15 Required Information Exercise 3-21B Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) On January 1, Year 1, the general ledger of a company Includes the following account balances: 2 points Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $ 25,600 7,000 4,900 68,000 5 5,089 83,000 17,500 $195,500 $185,500 During Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance, $11,400 (595e/month). January 9 Purchase additional supplies on account, $5,300. January 13 Provide services to customers on account, $27, 308. January 17 Receive cash in advance from customers for services to be provided in the future. $5,508. January 28 Pay cash for salaries, $13,300. January 22 Receive cash on accounts receivable, $25.900. January 29 Pay cash on accounts payable, $5.880. 15 Exercise 3-21B Part 7 7. Analyze the following features of a company financial condition: Part 7 of 7 a. What is the amount of profit reported for the month of January? 2 In come statement eBook b. Calculate the ratio of current assets to current liabilities at the end of January. Current ratio C. Based a company financial profit and ratio of current assets to current llabilitles. Indicate whether a company financial appears to be In good or bad financial condition