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 to customers on account, $14,300. | ||
| January | 10 | Purchase additional supplies on account, $4,900. | ||
| January | 12 | Purchase 1,000 shares of treasury stock for $18 per share. | ||
| January | 15 | Pay cash on accounts payable, $16,500. | ||
| January | 21 | Provide services to customers for cash, $49,100. | ||
| January | 22 | Receive cash on accounts receivable, $16,600. | ||
| 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 10,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) | ||
| January | 30 | Resell 600 shares of treasury stock for $20 per share. | ||
| January | 31 | Pay cash for salaries during January, $42,000. |
1. Calculate the return on equity for the month of January.
2. If the average return on equity for the industry for January is 2.5%, is the company more or less profitable than other companies in the same industry?
3. How many shares of common stock are outstanding as of January 31, 2021?
4. Calculate earnings per share for the month of January.
5. If earnings per share were $3.60 last year (i.e., an average of $0.30 per month), is earnings per share for January 2021 better or worse than last year’s average?
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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:...
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...
Un January 1, 2021, the general ledger or Grand Finale Fireworks includes the following account balances:...
Un January 1, 2021, the general ledger or 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 $ 44,500 48,100 9. 38 82,eee $ 10,800 16,400 18,089 98,ese 40 780 $183,900 $183,900 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...
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
$
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 2021, 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...
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:...
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
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...
Un January 1, 2021, the general ledger or 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 $ 44,500 48,100 9. 38 82,eee $ 10,800 16,400 18,089 98,ese 40 780 $183,900 $183,900 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...
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:
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 2021, 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...
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...
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