dynamite fireworks january 01,2024

On January 1, 2024, the generat ledger of Dynamite Flreworks includes the following account balances: During Jantary 2024, the following transactions occur: Jamuary 9 Purchase additional supplies on secount, $5,200. Jamuary 13 Provide services to customens on account, $27,200. January 17 llecelve cash in advance from customers for services to be provided in the future, 85 , 400. Januley 20 Pay cash for salaries, $13,200. January 22 Mecelve cash on accounts receivah1e, $25, aoo. Jamuary 20 Pay tash on accounts payable, $5,700. 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 totar $4,500. Al other supplies have been used. - By the end of fanuary $4,475 of services has been provided to customers who paid in advance on January 17 . - Unpaid salarles at the end of January are $4,610 3. Prepare an adjusted trial batance as of January 31,2024 4. Prepare an income statement for the poriod ended January 31,2024. January 29 Pay cash on accounts payable, $5,700. 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 \$4,500. All other supplles have been used. - By the end of January. $4,475 of services has been provided to customers who paid in achance on Jaruary 17. - Unpaid salaries at the end of January are $4,610. 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 Dymamite 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 Dymainite Fireworks profit and ratio of current assets to current liabilities, indicate whether Dynamite Eireworks a to be in good or bad financial condition. Complete this question by entering your answers in the tabs below. Prepare a classified balonce sheet as of January 31,2024