Exercise 3-21B Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) (GL) On January 1, Year 1, the general ledger of a company includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $ 25,300 6,700 4,600 65,000 $ 4,700 80,000 16,900 $101,600 $ 101,600 During January Year 1, the following transactions occur January 2 Purchase rental space for one year in advance, $10,500 ($875/month). January 9 Purchase additional supplies on account, $5,000. January 13 Provide services to customers on account, $27,000. January 17 Receive cash in advance from customers for services to be provided in the future, $5,200. January 20 Pay cash for salaries, $13,000. January 22 Receive cash on accounts receivable, $25,600. January 29 Pay cash on accounts payable, $5,500. The following information is available on January 31. Rent for the month of January has expired. Supplies remaining at the end of January total $4,300. By the end of January, $4,325 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $4,750. View transaction list Journal entry worksheet ..... Record the purchase of rental space for one year in advance, $10,500 ($875/month). Note: Enter debits before credits. Account Title Debit Credit Date Jan 02 Record entry Clear entry View general Journal Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare an income statement for the period ended January 31, Year 1. 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. Post-closing Income Statement For the year ended January 31, Year 1 Revenues: Total Revenue Expenses: Total Expenses Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare an income statement for the period ended January 31, Year 1. 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. Post-closing Income Statement or the year ended January 31, Year 1 Unadjusted Adjusted Post-closing Total Revenue Expenses: Total Expenses Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare a classified balance sheet as of January 31, Year 1. 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. Post-closing Balance Sheet January 31, Year 1 Liabilities Current Liabilities: Assets Current Assets Total Current Liabilities Total Liabilities Total Current Assets Long-term Assets Stockholders' Equity Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets locame Statement Anaveis Requirement General 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 a company 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 (6) 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 (c) Based on the company 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?