I need every part of this question answered please! General journal, trial balance, income statement, balance sheet, and analysis! Thanks!

Freedom Fireworks Classified Balance Sheet January 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Long-term Liabilities Total Current Assets 0 Total Liabilities Noncurrent Assets: Stockholders' Equity Total Stockholders' Equity Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Long-term Liabilities Total Current Assets 0 Total Liabilities Noncurrent Assets: Stockholders' Equity Total Stockholders' Equity 0 Total Liabilities & Stockholders' Equity Total Assets | $ | $ 0 Check my work Calculate the ratios to the nearest 1 decimal place. Analyze the following for Freedom Fireworks: (a) Calculate the debt to equity ratio. If the average debt to equity ratio for the industry is 1, is Freedom Fireworks more or less leveraged than other companies in the same industry? The debt to equity ratio is: Is the company more or less leveraged than other companies? (b) Calculate the times interest earned ratio. If the average times interest earned ratio for the industry is 20 times, is the company more or less able to meet interest payments than other companies in the same industry? The times interest earned ratio is: Is the company more or less able to meet interest payments than other companies? (c) Based on the ratios calculated in (a) and (b), would Freedom Fireworks be more likely to receive a higher or lower interest rate than the average borrowing rate in the industry? On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 11,300 34,200 152,100 68,300 121,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $ 1,900 9,700 18,800 201,000 155,500 $386,900 $386,900 During January 2021, the following transactions occur: January 1 Borrow $ 101,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $1,953 are required at the end of each month for 60 months. January 4 Receive $31,100 from customers on accounts receivable. January 10 Pay cash on accounts payable, $12,000. January 15 Pay cash for salaries, $29,000. January 30 Firework sales for the month total $195,200. Sales include $65,100 for cash and $130,100 on account. The cost of the units sold is $113,000. January 31 Pay the first monthly installment of $1,953 related to the $101,000 borrowed on January 1. Round your interest calculation to the nearest dollar. The following information is available on January 31 2021 The following information is available on January 31, 2021. a. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $24,400. b. The company estimates future uncollectible accounts. The company determines $3,100 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 2% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) c. Unpaid salaries at the end of January are $26,200. d. Accrued income taxes at the end of January are $8,100. e. $17,946 of the long-term note payable balance will be paid over the next year. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet Journal entry worksheet Borrow $101,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $1,953 are required at the end of each month for 60 months. Record the issuance of the long-term note payable. Note: Enter debits before credits. Date Credit Account Title Cash | Notes Payable (Long-term) Debit 101,000 Jan 01 101,000! Journal entry worksheet 14 Record the reclassification of $17,946 from long-term notes payable to current notes payable. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Journal entry worksheet Freedom Fireworks Classified Balance Sheet January 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Long-term Liabilities Total Current Assets 0 Total Liabilities Noncurrent Assets: Stockholders' Equity Total Stockholders' Equity Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Long-term Liabilities Total Current Assets 0 Total Liabilities Noncurrent Assets: Stockholders' Equity Total Stockholders' Equity 0 Total Liabilities & Stockholders' Equity Total Assets | $ | $ 0 Check my work Calculate the ratios to the nearest 1 decimal place. Analyze the following for Freedom Fireworks: (a) Calculate the debt to equity ratio. If the average debt to equity ratio for the industry is 1, is Freedom Fireworks more or less leveraged than other companies in the same industry? The debt to equity ratio is: Is the company more or less leveraged than other companies? (b) Calculate the times interest earned ratio. If the average times interest earned ratio for the industry is 20 times, is the company more or less able to meet interest payments than other companies in the same industry? The times interest earned ratio is: Is the company more or less able to meet interest payments than other companies? (c) Based on the ratios calculated in (a) and (b), would Freedom Fireworks be more likely to receive a higher or lower interest rate than the average borrowing rate in the industry? On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 11,300 34,200 152,100 68,300 121,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $ 1,900 9,700 18,800 201,000 155,500 $386,900 $386,900 During January 2021, the following transactions occur: January 1 Borrow $ 101,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $1,953 are required at the end of each month for 60 months. January 4 Receive $31,100 from customers on accounts receivable. January 10 Pay cash on accounts payable, $12,000. January 15 Pay cash for salaries, $29,000. January 30 Firework sales for the month total $195,200. Sales include $65,100 for cash and $130,100 on account. The cost of the units sold is $113,000. January 31 Pay the first monthly installment of $1,953 related to the $101,000 borrowed on January 1. Round your interest calculation to the nearest dollar. The following information is available on January 31 2021 The following information is available on January 31, 2021. a. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $24,400. b. The company estimates future uncollectible accounts. The company determines $3,100 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 2% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) c. Unpaid salaries at the end of January are $26,200. d. Accrued income taxes at the end of January are $8,100. e. $17,946 of the long-term note payable balance will be paid over the next year. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet Journal entry worksheet Borrow $101,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $1,953 are required at the end of each month for 60 months. Record the issuance of the long-term note payable. Note: Enter debits before credits. Date Credit Account Title Cash | Notes Payable (Long-term) Debit 101,000 Jan 01 101,000! Journal entry worksheet 14 Record the reclassification of $17,946 from long-term notes payable to current notes payable. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Journal entry worksheet