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Exercise 10-20 (Static) Complete the accounting cycle using stockholders' equity transactions (LO10-2, 104,105,108 ) [The following information applies to the questions displayed below] On January 1, 2024, the general ledger of Grand Finale Fireworks includes the following account balances: During January 2024, the following transactions occur: January 2 Issue an additionat 2, e0e 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 5 tock 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, 2024, 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. 7. Analyze the following for Grand Finale Fireworks: a-1. Calculate the return on equity for the month of January. a-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? b. How many shares of common stock are outstanding as of January 31,2024 ? c-1. Calculate earnings per share for the month of January. (Hint: To calculate average shares of common stock outstaliding take the beginning shares outstanding plus the ending shares outstanding and divide the total by 2 .) c.2. If earnings per share was $3.60 last year (i.e, an average of $0.30 per month), is earnings per share for January 2024 better or worse than last year's average? worse than last year's average? Complete this question by entering your answers in the tabs below. Calculate the return on equity for the month of January. Complete this question by entering your answers in the tabs below. 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? If the average return on equity for the indusiry for January is 2.5%, is the company more or fess profitable than other companies in the same industry? Complete this question by jentering your answers in the tabs below. How many shares of common stock are outstanding as of January 31,2024? Complete this question by entering your answers in the tabs below. Calculate earnings per share for the month of January. (Hint: To calculate average shares of common stock outstand the beginning shares outstanding plus the ending shares outstanding and divide the total by 2. ) Complete this question by entering your answers in the tabs below. If eamings per share was $3.60 last year (I.e., an average of $0.30 per month), is earnings per share for January 2024 better or worse than last year's average? If eamings per share was $3.60 last year (1.e, an averago of $0.30 per month), is earnings per share for January 2024 better or worse than last year's average

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