On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $ 25,800 7,200 5,100 70,000 $ 5,200 85,000 17,900 $108, 100 $108,100 During January 2021, the following transactions occur January 2 Purchase rental space for one year in advance, $12,000 ($1,000/month). January 9 Purchase additional supplies on account, $5,500. January 13 Provide services to customers on account, $27,500. January 17 Receive cash in advance from customers for services to be provided in the future, $5,700. January 20 Pay cash for salaries, $13,500. January 22 Receive cash on accounts receivable, $26,100. January 29 Pay cash on accounts payable, $6,000. The following information is available on January 31 Rent for the month of January has expired. Supplies remaining at the end of January total $4,800, By the end of January, $4.700 of services has been provided to customers who paid in advance on January 17 Unpaid salaries at the end of January are $4,400. . . Prepare a classified balance sheet as of January 31, 2021. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection Adjusted Dynamite Fireworks Balance Sheet January 31, 2021 Assets Liabilities Current Assets Current Liabilities Total Current Liabilities 0 Total Current Assets Long term Assets 0 Total Liabilities 0 Stockholders' Equity 0 0 0 Total Assets Total Stockholders' Equity Total Liabilites & Stockholders Equity $ 0 0 0 $ Suppnes remaining at the end of January tal $4,000. . By the end of January, $4,700 of services has been provided to customers who paid in advance on January 17 Unpaid salaries at the end of January are $4,400. . Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Using the information from the requirements above, complete the 'Analysis' tab. Analyze the following features of Dynamite Fireworks' financial condition: (a) What is the amount of profit reported for the month of January? The amount of profit reported for the month of January is (6) Calculate the ratio of current assets to current liabilities at the end of January The ratio of current assets to current liabilities at the end of January is (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 Does the company appears to be in good or bad financial condition?
