New Required information D Mode - Delay - X Cancel Options On January 1, 2021, the general ledger of Dynamite Firewi Select the snip mode using the Mode button or click the New button. Accounts Debit Credit Cash $24,900 Snipping Tool is moving... Accounts Receivable 6,300 Supplies 4,200 In a future update, Snipping Tool will be moving to a Land 61,000 new home. Try improved features and snip like usual Accounts Payable $ 4,300 with Snip & Sketch. Common Stock 76,000 Retained Earnings 16,100 Try Snip & Sketch Totals $96,400 $96,400 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $9,300 $775/month). January 9 Purchase additional supplies on account, $4,600. January 13 Provide services to customers on account, $26,600. January 17 Receive cash in advance from customers for services to be provided in the future, $4,800. January 20 Pay cash for salaries, $12,600. January 22 Receive cash on accounts receivable, $25,200. January 29 Pay cash on accounts payable, $5,100. 4. Prepare an income statement for the period ended January 31, 2021. DYNAMITE FIREWORKS Income Statement For the year ended January 31, 2021 Revenues: Expenses: Total Expenses 5. Prepare a classified balance sheet as of January 31, 2021. DYNAMITE FIREWORKS Balance Sheet January 31, 2021 Assets Liabilities Current assets: Current liabilities: Total current liabilities Stockholder's Equity Total current assets Long-term assets: Total stockholders' equity Total liabilities and stockholders' equity Total assets 0 6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. General Journal Debit Credit Date January 31, 2021 Record entry Clear entry View general journal 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 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