Homework Answers
|
Transaction |
Date |
Account title |
Debit |
Credit |
|
B |
Jan. 31 |
Supplies expense (9300+6700-6900) |
9100 |
|
|
Supplies |
9100 |
|||
|
C |
Jan. 31 |
Depreciation expense (82000-11800)/3*1/12 |
1950 |
|
|
Accumulated depreciation |
1950 |
net income = revenue – expenses = (19500+50900) – (43800+8000+9100+1950+2900) = $4650
beginning stockholders’ equity = common stock + APIC + retained earnings = 18000+98000+40700 = 156700
Ending stockholders’ equity = common stock + APIC + retained earnings – Treasury stock = (18000+2000)+(98000+(40000-2000)+(600*(23-21)))+(40700+4650-((18000+2000-1200)*0.3))-((1200*21)-(600*21)) = $184310
Return on equity = net income / average stockholers’ equity = 4650/((156700+184310)/2) = 2.73%
Therefore
Part A
Return on equity = 2.73%
The company is more profitable than other companies (2.73%>2.50%)
Part B
Number of common share outstanding = 19400 shares (18000+2000-1200+600)
Part C
Earings per share = net income / average shares outstanding = 4650/((18000+19400)/2) = $0.25
Earnings per share for January 2021 is better (0.25>0.20)
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Un January 1, 2021, the general ledger or Grand Finale Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 43,500 46,100 8,300 72,000 $ 9,800 15,400 18,000 88,000 38,700 $169,900 $169,900 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 January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts De...
On January 1, 2021, the general ledger of Grand Finale Fireworks
includes the following account balances:
Accounts
Debit
Credit
Cash
$
44,200
Accounts Receivable
47,500
Supplies
9,000
Equipment
79,000
Accumulated Depreciation
$
10,500
Accounts Payable
16,100
Common Stock, $1 par value
15,000
Additional Paid-in Capital
95,000
Retained Earnings
43,100
Totals
$
179,700
$
179,700
During January 2021, the following transactions occur:
January
2
Issue an additional 2,200 shares of $1 par value common stock
for $44,000.
January
9
Provide services...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 43,500 46,100 8,300 72,000 $ 9,800 15,400 18,000 88,000 38,700 $169,900 $169,900 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 January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 43,500 46,100 8,300 72,000 $ 9,800 15,400 18,000 88,000 38,700 $169,900 $169,900 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 January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $ 43,800 Accounts Receivable 46,700 Supplies 8,600 Equipment 75,000 Accumulated Depreciation $ 10,100 Accounts Payable 15,700 Common Stock, $1 par value 11,000 Additional Paid-in Capital 91,000 Retained Earnings 46,300 Totals $ 174,100 $ 174,100 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...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 43,500 46,100 8,300 72,000 $ 9,800 15,400 18,000 88,000 38,700 $169,900 $169,900 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 January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $ 42,700 Accounts Receivable 44,500 Supplies 7,500 Equipment 64,000 Accumulated Depreciation $ 9,000 Accounts Payable 14,600 Common Stock, $1 par value 10,000 Additional Paid-in Capital 80,000 Retained Earnings 45,100 Totals $ 158,700 $ 158,700 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...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Debit Credit Cash $ 42,800 Accounts Receivable 44,700 Supplies 7,600 Equipment 65,000 Accumulated Depreciation $ 9,100 Accounts Payable 14,700 Common Stock, $1 par value 11,000 Additional Paid-in Capital 81,000 Retained Earnings 44,300 Totals $ 160,100 $ 160,100 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...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Credit Debit $ 42,800 44,700 7,600 65,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals $ 9, 100 14,700 11,000 81,000 44,300 $160,100 $160,100 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...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Credit Accounts Debit $44,100 47,300 8,900 78,000 Cash Accounts Rece ivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings 10,400 16,000 14,000 94,000 43,900 $178,300 $178,300 Totals During January 2021, the following transactions occur: January January January 10 Purchase additional supplies on account, $6,300. January 12 Purchase 1,100 shares of treasury stock for $21 per share....
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 43,500 46,100 8,300 72,000 $ 9,800 15,400 18,000 88,000 38,700 $169,900 $169,900 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 January 1, 2021, the general ledger of Grand Finale Fireworks
includes the following account balances:
Accounts
Debit
Credit
Cash
$
44,200
Accounts Receivable
47,500
Supplies
9,000
Equipment
79,000
Accumulated Depreciation
$
10,500
Accounts Payable
16,100
Common Stock, $1 par value
15,000
Additional Paid-in Capital
95,000
Retained Earnings
43,100
Totals
$
179,700
$
179,700
During January 2021, the following transactions occur:
January
2
Issue an additional 2,200 shares of $1 par value common stock
for $44,000.
January
9
Provide services...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 43,500 46,100 8,300 72,000 $ 9,800 15,400 18,000 88,000 38,700 $169,900 $169,900 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 January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 43,500 46,100 8,300 72,000 $ 9,800 15,400 18,000 88,000 38,700 $169,900 $169,900 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 January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 43,500 46,100 8,300 72,000 $ 9,800 15,400 18,000 88,000 38,700 $169,900 $169,900 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 January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Credit Debit $ 42,800 44,700 7,600 65,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals $ 9, 100 14,700 11,000 81,000 44,300 $160,100 $160,100 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...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Credit Accounts Debit $44,100 47,300 8,900 78,000 Cash Accounts Rece ivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings 10,400 16,000 14,000 94,000 43,900 $178,300 $178,300 Totals During January 2021, the following transactions occur: January January January 10 Purchase additional supplies on account, $6,300. January 12 Purchase 1,100 shares of treasury stock for $21 per share....
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