Exercise 3-21B Complete the accounting cycle (LO3-3,3-4,3-5,3-6) (GL) 00 On January to the allege of copyincudes the following account balances M 6.25 DO ivate Beli Account Payable C hatan C 25.00 . 6.100 66.00 4.610 13.00 150 SLO030 0.0 Here Ouring January wear the foowing transactions occur Ey 2 Netaurin 17.10) Fyrs Loweller one. 10 13 views January 17 aceive in front for the provin the future, 13.10 JE 20 Taylari, 12,00 January 22 Maceived it. 2.500 JAU 2 ray cake ble 15.400 The following information is available on January 31 Rent for the month of January has expired Supplies remaining at the end of January tot $4,200 . By the end of January, 34.250 of services has been provided to customers who paid in advance on January 17 Unpad salaries at the end of January are $4,820 Rocuirement General Ger Journal Trace Start Chat Analyse 1. Record each of the transactions to above in the Generatorral these are shown as toms 1 - 7) Review the General Lager and the Trance tabs to see the effect of the transactions on the count balance 2. Record the dusting entries in the General Journal tab there are shown as B-11) 3. Review the adjusted Tral Balance as of January 31, Year 1. 4. Prepare an income statement for the period ended January 31, Year in the income talement 5. Prepare a dated balance sheet as of May 31. Yew is the lance Sheerab 6. Record the closing entries in the real Journal' tab (se are own as tome 12 13) 9. Using the information from the requirements above complete the 'Ana General Journal > View transaction list Journal entry worksheet be provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $4,820 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Unadjusted Trial Balance January 20, 2021 Account Title Credit $ Cash Accounts Receivable Supplies Land Debit 25.200 6,600 4,500 64.000 Accounts Payable Common Stock Retained Earnings Total 4,600 79,000 16.700 100,300 $ 100,300 5 General Requirement General Journal Indome Ledger Trial Balance 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. Unadjusted Income Statement For the year ended January 31, Year 1 Revenues: Total Revenue Expenses: Total Expenses Balance Sheet> . By the end of January $4.250 of services has been provided to customers who pald in advance on January 17 Unpaid salaries at the end of January are $4,820. Analysis Requirement General General Income Trial Balance Balance Sheet Journal Ledger Statement 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 proft 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 Kabiles at the end of January is (c) Based on the company profit and ratio of current assets to current abilities, 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? As View transaction list Journal entry worksheet be provided to customers who paid in advance on January 17. Unpaid salaries at the end of January are $4,820 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Unadjusted Trial Balance January 20, 2021 Account Title Credit $ Cash Accounts Receivable Supplies Land Debit 25.200 6,600 4,500 64.000 Accounts Payable Common Stock Retained Earnings Total 4,600 79,000 16.700 100,300 $ 100,300 5 General Requirement General Journal Indome Ledger Trial Balance 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. Unadjusted Income Statement For the year ended January 31, Year 1 Revenues: Total Revenue Expenses: Total Expenses Balance Sheet> . By the end of January $4.250 of services has been provided to customers who pald in advance on January 17 Unpaid salaries at the end of January are $4,820. Analysis Requirement General General Income Trial Balance Balance Sheet Journal Ledger Statement 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 proft 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 Kabiles at the end of January is (c) Based on the company profit and ratio of current assets to current abilities, 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? As
