 10,400 Accounts Payable 16,000 Common Stock, $1 par value 14,000 Additional Paid-in Capital 94,000 Retained Earnings 43,900 Totals $ 178,300 $ 178,300 During January 2021, 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, $18,200. January 10 Purchase additional supplies on account, $6,300. January 12 Purchase 1,100 shares of treasury stock for $21 per share. January 15 Pay cash on accounts payable, $17,900. January 21 Provide services to customers for cash, $50,500. January 22 Receive cash on accounts receivable, $18,000. 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: Grand Finale Fireworks had 14,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 800 shares of treasury stock for $23 per share. January 31 Pay cash for salaries during January, $43,400. The following information is available on January 31, 2021. Unpaid utilities for the month of January are $7,600. Supplies at the end of January total $6,500. 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 $11,400. Accrued income taxes at the end of January are $2,500 1 The return on equity is: 2 The number of common shares outstanding as of Jan 31, 2021 is . Earning per share is

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:

Accounts	Debit		Credit
Cash	$	44,100
Accounts Receivable		47,300
Supplies		8,900
Equipment		78,000
Accumulated Depreciation				$	10,400
Accounts Payable					16,000
Common Stock, $1 par value					14,000
Additional Paid-in Capital					94,000
Retained Earnings					43,900
Totals	$	178,300		$	178,300

During January 2021, 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, $18,200.
January	10	Purchase additional supplies on account, $6,300.
January	12	Purchase 1,100 shares of treasury stock for $21 per share.
January	15	Pay cash on accounts payable, $17,900.
January	21	Provide services to customers for cash, $50,500.
January	22	Receive cash on accounts receivable, $18,000.
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: Grand Finale Fireworks had 14,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.)
January	30	Resell 800 shares of treasury stock for $23 per share.
January	31	Pay cash for salaries during January, $43,400.

The following information is available on January 31, 2021.

Unpaid utilities for the month of January are $7,600.
Supplies at the end of January total $6,500.
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 $11,400.
Accrued income taxes at the end of January are $2,500

1 The return on equity is:

2 The number of common shares outstanding as of Jan 31, 2021 is

. Earning per share is

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