Complete this question by entering your answers in the tabs below. Reg A Req 21 Req 3 Red 4 Req 5 Rea 6 Req 7a Req 7b Req 7c Prepare an income statement for the period ended January 31, 2024. DYNAMITE FIREWORKS Revenues Expenses Income, Statement For the Year Ended January 31, 2024 Total Expenses On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $23,900 Credit 5,200 3,100 se, bee $3,200 65,000 13,900 $82,100 $82,300 During January 2024, the following transactions occur January 2 Purchase rental space for one year in advance, $6,000 ($500/month). January 9 Purchase additional supplies on account, $3,500. January 13 Provide services to customers on account, $25, sea. January 17 Receive cash in advance from customers for services to be provided in the future, $3,700. January 20 Pay cash for salaries, $11,500. January 22 Receive cash on accounts receivable, $24,100. January 29 Pay cash on accounts payable, $4,000. Required: 1. Record each of the transactions listed above 2. Record the adjusting entries on January 31. Rent for the month of January has expired. Supplies remaining at the end of January total $2.800. All other supplies have been used. By the end of January, $3,200 of services has been provided to customers who paid in advance on January 17 . Unpaid salaries at the end of January are $5,800. 3. Prepare an adjusted trial balance as of January 31, 2024. 4. Prepare an income statement for the period ended January 31, 2024 5. Prepare a classified balance sheet as of January 31, 2024 6. Record closing entries. 7. Arielyze the following features of Dynamite Fireworks' financial condition: a. What is the amount of profit reported for the month of January? b. Calculate the ratio of current assets to current liabilities (the current retip) at the end of January c. Based on Dynamite Fireworks' profit and ratio of current assets to current abilities, indicate whether Dynamite Fireworks appears to be in good or bad financial condition No Date 1 January 31 Rent Expense Prepaid Rent 2 January 31 Supplies Expense Supplies 3 January 31 Service Revenue Service Revenue General Journal Debit Credit 500 7 4 January 31 Salaries Expense Salaries Payable 500 3,800 3,800 3.200 3,200 5,800 5,800 . 1. Record each of the transactions listed above. 2. Record the adjusting entries on January 31. . Rent for the month of January has expired. Supplies remaining at the end of January total $2.800. All other supplies have been used. By the end of January, $3,200 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $5,800. 3. Prepare an adjusted trial balance as of January 31, 2024. 4. Prepare an income statement for the period ended January 31, 2024. 5. Prepare a classified balance sheet as of January 31, 2024. 6. Record closing entries. 7. Analyze the following features of Dynamite Fireworks' financial condition: a. What is the amount of profit reported for the month of January? b. Calculate the ratio of current assets to current liabilities (the current ratio) at the end of January c. Based orf Dynamite Fireworks' profit and ratio of current assets to current liabilities, indicate whether Dynamite F be in good or bad financial condition. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4 Req 5 Req 6 Req 7a Req 7b Req 7c 31/2024. Prepare an income statement for the period ended January 31 2024. Revenues: DYNAMITE FIREWORKS Income Statement For the Year Ended January 31, 2024 Expenses: Total Expenses On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Cash Accounts Receivable Supplies Land Debit $23,00 5,200 Credit Accounts Payable Common Stock Retained Earnings Totals 3,200 50,000 $3,200 65,000 13,900 $82,100 582,100 During January 2024, the following transactions occur January 2 Purchase rental space for one year in advance, $6,000 ($500/month). January 9 Purchase additional supplies on account, $3,500. January 13 Provide services to customers on account, $25,500. January 17 Receive cash in advance from customers for services to be provided in the future, $3,788. January 20 Pay cash for salaries, $11,500. January 22 Receive cash on accounts receivable, $24,100. January 29 Pay cash on accounts payable, $4,000. Required: 1. Record each of the transactions listed above. 2. Record the adjusting entries on January 31. . Rent for the month of January has expired. Supplies remaining at the end of January total $2.800. All other supplies have been used. By the end of January. $3,200 of services has been provided to customers who paid in advance on January 17 . Unpaid salaries at the end of January are $5,800 3. Prepare an adjusted trial balance as of January 31, 2024 4. Prepare an income statement for the period ended January 31, 2024, 5. Prepare a classified balance sheet as of January 31, 2024. 6. Record closing entries. 7. Arfalyze the following features of Dynamite Fireworks' financial condition a. What is the amount of profit reported for the month of January? b. Calculate the ratio of current assets to current liabilities (the current ratio) at the end of January 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.