On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:

Accounts	Debit				Credit
Cash	$	12,100
Accounts Receivable		35,800
Inventory		152,900
Land		76,300
Buildings		129,000
Allowance for Uncollectible Accounts					$	2,700
Accumulated Depreciation						10,500
Accounts Payable						27,600
Common Stock						209,000
Retained Earnings						156,300
Totals	$	406,100			$	406,100

During January 2021, the following transactions occur:

January 1		Borrow $109,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,107 are required at the end of each month for 60 months.
January 4		Receive $31,900 from customers on accounts receivable.
January 10		Pay cash on accounts payable, $20,000.
January 15		Pay cash for salaries, $29,800.
January 30		Firework sales for the month total $200,400. Sales include $65,900 for cash and $134,500 on account. The cost of the units sold is $117,000.
January 31		Pay the first monthly installment of $2,107 related to the $109,000 borrowed on January 1. Round your interest calculation to the nearest dollar.

The following information is available on January 31, 2021.

1. 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 $26,400.
2. The company estimates future uncollectible accounts. The company determines $3,900 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 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)
3. Unpaid salaries at the end of January are $27,000.
4. Accrued income taxes at the end of January are $8,900.
5. $19,368 of the long-term note payable balance will be paid over the next year

Things Needed:

13.Prepare the closing entry for revenue. 14.Prepare the closing entry for expenses (for journal entry. )

Income statement,balance sheet,and analysis

Reverences Requirement General Journal General Ledger Trial Balance Trial Balance Income Statement statement Balance Sheet Balance Sheet Analysis Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Unadjusted - Freedom Fireworks Multiple-Step Income Statement For the Month ended January 31, 2021 Gross profit Total operating expenses Operating income Trial Balance Balance Sheet > Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Choose the appropriate accounts to complete the company's balance sheet. Make sure to select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Unadjusted Freedom Fireworks Classified Balance Sheet January 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Long-term Liabilities Total Current Assets Total Liabilities Noncurrent Assets Stockholders' Equity Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets Requirement General Journal General Ledger Trial Balance Income Statement References Balance Sheet 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? Adiusted General Ledger Account Acounts receivable Debit Credit No Date Debit Credit No Date Balance 1 Jan 01 1 Balance 12.100 21,100 153,000 433 2 109, 000 31.500 31,900 Jan 04 Jan 20 3,900 138,400 Jan 04 1 34.500 20,000 29,800 Jan 15 109 200 gool Jan 31 2.107 166,983 Inventory Allowance for uncollectiblespoounts Date Debit Credit No No. Date Debit Credit Balance Balance 2,700 4 ,540 9 Jan 31 1,940 6 Jan 30 L 117,000 35,900 Land Bulldings Debit No. Date Credit Balance No Date Credit Balance Aboumulated depreciation Accounts payable No. Date Debit Jan 31 31 Jan 10 20,000 Balarla payable Debet Income tax payable Debit No Date Date 10 Jan 31 Common took Notes Payable Long-term Debet No Dato 1 109.000 1 7 Jan 01 Jan 31 108,000 107,438 1,52 No Retained earnings Onto Debit -LDADE1 Credit Balance No Date Debit Credit Balance 5 Jan 30 200,4001 200,400 Cost of good cold Debit Credit Depreciation expence Debit Credit No Date Balance No. Date Balance Jan 30 1 17.000 117,000 8 Jan 31 255 Salaries expence Debit Credit Bad debt expence Dabit Credit No Date Balance No. Date Balance Jan 31 1,940 4 10 Jan 15 Jan 31 29,800 27,000 29,800 56,800 Interect expense Debit Credit income tax expenca Debit Credit No Date Balance No Date 7 Jan 31 1 545 54511 Jan 31 8 .000 8.900 Notice the dropdown below that gives the options to select the unausted, usted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs Adjusted Freedom Fireworks Trial Balance January 11, 2020 AN 150 RE Accounts receivable own for its accounts Pintory Land Bildings und Gepreciation Accounts payable Salarios payable income tax payable Notes Payabi Longterm mon stock adaming Sales revenue w possa con expose expense a ponse income tax conse 7326335