on january 1, 2018, the general ledger of freedom fireworks includes the following account balances:

journal entries 9-15 will the adjusting or closing entries:

9. Record the adjusting entry for depreciation

10. Record the adjusting entry for uncollectible accounts

11. Record the adjusting entry for salaries

12. Record the adjusting entry for income tax

13. Record the closing entry for revenue

14. Record the closing entry for expenses

15. Record the closing entry for income summary

Credit Debit $ 102,900 37,400 153,700 84,300 137,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Bonds Payable Discount on Bonds Payable Common Stock Retained Earnings Totals $ 3,500 11,300 36,400 137,000 25,000 217,000 135, 100 $540,300 $540,300 During January 2018, the following transactions occur January 1 Borrow $117,000 from Captive Credit Corporation. The installment note bears interest at 4% annually and matures in 5 years. Payments of $2,150 are required at the end of each month for 60 months. January 1 Called the bonds at the contractual call price of $117,000. The 6% bonds pay interest semiannually each June 30 and December 31. January 4 Receive $32,700 from customers on accounts receivable. January 10 Pay cash on accounts payable, $28,000. January 15 Pay cash for salaries, $30,600. January 30 Firework sales for the month total $198,000. Sales include $66,700 for cash and $131,300 on account. The cost of the units sold is $119,000. January 31 Pay the first monthly installment of $2,150 related to the $117,000 borrowed on January 1. Round your interest calculation to the nearest dollar. The following information is available on January 31, 2018. 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 $27,200. b. At the end of January, $4,700 of accounts receivable are past due, and the company estimates that 50% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 2% will not be collected. No accounts were written off as uncollectible in January. c. Unpaid salaries at the end of January are $27.800. d. Accrued income taxes at the end of January are $6,700. General General Trial Income Balance Analysis Require... Tournal Ledger Balance Statem... Sheet Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1-8) assuming a FIFO perpetual inventory system. The transaction on January 30 requires two entries: one to record sales revenue and one to record cost of goods sold. Review the 'General Ledger and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. Record adjusting entries on January 31. in the 'General Journal' tab (these are shown 2. as items 9-12). 3. Review the adjusted 'Trial Balance' as of January 31, 2018, in the 'Trial Balance' tab. Prepare a multiple-step income statement for the period ended January 31, 2018, in * the 'Income Statement' tab. 5 Pranare riccifiert halance sheet ae of lanuary 31 2018 in the 'Ralance Chealltah General General Require... Trial Income Balance Analysis Journal Ledger Balance Statem... Sheet Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1-8) assuming a FIFO perpetual inventory system. The transaction on January 30 requires two entries: one to record sales revenue and one to record cost of goods sold. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. Record adjusting entries on January 31. in the 'General Journal' tab (these are shown 2. as items 9-12). 3. Review the adjusted 'Trial Balance' as of January 31, 2018, in the 'Trial Balance' tab. Prepare a multiple-step income statement for the period ended January 31, 2018, in * the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31, 2018, in the 'Balance Sheet' tab. Record the closing entries in the 'General Journal' tab (these are shown as items 13- 15). 7. Using the information from the requirements above, complete the 'Analysis' tab. Require... General General Trial Income Balance Analysis | Journal Ledger Balance Statem... Sheet Using the information from the requirements above, complete the 'Analysis'. (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?