Required information On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit Credit Cash $24,200 Accounts Receivable 5,600 Supplies 3,500 Land 54,000 Accounts Payable. $3,600 Common Stock 69,000 Retained Earnings 14,700 Totals 587,300 $87,300 During January 2021, the following transactions occur January 2 Purchase rental space for one year in advance, $7,200 ($600/month). January 9 Purchase additional supplies on account, $3,900. January 13 Provide services to customers on account, $25,900. January 17 Receive cash in advance from customers for services to be provided in the future, $4,100. January 20 Pay cash for salaries, $11,900. January 22 Receive cash on accounts receivable, $24,500. January 29 Pay cash on accounts payable, $4,400. 7. Analyze the following features of Dynamite Fireworks' financial condition: a. What is the amount of profit reported for the month of January? Income statement b. Calculate the ratio of current assets to current liabilities at the end of January. Current ratio Help 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. Good Bad