3 On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit Credit 10 Cash $ 25,600 Accounts Receivable points 7,000 Supplies 4,900 Land 68,000 Accounts Payable $ 5,000 Common Stock Retained Earnings 83,000 17,500 Totals $105,500 $105,500 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $11,400 ($950/month). January 9 Purchase additional supplies on account, $5,300. January 13 Provide services to customers on account, $27,300. January 17 Receive cash in advance from customers for services to be provided in the future, $5,500. January 20 Pay cash for salaries, $13,300. January 22 Receive cash on accounts receivable, $25,900. January 29 Pay cash on accounts payable, $5,800. The following information is available on January 31. Rent for the month of January has expired. Supplies remaining at the end of January total $4,600. By the end of January, $4,550 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $4,540. Answer is not complete. Return to question 3 10 points 3 Jan 13 Accounts Receivable Service Revenue 4 Jan 17 Cash Deferred Revenue 5 Jan 20 Salaries Expense Cash 6 Jan 22 Cash Accounts Receivable 7 Jan 29 Accounts Payable Cash >> 27,300 27,300 5,500 5,500 13,300 13,300 25,900 25,900 5,800 5,800 8 Jan 31 Rent Expense 950 Prepaid Rent 950 9 Jan 31 Supplies Expense 5,600 Supplies 5,600 10 Jan 31 Deferred Revenue 4,550 Service Revenue 4,550 11 Jan 31 Salaries Expense Salaries Payable 12 12 Jan 31 No Journal Entry Required 113 Jan 31 No Journal Entry Required 4,540 4,540 Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare an income statement for the period ended January 31, 2021. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Adjusted Revenues: Service Revenue Total Revenue Dynamite Fireworks Income Statement For the year ended January 31, 2021 31,850 Expenses: Salaries Expense 17,840 Rent Expense Supplies Expense 950 5,600 Total Expenses Net Income 31,850 24,390 $ 7,460 Balance Sheet > < Trial Balance Answer is not complete. General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare a classified balance sheet as of January 31, 2021. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Requirement Adjusted Assets Current Assets: Cash Accounts Receivable Supplies Prepaid Rent Dynamite Fireworks Balance Sheet January 31, 2021 Liabilities Current Liabilities: 26,500 Accounts Payable 8,400 Salaries Payable 4,600 Deferred Revenue 10,450 Total Current Liabilities 40444 4944 4,500 4,540 950 9,990 Total Current Assets 49,950 Total Liabilities Long-term Assets: Land 9,990 Stockholders' Equity 68,000 Common Stock Retained Earnings 83,000 24,960 0 Total Stockholders' Equity 107,960 Total Assets $ 117,950 Total Liabilities & Stockholders' Equity $ 117,950 < Income Statement Analysis > > Answer is not complete. General Requirement Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Using the information from the requirements above, complete the 'Analysis' tab. Analyze the following features of Dynamite Fireworks' financial condition: (a) What is the amount of profit reported for the month of January? The amount of profit reported for the month of January is (b) Calculate the ratio of current assets to current liabilities at the end of January. The ratio of current assets to current liabilities at the end of January is $ 6,890 (c) Based on Dynamite Fireworks' profit and ratio of current assets to current liabilities, indicate whether Dynamite Fireworks appears to be in good or bad financial condition. Does the company appears to be in good or bad financial condition? Good < Balance Sheet Analysis > 1.05 x