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: Accounts Cash Accounts Receivable. Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $24,000 Credit 5,400 3,300 52,000 $ 3,400 67,000 14,300 $84,700 $84,700 During January Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance, $6,600 ($550/month).. January 9 Purchase additional supplies on account, $3,700. January 13 Provide services to customers on account, $25,700. January 17 Receive cash in advance from customers for services to be provided in the future, $3,900. January 20 Pay cash for salaries, $11,700. January 22 Receive cash on accounts receivable, $24,300. January 29 Pay cash on accounts payable, $4,200. The following information is available on January 31. . Rent for the month of January has expired. Supplies remaining at the end of January total $3,000. By the end of January, $3,350 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $5,660. Rent for the month of January has expired. Supplies remaining at the end of January total $3,000. By the end of January, $3,350 of services has been provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $5,660. 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 (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 (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? 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 accoun company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each selection. Post-closing Income Statement For the year ended January 31, Year 1 Revenues: Service Revenue Total Revenue Expenses: Rent Expense Supplies Expense Salaries Expense Total Expenses Net Loss $ 0 0 11,700 0 11,700 $ -11,700